FINA0805 - Real Estate Finance K. S. Maurice Tse The...

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K. S. Maurice Tse The University of Hong Kong Spring 2010 E-mail: ktse@econ.hku.hk Class hours: Tuesday 9:30 am – 11:30 am (LE1) Thursday 9:30 am – 10:20 pm (LE1) Introduction Real Estate represents a large fraction of the world's wealth. Its efficient utilization and the markets in which it is traded involve many interesting and complex economic and policy issues. A proper understanding of the real estate market is important for individuals to make sound savings and investment decisions, for businesses to make the right decision on whether to buy or lease a property, and important for banks to evaluate the asset risks underlying their mortgage loan portfolios and to innovate real estate related financial products. The objective of this course is to develop an analytical framework by which students can make sound real estate investment decisions. The main emphases of the course are on theory, concept building, financial modeling, and practical application. In particular, class discussions will cover the following areas in real estate: Real estate markets and investments, appraisals, and development Institutional aspects of real estate finance Financing strategies for Real Estate Mortgage Markets, Mortgage-Backed Securities, and Real Estate Investment Trusts (REITs) Real Estate Transactions Valuation of Land Valuation of Income Producing Properties and Redevelopment of Real Estate Materials and data pertaining to local real estate market will be used throughout the course whenever possible. Although our discussion will focus on the property market in Hong Kong, the techniques and concepts discussed apply to any property market outside Hong Kong. Pre-requisite Although this course does not specify any pre-requisite necessary for your application for enrolment in this course, you are supposed to have the basic understanding of the time value of money concepts. For those students who lack the concepts, the beginning tutorial sessions will be dedicated to
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FINA0805 - Real Estate Finance K. S. Maurice Tse The...

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