欢迎来到天天文库
浏览记录
ID:6822727
大小:278.50 KB
页数:41页
时间:2018-01-27
《asset valuation alternative investments》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、十七AssetValuation:AlternativeInvestments1:RealEstateandOtherTangibleInvestmentsa:Describehowrealestateinvestmentobjectivesareset.Settinginvestmentobjectivesinvolvestwosteps:Considerthedifferencesintheinvestmentcharacteristicsofrealestate.1.Considerthetypesofrealestateinvestments:a.Equityholdi
2、ngs:Thisisthephysicalownershipofrealestateproperties.b.Debtinstruments:Thisisthepurchaseofrealestatemortgagesanddeedsoftrust.2.Realestatepropertiescanbeclassifiedas:a.Incomeproperties:Herethereturnscomemainlyfromrentalincomewhichincludesresidentialproperties(houses,duplexes,andapartments)and
3、commercialproperties(officebuildings,shoppingcenters,andfactories).b.Speculativeproperties:Herethereturnscomemainlyfrompriceappreciation.Youshouldestablishyourinvestmentconstraintsandgoals.1.Toconsideryourfinancialgoalsandconstraints,youneedtodetermine:1.therisk-returnrelationshipofrealestat
4、e.2.howmuchofyourportfolioshouldbeinrealestate(assetallocation).3.howyoushouldquantifythegoalsoftheselongterminvestments.2.Toconsideryournonfinancialgoalsandconstraints,youneedtodetermine:1.thetechnicalskillsneededtomaintaintheproperty.2.themanagerialtalentsnecessarytocontroltheproperty.b:De
5、scribethefactorsthatareimportantinrealestateanalysis.·Identifyingandanalyzingthephysicalproperty.Determinethequalityandquantityofassetstobereceived.·Understandingthelegalpropertyrights.Youmustdoalegalinvestigation,aswellas,aphysicalone.·Considerthetimehorizonandthevolatilityofrealestateprice
6、s.Analysisofshortterminvestmentsisdifferentfromlongtermones.·Considerthegeographicarea.Realestateisaspatialcommodity,whichmeansitsvalueislinkedtowhatisgoingonaroundit.c:Identifythedeterminantsofrealestatevalue.Demandfortheproperty:Whydopeoplewanttobuyorrentthispieceofproperty?Thedemandforapi
7、eceofpropertyisinfluencedby:1.Theeconomicbaseofthecommunityinwhichthepropertyislocated.1.Thepopulationcharacteristicsofthecommunityinwhichthepropertyislocated.Thisincludesdemographics(age,sex,householdsize,occupation)andpsychographics(personality,l
此文档下载收益归作者所有