Description
Emerging markets in real estate investing have been an increasing focus for institutional real estate investors worldwide. Part of the Fabozzi series, this book is an insightful overview of international real estate focusing on three of the BRICs: China, India, and Brazil. The authors provide a framework for thinking about these dynamic markets characterized by youthful populations, extraordinary demand, capital inefficiency, and aspiration. Also discussed are the sociopolitical issues, policy, and entry/exit strategies. Notably, the book makes a sanguine assessment of the risks and opportunities of alternative strategies in each country.
Table of Contents
Preface vii
Characterizing Emerging Market Real Estate x
China, India and Brazil x
Outline of the Book xvi
Note xvi
Disclaimer xvii
Acknowledgments xix
CHAPTER 1 Fundamentals of Real Estate Investment 1
Investing by Property Sector 3
Investing by Style 7
Investing by Phase 9
Asset Allocation 10
Notes 10
CHAPTER 2 Investing in International Real Estate 13
Why Invest in International Real Estate? 13
Risks in International Real Estate 22
Mitigating Country Risks 23
Notes 26
CHAPTER 3 China 27
Introduction 27
Overview of the Market Environment 29
The Real Estate Market 48
Property Sectors 56
Primary Markets 66
Secondary Markets 80
Investment Strategies 84
Notes 98
CHAPTER 4 India 101
Introduction 101
Overview of the Market Environment 102
The Real Estate Market 111
Property Sectors 115
Primary Markets 128
Secondary Markets 136
Investment Strategies 140
Notes 152
CHAPTER 5 Brazil 153
Introduction 153
Overview of the Market Environment 153
The Real Estate Market 171
Property Sectors 174
Primary Markets 200
Investment Strategies 203
Notes 209
APPENDIX A Country Risk 211
APPENDIX B Property Market Practice in China 213
Bibliography 217
About the Authors 219
Index 221
