Emerging Market Real Estate Investment: Investing in China, India, and Brazil

Overview

In recent years, China, India, and Brazil have received muchattention, and rightfully so. They are among the biggest andfastest-growing economies, encompassing a significant percentage ofthe world’s land coverage, 30 percent of the world’spopulation, and amounting to a combined gross domestic product(GDP) of more than twelve trillion dollars. While there are amplereal estate investment opportunities available in these and otheremerging markets, understanding the dynamics of this importantasset class is essential ...

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Overview

In recent years, China, India, and Brazil have received muchattention, and rightfully so. They are among the biggest andfastest-growing economies, encompassing a significant percentage ofthe world’s land coverage, 30 percent of the world’spopulation, and amounting to a combined gross domestic product(GDP) of more than twelve trillion dollars. While there are amplereal estate investment opportunities available in these and otheremerging markets, understanding the dynamics of this importantasset class is essential if you intend on making prudentinvestments.

Focusing primarily on private equity real estate investment inChina, India, and Brazil, this reliable resource details anapproach to commercial real estate investment in emerging marketsand illustrates several strategies and analytical methods crucialto successful investment. Filled with in-depth insights and expertadvice, Emerging Market Real Estate Investment focuses oninvestment themes and strategies as well as the economic, legal,and institutional environment of each country.

Opening with two informative chapters that provide an overviewof the fundamentals of commercial and international real estateinvestment, this practical guide also includes in-depthcountry-specific chapters on China, India, and Brazil. Thesechapters contain:

  • An examination of the economic, institutional, and politicalenvironment of each country
  • A discussion of the main features of each real estate market,including real estate foreign direct investment (FDI)
  • A review of the major real estate markets and submarkets in eachcountry
  • An analysis of the four or five primary real estate sectors ineach country: office, retail, residential, industrial, and hotelwhere applicable
  • A discussion of real estate investment options andstrategies

Whether you’re an institutional or private investor, theability to achieve higher returns and portfoliodiversification—while accessing a larger investmentuniverse—is essential. Emerging Market Real EstateInvestment will show you what it really takes to make thishappen and put you in a better position to excel when investing inreal estate abroad.

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Product Details

  • ISBN-13: 9780470901090
  • Publisher: Wiley
  • Publication date: 10/12/2010
  • Series: Frank J. Fabozzi Series, #196
  • Edition number: 1
  • Pages: 236
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

DAVID J. LYNN, PhD, is an institutional real estateinvestor, strategist, and portfolio manager with extensiveexperience in national and international markets. Currently, he isManaging Director, Head of the Research and Investment StrategyGroup, and Generalist Portfolio Manager at ING Clarion Partners. Inthis capacity, he directs the firm’s strategic and tacticalinvestment decisions regarding investment portfolios. He is also amember of the Investment and Operating Committees, where he makesdecisions on billions of dollars of new investments, portfolios,fund strategies, and dispositions. Lynn’s theoretical workhas yielded new approaches and analytical techniques in the areasof active portfolio management, market forecasting, financialdistress, and emerging markets. He has published widely on thesubjects of real estate investment, development, economics, andland use. Lynn has written or coauthored over seventy articles,internal investment and strategy papers, and three major books,including Active Private Equity Real Estate Strategy. Hewrites a highly regarded column called “Capital Trends”in National Real Estate Investor magazine and is frequentlycited in the media for his views on the economy and the real estateindustry. Lynn earned his PhD in financial economics from theLondon School of Economics, where he also earned a master ofscience specializing in finance. He holds an MBA from MIT’sSloan School of Management.

TIM WANG, PhD, is Senior Vice-President and SeniorInvestment Strategist with the Research and Investment StrategyGroup at ING Clarion Partners. Dr. Wang joined ING Clarion Partnersin 2006 and has authored more than fifty internal and external realestate investment strategy and market research articles and bookchapters. He is a frequent speaker at industrial conferences. Timholds an MBA from New York University and a PhD from the Universityof Georgia.

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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

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