Journal articles: 'Real Estate financing'

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Thomas, Richard, and Jonathan Davies. "Equity financing: Real estate." New Directions for Higher Education 1987, no. 58 (1987): 77–86. http://dx.doi.org/10.1002/he.36919875809.

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Krzysko, Greg, and Claudia Marciniak. "Optimising real estate financing." Journal of Corporate Real Estate 3, no. 3 (July 2001): 286–97. http://dx.doi.org/10.1108/14630010110811643.

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Feng, Haidong. "Financing Model Optimization of Lanzhou Yatai Group Real Estate Project." INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION 2, no. 5 (2014): 38–49. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.25.1005.

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Lanzhou Yatai Group, as the first listed real estate companies, occupies absolute advantage in the competition of the industry. Especially because of Lanzhou National Economic Development District, Yaitai Group focuses Lanzhou new area asthe target of the advantages and great location. With the business development and planning, the company will also create Lanzhou Yaitai Group Technology Headquarters before 2016, and also will be followed by the huge business opportunities in the real estate industry driven by the financial industry, service industry, catering industry, and the education industry as well. At the same time, the asset number of investment companies in the new district has reached about 0.45 billion, so the vast number of these channels also makes traditional financing be in danger. Banking loans, equity financing, debt financing gradually are difficult to enable the company’s rapid development growing so fast. Large-scale funding and financing inefficiencies of some large-scale projects also make the company’s financial operations meeting some obstacles. In this paper, the author will analyze Yatai Group real estate financing process and the traditional financing channels to predict its financing risk prevention and the Group’s real estate funds operating characteristics of the project. At the same time, we put forward the concept and characteristics of the real estate project financing. After financing inefficiencies of Lanzhou Yatai Group from 2011 to 2014, we make the analysis for real estate projects for the company and make a selection and optimization models. But also for the smooth development of real estate projects in Yatai Group, we provided a positive recommendation, which will become healthy and stable developments of the real estate industry in Gansu Province, and the development and construction of new district will be made as a good expectation.

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Gibilaro, Lucia, and Gianluca Mattarocci. "International Real Estate Review." International Real Estate Review 21, no. 3 (September 30, 2018): 367–96. http://dx.doi.org/10.53383/100266.

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Real estate investment trusts (REITs) frequently collect new financial resources by issuing new shares and bonds or requesting for new loans to finance their investment policy. Due to the low transparency of the market, the success and the cost of financing are significantly affected by the reputation and the guarantee offered by the syndicated consortium. International evidence suggests that the decision to change syndicated banks could impact the success of raising new capital for industrial and financial firms, but there is no concrete evidence which suggests that this is the case in the real estate industry. The paper considers a representative sample of US REITs to examine the frequency of switching decisions in the industry and their relationship with leverage policy. The empirical analysis demonstrates a greater likelihood of creating a new financing consortium when a REIT is poorly performing and the average interest rate is increasing. Moreover, the switching strategy is more frequently adopted when the REIT is planning to increase leverage and the current level of leverage is still far from the target value. Results obtained are robust with respect to the new consortium definition and the initial public offering (IPO) effect.

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Harun, Siti Latipah, Norazlina Abd Wahab, and Rosylin Mohd Yusof. "Islamic Financial Institutions and Real Estate Cycle." Indian-Pacific Journal of Accounting and Finance 2, no. 3 (July 1, 2018): 16–23. http://dx.doi.org/10.52962/ipjaf.2018.2.3.57.

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The role of Islamic financial intuitions is essential in providing Islamic financing specifically to investors and stakeholders to invest in real estate. Therefore, understanding the link of the real estate cycle to the financial institutions is crucial. This is because the real estate cycle is one of the critical elements that will affect financing decisions and strategies of the banking sectors. Hence, this paper employed meta-analysis which aims (1) to systematically review survey the growing literature on real estate cycle and its links to the financial institutions; (2) to highlight possible cross-country trend analysis financial strategy among investors in dealing in with the real estate cycle. The results of the study suggest that during the peak cycle or period of crisis, most investors are risk-averse and increase the risk to the financing of real estate as well. This real estate cycle that occurs almost every 10 years in conventional real estate sectors also give some consequences to the Islamic financial institutions. This paper suggests to investors to understand the real estate cycle and its impact on Islamic financial institutions.

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Chen, Dong, Yanmin Gao, Mayank Kaul, and Desmond Tsang:. "International Real Estate Review." International Real Estate Review 19, no. 2 (June 30, 2016): 197–221. http://dx.doi.org/10.53383/100220.

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This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific real estate investment trust (REIT) markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with longer maturity. On the contrary, externally managed REITs are associated with lower leverage and loans with shorter maturity. Our results are robust to the inclusion of other firm variables and to alternative specifications. Subsequent to the financial crisis, the impact of sponsorship on debt financing decisions has diminished, and borrowing of externally managed REITs is further constrained.

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Baldwin, Adam. "New Developments in Real Estate Financing." Economic Affairs 37, no. 1 (February 2017): 141–45. http://dx.doi.org/10.1111/ecaf.12212.

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Shteingauz, D. O. "The Conception of Development of Financial and Credit Instruments for the Functioning of the Residential Real Estate Market in Ukraine." Business Inform 1, no. 528 (2022): 357–65. http://dx.doi.org/10.32983/2222-4459-2022-1-357-365.

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The purpose of the article is to substantiate the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine, the implementation of which is aimed at improving the efficiency of the functioning of this market. As a result of the study, it is found out that the conception of developing financial and credit instruments for the functioning of the residential real estate market is an integral part of reforming the system of financing investments in residential real estate. The author’s own vision of the essence of the concepts of «system of financing the investments in residential real estate» and «model of financing of the residential real estate market» are proposed. The study of foreign experience allowed to distinguish two main models of financing the residential real estate market – depository and mortgage. The application of comparative analysis showed that the model of financing the residential real estate market in Ukraine is close to the deposit model. It is proposed to improve financing models in the residential real estate market of Ukraine, and to put upon financial institutions the role of escrow agents who will protect the interests of real estate buyers. A systematization is carried out and the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine with the distinguishing of its main elements is presented schematically. Further research will concern the substantiation of individual proposals aimed at the implementation of the tasks specified in the article of the conception of development of financial and credit instruments for the functioning of the residential real estate market in Ukraine.

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Iblher, Felix, and Dominik I. Lucius. "Innovative real estate financing in Germany – a financial desert?" Property Management 21, no. 1 (March 2003): 82–96. http://dx.doi.org/10.1108/02637470310464490.

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Jou, Jyh-Bang, and Tan (Charlene) Lee. "International Real Estate Review." International Real Estate Review 14, no. 1 (April 30, 2011): 1–26. http://dx.doi.org/10.53383/100132.

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This article employs a real options approach to investigate the determinants of an optimal capital structure in real estate investment. An investor has the option to delay the purchase of an income-producing property because the investor incurs sunk transaction costs and receives stochastic rental income. At the date of purchase, the investor also chooses a loan-to-value ratio, which balances the tax shield benefit against the cost of debt financing resulting from a higher borrowing rate and a lower rental income. An increase in the sunk cost or the risk of investment will not affect the financing decision, but will delay investment. An increase in the income tax rate or a decrease in the depreciation allowance will encourage borrowing and delay investment, while an increase in the penalty from borrowing, a decrease in the investor's required rate of return, or worse real estate performance through borrowing, will discourage borrowing and delay investment.

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Lechowicz, Tomasz. "Financing Commercial Property in Poland and the UK." Olsztyn Economic Journal 7, no. 1 (June 30, 2012): 143–51. http://dx.doi.org/10.31648/oej.3414.

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The following work is a comparison of real estate financing methods in Poland and Great Britain. A comparison of the data from both countries shows that the most popular method of real estate financing in both countries is through mortgages. External financing of commercial real estates in Poland is accomplished by: universal and mortgage banks, leasing companies, investment funds-loan, private investors and through the issue of ownership or debt securities. Another method of financing commercial real estate is financing it through the establishment of a special, separate company designed to carry out the project, which is known as "project financing". The availability of a variety of grants, preferential loans and time loans, is the strong point of the Polish system of financing commercial property purchases.

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Karyy, O., О. Grytsay, P. Sorokovyi, and T. Khomuliak. "FINANCING OF HOUSING THROUGH REAL ESTATE FUNDS: THE RELATIONSHIP BETWEEN LEGAL, TAX AND ACCOUNTING ASPECTS." Financial and credit activity: problems of theory and practice 3, no. 38 (June 30, 2021): 68–77. http://dx.doi.org/10.18371/fcaptp.v3i38.237421.

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Abstract. The article examines the processes of housing construction financing through the mechanism of creating funds for real estate transactions from the standpoint of legal and scientific-theoretical justification. The interrelation of legal, tax, and accounting aspects in the process of housing financing through real estate funds and the impact of the issuance of property certificates as equity instruments on the activities of managers of real estate funds are determined. In the context of providing the housing with financial resources, the dynamics of the index of capital investment in housing construction and the commissioned area of residential real estate as indicators of housing development are analyzed in recent years in Ukraine. It is determined that the current Ukrainian legislation provides five mechanisms of financing of housing construction: construction financing funds, housing cooperatives, real estate funds, mutual investment institutions, issuance of interest-free (target) bonds. However, not all of them are widely used. In the course of the research, it was established that real estate funds are created for the owners of certificates of this fund to receive income from real estate transactions. Certificates of the real estate fund, which the manager issues when creating such a fund, are securities that certify the right of its owner to receive income from investing in real estate transactions and are in their economic essence equity securities. Emphasis is placed on the accounting aspect of such financing as the main source of financial information for managing the activities of the real estate fund. To improve the accounting and analytical support for the management of such a fund, the correspondence of accounts is proposed to reflect the typical business transactions related to the management of the property of the real estate fund. Based on a critical analysis of the current domestic legislation, the tax consequences of the processes of housing construction financing through the mechanism of creating funds for real estate transactions are substantiated. Keywords: financing, housing construction, real estate fund, objects of accounting, taxation. JEL Classification G23, H25, L74, M41, R21 Formulas: 0; fig.: 2; tabl.: 1; bibl.: 22.

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Vimpari, Jussi. "Financing Energy Transition with Real Estate Wealth." Energies 13, no. 17 (August 19, 2020): 4289. http://dx.doi.org/10.3390/en13174289.

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Transition to a low carbon energy system requires extensive private investment and novel financing instruments. Corporate power purchase agreements (PPAs) have been proven effective in increasing renewables financing. The challenge is to scale this corporate model to smaller energy consumers that form a significant part of the global total energy demand and carbon dioxide emissions. This paper examines collateral strength and global potential of the real estate sector as an offtaker for PPAs. The strength is evaluated by constructing a detailed energy and economic model for 90,000 buildings in the Helsinki Metropolitan Area (HMA), Finland. The global potential is evaluated by creating country-level profiles with global data of interest rates, energy consumption, and energy costs. The results suggest that real estate is a strong offtaker as the HMA’s value of real estate collateral compared to required wind power capital expenditures (that could cover electricity demand of the buildings) is approximately 100:1, and for cash flows, the ratio is 70:1 between gross rents and PPA costs. Analysis of global data suggests that the majority of buildings’ energy consumption in OECD countries as well as a large part of China’s energy consumption could fall into low access finance under the presented concept.

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Ермилова and Maria Ermilova. "Some Aspects of Real Estate Market Financing." Auditor 2, no. 4 (April 20, 2016): 47–51. http://dx.doi.org/10.12737/18997.

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Th e article considers one of the most important problems of developing of real estate market — problem of its fi nancing, the main used at the present time fi nancing tools. It is justifi ed that the important aspect of solving of fi nancing problem is cooperation of state, investors and other participants of real estate market.

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15

Koh, Winston, and Edward H. K. Ng. "International Real Estate Review." International Real Estate Review 7, no. 1 (June 30, 2004): 71–97. http://dx.doi.org/10.53383/100054.

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Real estate investments are typically characterized by high degrees of leverage and long-loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period to compare the required rate of return with the leveraged rate of return on equity.

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Zakharova, A. V., V. G. Makeeva, N. V. Kazantseva, and O. A. Revzon. "FEATURES OF PROJECT FINANCING OF REAL ESTATE IN THE DIGITAL ECONOMY AND ITS STATE REGULATION." Vestnik Universiteta, no. 4 (June 29, 2020): 152–59. http://dx.doi.org/10.26425/1816-4277-2020-4-152-159.

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The problematic issues related to investment processes in the real estate market, based on modern tools of project financing, have been considered. The Russian experience of taxation of investment entities in the Russian Federation, the experience of private-public partnership in the process of investing in real estate objects, have been studied, the problems of using project financing by real estate market entities in the conditions of digitalization have been identified. The directions of improvement of financial, economic, social and legal aspects of state regulation of project financing have been proposed in order to ensure a balance of interests of various economic entities, which as States, firms and households are considered. Modern models of real estate financing by the banking sector have been reviewed.

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RUBLEVA, Tat'yana A. "The role of project financing in the development of the real estate funding market in Russia." Finance and Credit 27, no. 4 (April 29, 2021): 894–912. http://dx.doi.org/10.24891/fc.27.4.894.

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Subject. This article examines the impact of project financing on the development of the real estate funding market in the context of the transition to the digital economy. Objectives. The article aims to define the features of project financing in the property construction and its development prospects in the context of the transition to the digital economy. Methods. For the study, I used comparative and logical analyses, object-oriented design, and the systems approach. Results. The article defines the essence of project financing and its role in the development of the real estate funding market in the transition to the digital economy. It describes a number of features of project financing in construction and compares them with the features of project financing of innovative industrial projects. The article shows how to solve existing problems in this area and offers a use case diagram that helps develop a software product relevant to the real estate funding market. Conclusions and Relevance. The real estate funding market is a complex structure and it includes the synergy of the real estate market, banking market, and the financial market. Project financing is an integral part of the real estate funding market. It stimulates the development of quality consulting services in the market and produces key requirements for the profession of the next generation. The results of the study can be used to improve banking activities in project financing and when creating quality services of consulting companies in the real estate funding market.

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Erol, Isil, and Kanak Patel. "International Real Estate Review." International Real Estate Review 7, no. 1 (June 30, 2004): 98–120. http://dx.doi.org/10.53383/100055.

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This paper evaluates the Turkish government’s housing policy for financing the public sector housing and examines the desirability of wage-indexed payment mortgage (WIPM) contract from the lenders perspective. The WIPM contract introduced in 1998 differs from the standard index-linked mortgages in that it is based on the Civil Servant’s Wage Index and there is no amortization rate. From the lender’s perspective, the WIPMs are found to be desirable mortgage instruments in periods of persistent high inflation because they eliminate the real interest rate risk and credit risk of the ARM and the ‘wealth risk’ of a nominal FRM.

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Hongye, Xu, and Chang Huan. "Research on the Transformation of Real Estate Enterprises’ Asset-light Operation Mode—Take Vanke as an Example." Journal of Business Theory and Practice 8, no. 4 (December 4, 2020): p57. http://dx.doi.org/10.22158/jbtp.v8n4p57.

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Chinese the real estate industry has experienced more than 20 years of prosperity. The traditional operating model has brought huge profits to real estate companies under the specific economic environment and reform dividends. However, in the context of the continuous upgrade of macro-control in the real estate industry, real estate companies have narrowed their financing channels, and the pressure on funds has generally increased. They are facing an urgent need to expand financing channels, reduce financing costs, and maintain stable cash flow. In this context, it is increasingly important for real estate companies to transform their asset-light operation model. Therefore, this article will analyze the concept of light assets and the characteristics of light asset operation models, and take Vanke as an example to analyze the changes in Vanke’s financial performance before and after the transformation, and put forward relevant suggestions to provide references for real estate companies to transform asset-light operation mode.

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Cashman, George D., David M. Harrison, and Hainan Sheng. "International Real Estate Review." International Real Estate Review 18, no. 3 (September 30, 2015): 331–64. http://dx.doi.org/10.53383/100205.

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This study investigates the impact of political risk on the cost of capital for publicly traded real estate firms. More specifically, by using a sample of 102 REITs and listed property trusts, which hold nearly 6,000 distinct investment properties across the Asia-Pacific region, we find strong empirical evidence that increased exposure to political risk increases both the cost of equity financing of a firm and its weighted average cost of capital. Interestingly, no such linkages are apparent between political risk and the cost of debt of a firm. These empirical results are robust to a variety of alternative measures of political risk, including a: 1) political rights index, 2) political change index, and 3) corruption perceptions index.

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Chan, Su, Ko Wang, and Jing Yang. "International Real Estate Review." International Real Estate Review 19, no. 4 (December 31, 2016): 411–34. http://dx.doi.org/10.53383/100228.

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In this study, we use a simple 2-period game theoretic model to determine a mutually acceptable interest rate for a construction loan. This mutually acceptable interest rate is the rate that makes a developer indifferent between using 100% equity financing and a construction loan. It is also the highest interest rate that a developer is willing to pay and a bank is willing to lend. The three risk factors identified in the model are the loss, leverage and first-phase loan ratios. Our analytical and numerical analyses indicate that the derived mutually acceptable interest rate has desirable properties as the rate increases with an increase in the three identified risk factors.

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Busov, V. I. "SCHEMES AND METHODS OF FINANCING REAL ESTATE TRANSACTIONS." Vestnik Universiteta, no. 11 (2017): 146–50. http://dx.doi.org/10.26425/1816-4277-2017-11-146-150.

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Marseguerra, Giovanni, and Flavia Cortelezzi. "Debt financing and real estate investment timing decisions." Journal of Property Research 26, no. 3 (September 2009): 193–212. http://dx.doi.org/10.1080/09599911003669625.

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Ogedengbe, P. S., and A. A. Adesopo. "Problems of Financing Real Estate Development in Nigeria." Journal of Human Ecology 14, no. 6 (November 2003): 425–31. http://dx.doi.org/10.1080/09709274.2003.11905648.

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Dudka, Michał. "Function of investment funds in real estate financing." Studia i Prace WNEiZ 45 (2016): 67–76. http://dx.doi.org/10.18276/sip.2016.45/1-05.

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Deng, Xiaoying, Seow Eng Ong, and Meijun Qian. "Real Estate Risk, Corporate Investment and Financing Choice." Journal of Real Estate Finance and Economics 57, no. 1 (March 22, 2017): 87–113. http://dx.doi.org/10.1007/s11146-017-9599-y.

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Arnold, Redman, and Tanner John. "The Financing of Corporate Real Estate: A Survey." Journal of Real Estate Research 6, no. 2 (January 1, 1991): 217–40. http://dx.doi.org/10.1080/10835547.1991.12090649.

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Squires, Graham, Norman Hutchison, Alastair Adair, Jim Berry, Stanley McGreal, and Samantha Organ. "Innovative real estate development finance – evidence from Europe." Journal of Financial Management of Property and Construction 21, no. 1 (April 4, 2016): 54–72. http://dx.doi.org/10.1108/jfmpc-09-2015-0036.

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Purpose – This research aims to provide an insight into large-scale real estate projects in Europe and how they are using a more innovative blend of finance. Design/methodology/approach – The methodology involved a mix of desk-based study, interviews and case studies. Interviews were held with financiers, policymakers, developers, investors, fund managers and academics. The specific case projects were Battersea Power Station Development in London; Leipziger Platz site in Berlin; and the Lammenschans site in the city of Leiden, The Netherlands. Findings – The research found that there is growth in the blend of financial products used in real estate development within large-scale mixed-use projects. This new blend is set with greater equity financing, often from domestic and foreign consortiums generating institutional funds – alongside private debt financing – that utilise a mix of large-scale multi-bank finance. Practical implications – The scale of the challenge in financing real estate development allied with capital budget constraints has meant that the appetite for innovative finance mechanisms has gained considerable momentum in practice and policy. This research investigates current examples in development finance and provides a discussion of the opinion of key multi-stakeholder participants in the individual cases, and trends more strategically at a broader level. Originality/value – This detailed study of three major development sites and at a more broader strategic level is significant, in that it provides a better understanding of the differing blends of finance that are being used.

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Hill, Matthew. "Financing corporate real estate: the impact of corporate real estate in the shareholder value equation." Briefings in Real Estate Finance 2, no. 4 (March 2003): 313–25. http://dx.doi.org/10.1002/bref.79.

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Mwathi, Joseph, and Dr James M. Karanja. "THE EFFECT OF FINANCING SOURCES ON REAL ESTATE DEVELOPMENT IN KENYA." International Journal of Finance and Accounting 2, no. 2 (February 14, 2017): 43. http://dx.doi.org/10.47604/ijfa.297.

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Purpose: The purpose of this study was to establish the sources of financing real estate in Kenya. In specific terms the study reviewed whether financing in the real estate originates from; mortgage financing, savings, venture capital and equity financing.Materials and methods: This study employed descriptive survey design. The population of this study was all the real estate firms in Nairobi. This study used secondary data for five years. Data was analyzed using Statistical Package for Social Sciences (SPSS) and results were presented in frequency tables and charts. The data was then analyzed in terms of descriptive statistics like frequencies, means and percentages.Results: The findings indicated that mortgage financing is the most used source of financing, with equity and venture capital being the least source of financing used. The findings also indicated that there is a significantly positive relationship between mortgage financing and real estate development.Recommendations: The study recommended that to increase use of equity and venture capital as a source of financing will require businesses to sell their ideas to people who have money to invest. Equity and venture capital financing can be a good source of financing but with combining them with other sources of financing. Further research should be on the effects of sources of financing in unsuitable economic conditions, political instability and a global economic crisis and internal and external factors that affect the decision on sources of financing for real estate firms in Kenya.

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Ong, Seow Eng. "International Real Estate Review." International Real Estate Review 3, no. 1 (June 30, 2000): 49–64. http://dx.doi.org/10.53383/100021.

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This paper examines the ability of buyers to afford and upgrade to private housing using the experience in land scarce Singapore as a case study. The concepts of the “threshold buyer?and “threshold upgrader?are introduced to construct an operational inter-temporal model of affordability and upward mobility, taking into consideration income, mortgage rates, prices of public housing flats and the legislative/financing framework in Singapore. The theoretical private property price computed by the upward mobility model is the lower bound dictated by affordability and cash outlay considerations such that the buyer/upgrader is no better or worse off arising from changes in the relevant factors over time. The model is empirically tested to evaluate the theoretical underpinnings as well as the ability of the model to predict private property price. Finally, the paper examines the implications for housing ownership policy in a wider context.

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Ashiya, Noriko. "International Real Estate Review." International Real Estate Review 18, no. 1 (March 31, 2015): 89–112. http://dx.doi.org/10.53383/100194.

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The purpose of this paper is twofold. First, it formulates a model to explore the criteria for making decisions on sale-leaseback (SLB) actions, which can be an alternative to off-balance-sheet financing. The theoretical findings show that the knowledge of the buyer/lessor of low-cost property management is a primary factor in favor of SLB, which is in line with previous studies. Secondly, it quantifies this factor to explore the possible application of SLB schemes to Japanese public real estate (PRE) markets. The validity of this quantification method is also shown by using data from a tax-exempt Japanese PRE portfolio. The empirical findings of ANOVA and multiple comparison tests suggest that if we only have cost information and know the age of the buildings on the property, we can make decisions with regard to SLB actions; these findings reveal an institutional environment that is unique to Japan.

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Cassidy, Henry J., Barry Dennis, and Tyler T. Yang. "International Real Estate Review." International Real Estate Review 11, no. 2 (December 31, 2008): 126–41. http://dx.doi.org/10.53383/100100.

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This paper introduces Home Appreciation Participation Notes (HAPNs), an innovative new housing finance tool. Housing is a commodity providing two distinct utilities: shelter and investment. Traditionally, buyers have had to purchase both elements in tandom. HAPNs allow buyers to purchase these elements individually. Thus, buyers can focus on purchasing housing units that best fit their shelter needs, investing in housing appreciation to whatever extent is appropriate for the needs of their investment portfolio. HAPNs are different from previous financing tools in three key ways: there is no payment burden until ownership of the home is transferred, the risk of housing price declines is shifted to investors, and the final payoff is indexed to the appreciation rates of local housing prices. With these three features, HAPNs considerably improve the affordability of homeownership while reducing the risk of default and avoiding the moral hazard associated with shared appreciation instruments.

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Njoroge, Geofrey Muturi, Jeremiah Koori, and Fredrick Warui. "Financing Options and Growth Rate of Real Estate Development Companies in Kenya." International Journal of Current Aspects in Finance, Banking and Accounting 3, no. 2 (October 26, 2021): 79–103. http://dx.doi.org/10.35942/ijcfa.v3i2.201.

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Financing decisions have been a challenge to real estate developers in Kenya. This is because, real estate investments are perceived to be capital intensive in nature. It is expected that real estate sector should develop in line with population increases which characterises most emerging economies. However, the provision of housing units per year is below the demand. In Nairobi region the demand for housing is 200,000 units per year while the actual production is estimated to be 50,000 units annually thus outlining a shortage of 150,000 units. Past studies indicate that where a robust financial market prevails, investors are able to access funds for investment projects. This current study seeks to establish the effect of financing option on real estate growth in Kenya. The specific objectives were; to determine the effect of mortgage financing on growth rate of real estate development companies in Kenya, to find out the effect of retained earnings on growth rate of real estate development companies in Kenya, to establish the effect of private equity on growth rate of real estate development companies in Kenya, to determine the effect of joint venture on growth rate of real estate development companies in Kenya and assess the moderating effect of firm size on relationship between financing options and growth rate of real estate development companies in Kenya. This study was be anchored by the following theories namely: lien theory of mortgages, pecking order theory, transaction costs theory, resource dependency theory and housing cycle theory. The target population of this study comprised of all the seventy-two companies who are members of the Kenya Property Developers Association (KPDA). The sample size comprised of twenty three companies which was thirty percent of the sample frame. The sample size was selected using simple random sampling design. This study used descriptive research design with a regression model with the regressor being real estate growth rate which was expressed in growth rates of housing units for each firm. Therefore, this study followed panel data analysis as individual firm data was collected for a time span of five years 2014 to 2018. Results showed that mortgage financing positively but insignificantly affected growth rates of real estate development companies in Kenya. Further results showed that retained earnings as source of financing option impaired significantly growth rates of real estate development companies. Private equity was found to improve growth rates of real estate development companies significantly. Joint venture too positively but insignificantly influenced growth rates of real estate development companies in Kenya. Lastly, firm size was found to be a non-moderator but rather an explanatory variable and impaired growth rates in a significant manner. This study recommended that real estate development companies should increase use of private equity in financing housing projects as this increases growth rates of the entities.

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Nasieku, Dr Tabitha, and Ruth Munyite Wanyonyi. "THE RELATIONSHIP BETWEEN MORTGAGE FINANCE AND REAL ESTATE DEVELOPMENT IN KENYA." JOURNAL OF SOCIAL SCIENCE RESEARCH 10, no. 1 (March 30, 2016): 1950–55. http://dx.doi.org/10.24297/jssr.v10i1.4681.

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Real estate investment plays a crucial role in providing employment opportunities, offering shelter to households, enhancing income distribution and alleviating poverty. One of the most important factors in real estate development, world over, is its financing. Unlike the developed countries that use stocks and bonds, financing of real estate developments in Kenya is predominantly through mortgage financing. This study will seek to find out the relationship between mortgage financing and real estate development in Kenya. This study will adopt an explanatory research design by review of the literature.

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Hu, Yuqing, and Piyush Tiwari. "International Real Estate Review." International Real Estate Review 24, no. 2 (June 30, 2021): 293–322. http://dx.doi.org/10.53383/100323.

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This paper identifies the impact of macroeconomic determinants of commercial property investment and development markets in Australia. A Hodrick-Prescott (HP) filter is used to filter the cyclical components of commercial property investment and development time series. In order to identify the long-run relationships and short-run dynamics, coupled with causality between these factors and property cycles, the investment and development property cycles are analyed with respect to the movement of nine macroeconomic factors by using time series data from 1987 to 2016. The empirical results suggest that the Australian commercial property market is often in an overdemand situation rather than oversupply, which can be explained by the different patterns of the property cycles on the demand and supply sides. Property investment cycles are shorter and more volatile than development cycles at around 8-10 years and more than 20 years, respectively, since there is a larger elasticity of the macroeconomic factors that underlie the investment market with short-term dynamics, while the development cycle is mainly affected by such factors moderately in the long run. Both the investment and development markets are intensively affected by financing related variables rather than market-sentiment and economic-cycle related variables.

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Liu, Hua, and Nan Zhang. "Data Processing in the Key Factors Affecting China's Endowment Real Estate Enterprises Financing." Applied Mechanics and Materials 730 (January 2015): 349–52. http://dx.doi.org/10.4028/www.scientific.net/amm.730.349.

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Financing problem is one of the main reasons for restricting the development of endowment real estate enterprises in China. By analyzing the present situation of endowment real estate enterprises financing and researching relevant literatures, we sum up 20 general influence factors. Using the data processing model of the principal component analysis method to analyze the 20 general influence factors under the help of SPSS 19.0 statistical analysis software, we can find out the key influence factors which affect endowment real estate enterprises financing. Aiming at the key influence factors, we put forward some specific measures to promote the smooth development of endowment real estate enterprises financing in China.

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Gostkowska-Drzewiecka, Magdalena. "Real Estate Crowdfunding as a Source of Investment Financing." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 79 (2016): 57–71. http://dx.doi.org/10.18276/frfu.2016.79-04.

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Wu, Tingting. "Analysis of Financing Plan for Real Estate Development Project." Open Journal of Business and Management 07, no. 03 (2019): 1338–45. http://dx.doi.org/10.4236/ojbm.2019.73092.

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Kordela, Dominika. "REAL ESTATE CROWDFUNDING AS AN EXAMPLE OF SOCIAL FINANCING." Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, no. 478 (2017): 248–58. http://dx.doi.org/10.15611/pn.2017.478.23.

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Owusu-Manu, D., D. J. Edwards, E. Badu, K. A. Donkor-Hyiaman, and P. E. D. Love. "Real estate infrastructure financing in Ghana: Sources and constraints." Habitat International 50 (December 2015): 35–41. http://dx.doi.org/10.1016/j.habitatint.2015.07.008.

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Deeble, Kevin E. "Financing corporate real estate: A raw materials procurement approach." Journal of Corporate Real Estate 2, no. 2 (April 2000): 144–53. http://dx.doi.org/10.1108/14630010010811275.

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Adeboye, Akinwunmi, Gameson Rod, Hammond Felix, and Paul Olomolaiye. "An Overview of Residential Real Estate Financing in Nigeria." Journal of Real Estate Literature 20, no. 2 (March 1, 2012): 263–88. http://dx.doi.org/10.1080/10835547.2014.12090329.

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al-Darbas, Ahmad Mohammed, and Mohammed Ebrahem al-Wasmi. "Challenges Facing Real-Estate Mortgages in the Arabian Gulf Region." Arab Law Quarterly 33, no. 1 (December 12, 2019): 81–98. http://dx.doi.org/10.1163/15730255-12331051.

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Abstract This article intends to present the significance of mortgage financing in emerging markets and explain how mortgage financing affects positively the economies of emerging countries. It will also show the legal foundations of the real-estate mortgage law and the prerequisites for a successful mortgage financing system. This article intends to define the main challenges that some consider a hindrance to the development of the mortgage market in the Arabian Gulf countries. From this perspective, a brief comparative analysis of mortgage financing will focus on varying laws and regulations that apply to real-estate mortgages in the Gulf region. Implications for the development of the mortgage market in Arabian Gulf countries will be based on challenges in the mortgage market.

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Mitra, Pradip Kumar, and Omkar Naik. "Debt Financing and Agency Cost on Profitability: Are Real Estate Firms’ Performance in India Getting Affected?" Asia-Pacific Journal of Management Research and Innovation 17, no. 1-2 (March 2021): 43–56. http://dx.doi.org/10.1177/2319510x211048549.

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This article tries to understand the relationship between agency cost, debt financing and Indian real estate companies’ performance. The study attempts to document the effect of debt on the firm’s profitability and then explores the reason behind such an impact by introducing the agency cost as a parameter. The study is conducted in two phases. Phase I is carried out to establish the relationship between debt financing and the firm’s financial performance. In Phase II, the study is conducted to understand the impact of agency cost on debt financing. Firms from the BSE Realty Index were selected for the period 2011–2018. Profitability is measured through return on equity (ROE), whereas debt financing is measured through the firm’s leverage ratio. The agency cost is measured through the asset utilisation ratio and general expense to sales ratio. Panel regression method is used to understand the impact of debt financing and agency cost on the firms’ profitability. The result of Phase I suggests a significant negative relationship between debt financing and the ROE and the result of Phase II suggests a positive relationship between the agency cost and debt financing. This means that reduction in agency cost will lead to lesser amount of debt financing thereby improving the firm’s financial performance.

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Tian, Xin Ran, Hao Dong Jiang, and Jun Li Liu. "The Research of Financial Risk Warning Model about Real Estate Enterprises in China." Advanced Materials Research 989-994 (July 2014): 2625–28. http://dx.doi.org/10.4028/www.scientific.net/amr.989-994.2625.

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With the establishment of large-scale real estate enterprises, the competition is increasing among real estate enterprises, which requires real estate companies to enhance crisis prevention awareness. In the paper a combination of qualitative and quantitative method is used aiming at certain risks that real estate enterprises are facing with. The article introduces the capacity of external financing in time, Eva, cash flow, board size, the scale of supervisor board and other new indicators to establish a new system of early warning indicators. The article provides empirical study from the perspective of early warning system of real estate generation enterprise using comprehensive evaluation model. It is more accurate to predict financial risk for real estate enterprises based on the qualitative method with quantitative method.

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Abdul-Rahman, Aisyah, Noor Latifah Hanim Mohd Said, and Ahmad Azam Sulaiman. "Financing Structure and Liquidity Risk: Lesson from Malaysian Experience." Journal of Central Banking Theory and Practice 6, no. 2 (May 1, 2017): 125–48. http://dx.doi.org/10.1515/jcbtp-2017-0016.

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Abstract This study examines the relationship between financing structure and bank liquidity risk. We compare the findings between Islamic and conventional banks for the case of Malaysia. We adopt four measures to represent financing structure; namely 1) real estate financing, 2) financing concentration, 3) stability of short-term financing structure and 4) stability of medium-term financing structure. Two BASEL III liquidity risk measures are tested; namely, liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) to measure short- and long-term liquidity risk, respectively. Based on panel data regression comprising 27 conventional and 17 Islamic banks from 1994 to 2014, our findings show that real estate financing and stability of short-term financing structure for Islamic banks are positively related to both liquidity risk measures. This implies that an increasing number of real estate financing and a stable short-term financing structure may increase Islamic banks’ short- and long-term liquidity risks. However, although real estate financing does not affect conventional banks’ liquidity risks, a stable short-term financing structure and increasing financing concentration can positively influence bank long-term liquidity risk. Our findings shed light crucial policy implications for regulatory bodies and market players in the context of liquidity risk management framework as well as the need to develop a separate framework between conventional and Islamic banking institutions.

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Bernard, Adjekophori. "Pension Fund: A Veritable Source of Financing Real Estate Development in Nigeria." International Letters of Social and Humanistic Sciences 23 (March 2014): 23–40. http://dx.doi.org/10.18052/www.scipress.com/ilshs.23.23.

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Pension funds control relatively large amounts of capital and represent the largest institutional investors in many nations. Financing real estate on the other hand required a huge capital outlay. This study examined the viability of pension funds as an investment option in real estate development. It is empirical in approach and it adopted a survey research design. A convenient random sampling technique was used to gather data from a sample of 42 respondents comprising of 18 pension administrators and 24 Real Estate Developers and Investors. A structured questionnaire was used as the instrument for data collection and a simple descriptive statistical method was use for presentation and analysis of the data. The results however reveal that both the pension administrators and the real estate developers agreed that the pension funds if well channel is a veritable means for financing real estate project. We therefore recommends amongst others that the government as a matter of urgency should slack their policy to increase the percentage of the funds for real estate development and to also advance a policy with strict guideline empowering the pension fund managers to directly grant credit to developers and real estate investors who is able to meet and comply with the conditions provided in such policy. Real estate brokers and experts should also be drafted into the pension scheme to give professional advice on the viability and feasibility of any proposed real estate development.

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Louko, Antti. "COMPETITIVE ADVANTAGE FROM OPERATIONAL CORPORATE REAL ESTATE DISPOSALS." International Journal of Strategic Property Management 8, no. 1 (March 31, 2004): 11–24. http://dx.doi.org/10.3846/1648715x.2004.9637504.

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The large‐scale operational corporate real estate disposals, which have lately become more and more common in Europe, can create many benefits to corporations. Firstly, the corporations can get an immediate capital injection without additional external financing to support growth or to better capital structure. Secondly, corporations can in the best case obtain more property industry knowledge, economies of scale, tax advantages and increased flexibility through property disposals. However, it is also important to notice that sometimes the best expert is an internal property manager and that large corporate real estate deals can be slow and costly to structure. Furthermore, if the outsourcing is not planned well, agency problems and inflexibility could arise. In addition, off‐balance sheet financing is becoming more difficult due to changes in accounting rules. In all, it is crucial to have a solid property strategy that supports the overall business goal before structuring large‐scale disposals.

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Swistun, Lyudmila, Taina Zavora, and Yuliia Khudolii. "Prospects for the implementation of real estate development in Ukraine based on energy efficiency principles and the problems with raising the finance required." Acta Innovations, no. 29 (October 1, 2018): 5–15. http://dx.doi.org/10.32933/actainnovations.29.1.

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The main goal of the study is to analyse the residential real estate market in Ukraine from the point of view of the need and the possibility of increasing its energy efficiency. Also, it aims to justify effective financial and credit mechanisms for ensuring measures to improve the thermal protection properties of residential and non- residential real estate, in particular by introducing energy efficiency development projects. With this research we investigated Ukraine's housing stock and utility tariffs and concluded that a beneficial strategy to be applied in Ukraine is the energy-efficient retrofit of real estate. This is one of the most effective ways to re-profile unclaimed real estate units in the existing state or to reconstruct inefficiently used buildings. Also, we reviewed selected methods of energy efficient residential real estate development and mechanisms of financing energy- efficient renovation of real estate used in the EU. And, in our view, the next step of the Ukraine in the direction of improving the energy efficiency of housing should be the effective operation of a dedicated/specific energy efficiency fund to ensure stable financing of housing modernization projects, which will allow for a comprehensive renovation of buildings and lead to significant annual energy savings in this end-use sector.

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Journal articles on the topic 'Real Estate financing'

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