William Seabrooke is the editor of International Real Estate: An Institutional Approach, published by Wiley.Paul Kent is the editor of International Real Estate: An Institutional Approach, published by Wiley.Hebe Hwee-Hong How is the editor of International Real Estate: An Institutional Approach, published by Wiley.

'an important and very valuable contribution to the understanding of the pitfalls and the functioning of foreign real estate markets. International Real Estate - An Institutional Approach is truly inspiring. It is written in a clear and understandable manner and can, without doubt, serve most participants of international real estate markets as a guide or 'handbook' for carrying out or advising on real estate investments in foreign market environments. Recommended to investors, corporate real estate and funds managers or project developers as well as undergraduate and postgraduate students. 'Building Research & Information 2005 33(3) This book is a wonderful contribution to greater knowledge and I look forward to making much use of it. It may hold the promise of fewer acts of self-destruction in our industry but it is also a fascinating insight into the disconnection between rational analysis and action.’ Jeremy Newsum, Group Chief Executive, Grosvenor Group Holdings

• Contributors ix Foreword by Jeremy Newsum, Grosvenor Group Holdings xiPreface xiiiPart 1 Analysis of Real Estate Transactions in Unfamiliar Markets, Using an Institutional Approach 11 Real Estate Transactions: an Institutional Perspective 3William Seabrooke and Hebe Hwee Hong HowThe international real estate phenomenon 3Real estate transactions and transacting 4Transaction cost concepts 14A transaction-based approach lends itself to institutional analysis 282 Resolving Institutional Uncertainty in International Real Estate Decisions 35William Seabrooke and Paul KentThe institutional nature of transactions 35Real estate transactions 37A scoping template for 'mapping' the institutional 'landscape' within which a real estate transaction takes shape 55Conclusion 703 An Institutional Analysis of the Subject Matter of Real Estate Transactions 73Paul KentProperty rights in institutional analysis 73Institutional determinants of title to real estate in Hong Kong 76Institutional determinants of property rights in real estate in the PRC 81Conclusion 88Part 2 Evolution of the Institutional Context of International Real Estate 934 Local Property Markets and Effective Flexible Market Institutions 96Michael A. GoldbergThe issues 96Global forces introduced: an overview 97Indications of global integration in urban property markets 100Local, regional and national forces impinging on global cities 102Globalisation of world city property markets: observations and caveats on volatility 105Vancouver: an emerging world city facing prototypical issues in the global economy 107Vancouver’s globalised property market: the cycle of the late 1980s 111Policy issues and fl exible institutional responses for global cities when they are both determinants and outcomes of globalisation 113Public attitudes to cope with change 115Possible national government roles in urban policy in a global setting 119Growing vulnerability of cities in the connected global environment 122Conclusions 1225 Facilitation and Constraint: Institutions of Urban Planning in Hong Kong 130Bo Sin Tang, Sujeet Sharma, Stanley Chi Wai YeungUrban planning and development control 133Planning, politics and economy 144Conclusions 1486 Emerging Institutions in Europe 155Derek C. NichollsHistorical context 155Single market 157Single continent? 160Implications for real estate markets 1687 Institutional Aspects of Real Estate Investment and Project Appraisal 173Eddie Chi Man Hui and Yat Hung ChiangInstitutional aspects 173Institutional features of project appraisal 186Role of international funding agencies: the World Bank and the Asian Development Bank 190Conclusion 193Part 3 Institutional Aspects of National Real Estate Markets 1978 US Pension Funds and Real Estate: Still Crazy AfterAll These Years 200Bernard WinogradIn the beginning… 201The end of innocence 204The cavalry arrives 205The pension funds react 211Where do we go from here? 2159 Real Estate Markets in the United States 220Mark J. Eppli and Charles C. TuThe interrelation between the space and capital markets 223Space markets in the United States 227Capital markets in the United States 235The space market/capital market disconnection 245Summary 25910 Real Estate Markets in the United Kingdom 262Andrew BaumUK real estate: the asset class 262The sectors: principal characteristics 266The vehicles available for property investment 269Commercial property owners 282Property fund managers and advisers 284The role of government 288Conclusion 29011 Real Estate Markets in Canada 293C. Tsuriel SomervilleGovernment institutions and real estate 295Property rights 299Land-use regulation 302Canadian real estate markets 306Conclusion 32112 Real Estate Markets in Japan 325Yu Ichiro KawaguchiThe Japanese rental market 326The market for ownership of real estate assets 329Capital markets 336Conclusion 33913 Real Estate Markets in Mainland China 342Chang Chun Feng and Stanley Chi Wai YeungMarket structure 342The reform of urban land-use policy 343Reform of the urban housing system 347Relationship between real estate industry and national economic development 352Long-term development of the real estate market in China 356Acknowledgement 361References and further reading 361Index 363

William Seabrooke is the editor of International Real Estate: An Institutional Approach, published by Wiley.Paul Kent is the editor of International Real Estate: An Institutional Approach, published by Wiley.Hebe Hwee-Hong How is the editor of International Real Estate: An Institutional Approach, published by Wiley.

'an important and very valuable contribution to the understanding of the pitfalls and the functioning of foreign real estate markets. International Real Estate - An Institutional Approach is truly inspiring. It is written in a clear and understandable manner and can, without doubt, serve most participants of international real estate markets as a guide or 'handbook' for carrying out or advising on real estate investments in foreign market environments. Recommended to investors, corporate real estate and funds managers or project developers as well as undergraduate and postgraduate students. 'Building Research & Information 2005 33(3) This book is a wonderful contribution to greater knowledge and I look forward to making much use of it. It may hold the promise of fewer acts of self-destruction in our industry but it is also a fascinating insight into the disconnection between rational analysis and action.’ Jeremy Newsum, Group Chief Executive, Grosvenor Group Holdings

• Contributors ix Foreword by Jeremy Newsum, Grosvenor Group Holdings xiPreface xiiiPart 1 Analysis of Real Estate Transactions in Unfamiliar Markets, Using an Institutional Approach 11 Real Estate Transactions: an Institutional Perspective 3William Seabrooke and Hebe Hwee Hong HowThe international real estate phenomenon 3Real estate transactions and transacting 4Transaction cost concepts 14A transaction-based approach lends itself to institutional analysis 282 Resolving Institutional Uncertainty in International Real Estate Decisions 35William Seabrooke and Paul KentThe institutional nature of transactions 35Real estate transactions 37A scoping template for 'mapping' the institutional 'landscape' within which a real estate transaction takes shape 55Conclusion 703 An Institutional Analysis of the Subject Matter of Real Estate Transactions 73Paul KentProperty rights in institutional analysis 73Institutional determinants of title to real estate in Hong Kong 76Institutional determinants of property rights in real estate in the PRC 81Conclusion 88Part 2 Evolution of the Institutional Context of International Real Estate 934 Local Property Markets and Effective Flexible Market Institutions 96Michael A. GoldbergThe issues 96Global forces introduced: an overview 97Indications of global integration in urban property markets 100Local, regional and national forces impinging on global cities 102Globalisation of world city property markets: observations and caveats on volatility 105Vancouver: an emerging world city facing prototypical issues in the global economy 107Vancouver’s globalised property market: the cycle of the late 1980s 111Policy issues and fl exible institutional responses for global cities when they are both determinants and outcomes of globalisation 113Public attitudes to cope with change 115Possible national government roles in urban policy in a global setting 119Growing vulnerability of cities in the connected global environment 122Conclusions 1225 Facilitation and Constraint: Institutions of Urban Planning in Hong Kong 130Bo Sin Tang, Sujeet Sharma, Stanley Chi Wai YeungUrban planning and development control 133Planning, politics and economy 144Conclusions 1486 Emerging Institutions in Europe 155Derek C. NichollsHistorical context 155Single market 157Single continent? 160Implications for real estate markets 1687 Institutional Aspects of Real Estate Investment and Project Appraisal 173Eddie Chi Man Hui and Yat Hung ChiangInstitutional aspects 173Institutional features of project appraisal 186Role of international funding agencies: the World Bank and the Asian Development Bank 190Conclusion 193Part 3 Institutional Aspects of National Real Estate Markets 1978 US Pension Funds and Real Estate: Still Crazy AfterAll These Years 200Bernard WinogradIn the beginning… 201The end of innocence 204The cavalry arrives 205The pension funds react 211Where do we go from here? 2159 Real Estate Markets in the United States 220Mark J. Eppli and Charles C. TuThe interrelation between the space and capital markets 223Space markets in the United States 227Capital markets in the United States 235The space market/capital market disconnection 245Summary 25910 Real Estate Markets in the United Kingdom 262Andrew BaumUK real estate: the asset class 262The sectors: principal characteristics 266The vehicles available for property investment 269Commercial property owners 282Property fund managers and advisers 284The role of government 288Conclusion 29011 Real Estate Markets in Canada 293C. Tsuriel SomervilleGovernment institutions and real estate 295Property rights 299Land-use regulation 302Canadian real estate markets 306Conclusion 32112 Real Estate Markets in Japan 325Yu Ichiro KawaguchiThe Japanese rental market 326The market for ownership of real estate assets 329Capital markets 336Conclusion 33913 Real Estate Markets in Mainland China 342Chang Chun Feng and Stanley Chi Wai YeungMarket structure 342The reform of urban land-use policy 343Reform of the urban housing system 347Relationship between real estate industry and national economic development 352Long-term development of the real estate market in China 356Acknowledgement 361References and further reading 361Index 363

William Seabrooke is the editor of International Real Estate: An Institutional Approach, published by Wiley.Paul Kent is the editor of International Real Estate: An Institutional Approach, published by Wiley.Hebe Hwee-Hong How is the editor of International Real Estate: An Institutional Approach, published by Wiley.

'an important and very valuable contribution to the understanding of the pitfalls and the functioning of foreign real estate markets. International Real Estate - An Institutional Approach is truly inspiring. It is written in a clear and understandable manner and can, without doubt, serve most participants of international real estate markets as a guide or 'handbook' for carrying out or advising on real estate investments in foreign market environments. Recommended to investors, corporate real estate and funds managers or project developers as well as undergraduate and postgraduate students. 'Building Research & Information 2005 33(3) This book is a wonderful contribution to greater knowledge and I look forward to making much use of it. It may hold the promise of fewer acts of self-destruction in our industry but it is also a fascinating insight into the disconnection between rational analysis and action.’ Jeremy Newsum, Group Chief Executive, Grosvenor Group Holdings

• Contributors ix Foreword by Jeremy Newsum, Grosvenor Group Holdings xiPreface xiiiPart 1 Analysis of Real Estate Transactions in Unfamiliar Markets, Using an Institutional Approach 11 Real Estate Transactions: an Institutional Perspective 3William Seabrooke and Hebe Hwee Hong HowThe international real estate phenomenon 3Real estate transactions and transacting 4Transaction cost concepts 14A transaction-based approach lends itself to institutional analysis 282 Resolving Institutional Uncertainty in International Real Estate Decisions 35William Seabrooke and Paul KentThe institutional nature of transactions 35Real estate transactions 37A scoping template for 'mapping' the institutional 'landscape' within which a real estate transaction takes shape 55Conclusion 703 An Institutional Analysis of the Subject Matter of Real Estate Transactions 73Paul KentProperty rights in institutional analysis 73Institutional determinants of title to real estate in Hong Kong 76Institutional determinants of property rights in real estate in the PRC 81Conclusion 88Part 2 Evolution of the Institutional Context of International Real Estate 934 Local Property Markets and Effective Flexible Market Institutions 96Michael A. GoldbergThe issues 96Global forces introduced: an overview 97Indications of global integration in urban property markets 100Local, regional and national forces impinging on global cities 102Globalisation of world city property markets: observations and caveats on volatility 105Vancouver: an emerging world city facing prototypical issues in the global economy 107Vancouver’s globalised property market: the cycle of the late 1980s 111Policy issues and fl exible institutional responses for global cities when they are both determinants and outcomes of globalisation 113Public attitudes to cope with change 115Possible national government roles in urban policy in a global setting 119Growing vulnerability of cities in the connected global environment 122Conclusions 1225 Facilitation and Constraint: Institutions of Urban Planning in Hong Kong 130Bo Sin Tang, Sujeet Sharma, Stanley Chi Wai YeungUrban planning and development control 133Planning, politics and economy 144Conclusions 1486 Emerging Institutions in Europe 155Derek C. NichollsHistorical context 155Single market 157Single continent? 160Implications for real estate markets 1687 Institutional Aspects of Real Estate Investment and Project Appraisal 173Eddie Chi Man Hui and Yat Hung ChiangInstitutional aspects 173Institutional features of project appraisal 186Role of international funding agencies: the World Bank and the Asian Development Bank 190Conclusion 193Part 3 Institutional Aspects of National Real Estate Markets 1978 US Pension Funds and Real Estate: Still Crazy AfterAll These Years 200Bernard WinogradIn the beginning… 201The end of innocence 204The cavalry arrives 205The pension funds react 211Where do we go from here? 2159 Real Estate Markets in the United States 220Mark J. Eppli and Charles C. TuThe interrelation between the space and capital markets 223Space markets in the United States 227Capital markets in the United States 235The space market/capital market disconnection 245Summary 25910 Real Estate Markets in the United Kingdom 262Andrew BaumUK real estate: the asset class 262The sectors: principal characteristics 266The vehicles available for property investment 269Commercial property owners 282Property fund managers and advisers 284The role of government 288Conclusion 29011 Real Estate Markets in Canada 293C. Tsuriel SomervilleGovernment institutions and real estate 295Property rights 299Land-use regulation 302Canadian real estate markets 306Conclusion 32112 Real Estate Markets in Japan 325Yu Ichiro KawaguchiThe Japanese rental market 326The market for ownership of real estate assets 329Capital markets 336Conclusion 33913 Real Estate Markets in Mainland China 342Chang Chun Feng and Stanley Chi Wai YeungMarket structure 342The reform of urban land-use policy 343Reform of the urban housing system 347Relationship between real estate industry and national economic development 352Long-term development of the real estate market in China 356Acknowledgement 361References and further reading 361Index 363