1. 不動產投資管理 Class meeting: Friday 14:10:17:00 Class room: 逸仙 113

2. Your Instructor 姜堯民 政大財管系副教授 Ph.D. in finance, The University of Iowa, December 1996 MBA, 政大企研所, 1990 e-mail: ymchiang@cc.nccu.edu.tw Home page: http://140.138.98.3/fnymchiang

3. Syllabus 說明 Course Description: Texts and Supplementary Notes: Course Requirements: Evaluation: Course Outline: Notes

4. 房地產市場分析 臺灣地區不動產市場的三大循環波動 – 民國 62.63 年間 – 民國 68.69 年間 – 民國 75-78 年間

5. 房地產景氣四指標 經濟成長率 物價波動情形 貨幣供給增加率 放款利率 ( 表一 )

6. 房地產景氣波動背景

7. 房價高漲主因 – 民國 62.63 年間 – 民國 68.69 年間 世界性石油危機造成物價上漲所致 – 民國 75-78 年間 市場游資充斥, 投資風氣熱絡.

8. 房地產景氣低迷 經濟景氣趨緩 股市崩盤 土地及建築法令變更 –80 年, 容積率管制 –81 年, 建議修改土地增值稅採時價課徵及課空地稅.

9. 房地產景氣復甦展望 空屋太多 supply > demand 景氣復甦 ???

10. 不動產特質 Immobility: every parcel of real estate has fixed location localized markets environmental influences Unique location Indestructibility Heterogeneous asset not fungible asset

11. 投資目的 Investor broadly defined to include households purchasing a home for personal consumption and those investing in commercial real estate Maximize wealth either explicitly or implicitly Operationalize object: maximize PV of expected future benefit Expected benefit = f(physical asset, rights, infrastructure, supply, demand, economic base)

12. 投資標的 What type of Real asset or Financial assets do real estate investors invest in? - Physical Assets –Property rights –Contracts: Financial Assets

13. 不動產市場特性摘要 Localized market Perception *investment good *consumption good Relatively uninformed participants High transaction cost search cost, brokers fees, legal fees etc Government intervention zoning, other land use regulation, rent control, real estate taxation, building codes

14. 不動產開發 services tax user fees capital capital gain Political System Social System Enterprise System Public Sector Consumption Sector Production Sector Sites services tax rentals, purchases Finance Sector Interest Construction Cost Regulation MortgagePayments REGULATIONREGULATION MACROECONOMICSMACROECONOMICS

15. 不動產開發參與者 Space Consumption Sector: demand individual consumers, collective consumers, future users Space Production Sector: supply developer, lawyers, engineers, architect, material etc Financing Sector: financial markets construction lenders, permanent lenders, equity partners Public Sector: regulatory environment regulation, zoning, building codes, tangible and intangible services –So where do telephone, gas, electricity, cable TV companies and the like belong?

16. 不動產相關事業 Residential brokerage Commercial brokerage Industrial brokerage Farm brokerage Property management Rental listing services Real estate appraising Government service Land development

17. 不動產相關事業 - continued Urban planning Mortgage financing Securities and syndications Consulting Research and education Full-time investors

18. Real Estate Finance Real estate finance is a field of study that requires an understanding of many important subjects: –property lawmortgage underwriting practices –mortgage insurancefinancial analysis –valuation principlesincome tax laws –investment analysisfinancial institutions –real estate developmentcapital markets

19. Real Estate Finance Part I:Financing residential properties Part II: Financing income properties Part III: Financing proposed projects Part IV: Real estate capital markets and securities

20. 這學期課程內容