This book emphasizes the centrality of cities in China's ongoing transformation. Based on fieldwork in twenty-four Chinese cities between 1996 and 2007, the author forwards an analysis of the ...relations between the city, the state, and society through two novel concepts: urbanization of the local state and civic territoriality. Urbanization of the local state is a process of state power restructuring entailing an accumulation regime based on the commodification of state-owned land, the consolidation of territorial authority through construction projects, and a policy discourse dominated by notions of urban modernity. Civic territoriality encompasses the politics of distribution engendered by urban expansionism, and social actors' territorial strategies toward self-protection. Findings are based on observations in three types of places. In the inner city of major metropolitan centers, municipal governments battle high-ranking state agencies to secure land rents from redevelopment projects, while residents mobilize to assert property and residential rights. At the urban edge, as metropolitan governments seek to extend control over their rural hinterland through massive-scale development projects, villagers strategize to profit from the encroaching property market. At the rural fringe, township leaders become brokers of power and property between the state bureaucracy and villages, while large numbers of peasants are dispossessed, dispersed, and deterritorialized; their mobilizational capacity is consequently undermined.
Urban Land Rent Haila, Anne
2015, 2015-10-07, 2015-10-06
eBook
In Urban Land Rent, Anne Haila uses Singapore as a case study to develop an original theory of urban land rent with important implications for urban studies and urban theory. * Provides a ...comprehensive analysis of land, rent theory, and the modern city * Examines the question of land from a variety of perspectives: as a resource, ideologies, interventions in the land market, actors in the land market, the global scope of land markets, and investments in land * Details the Asian development state model, historical and contemporary land regimes, public housing models, and the development industry for Singapore and several other cities * Incorporates discussion of the modern real estate market, with reference to real estate investment trusts, sovereign wealth funds investing in real estate, and the fusion between sophisticated financial instruments and real estate
Cities for Profitexamines the phenomenon of urban real estate megaprojects in Asia-massive, privately built planned urban developments that have captured the imagination of politicians, policymakers, ...and citizens across the region. These controversial projects, embraced by elites, occasion massive displacement and have extensive social and economic impacts. Gavin Shatkin finds commonalities and similarities in dozens of such projects in Jakarta, Kolkata, and Chongqing.
Shatkin is at the vanguard of urban studies in his focus on real estate. Just as cities are increasingly defined and remapped according to the value of the land under their residents' feet, the lives of city dwellers are shaped and constrained by their ability to keep up with rising costs of urban life. Scholars and policy and planning professionals alike will benefit from Shatkin's comprehensive research.Cities for Profitcontains insights from more than 150 interviews, site visits to projects, and data from government and nongovernmental organization reports and data, urban plans, architectural renderings, annual reports and promotional materials of developers, and newspaper and other media accounts.
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.
The essential reference tool for all real estate, property, planning and construction students.
Real Estate Concepts provides built environment students with an easy to use guide to the essential ...concepts they need to understand in order to succeed in their university courses and future professional careers. Key concepts are arranged, defined and explained by experts in the field to provide the student with a quick and reliable reference throughout their university studies. The subjects are conveniently divided to reflect the key modules studied in most property, real estate, planning and construction courses.
Subject areas covered include:
Planning
Building surveying
Valuation
Law
Economics, investment and finance
Quantity surveying
Construction and regeneration
Sustainability
Property management
Over the 18 alphabetically arranged subject specific chapters, the expert contributors explain and illustrate more than 250 fully cross-referenced concepts. The book is packed full of relevant examples and illustrations and after each concept further reading is suggested to encourage a deeper understanding. This book is an ideal reference when writing essays, assignments and revising for exams.
Attention to 'sustainability' and energy efficiency rating schemes in the commercial property sector has increased rapidly during the past decade. In the UK, commercial properties have been certified ...under the BREEAM rating scheme since 1999, offering fertile ground to investigate the economic dynamics of 'green' certification in the commercial property market. This paper documents that, over the 2000–09 period, the expanding supply of green buildings within a given London neighbourhood had a positive impact on average rents and prices, but reduced rents and prices for environmentally certified real estate. The results suggest that there is a gentrification effect from green buildings. However, each additional "green" building decreases the marginal effect of certification in the rental and transaction markets by 2 per cent and 5 per cent respectively. In addition, controlling for lease contract features, like contract length and the rent-free period, modifies the impact of environmental certification on rental prices.
Property boom and banking bust Jones, Colin; Cowe, Stewart; Trevillion, Edward
2017., 2018, 2017-12-18, 2017-11-09
eBook
"A fascinating analysis of the critical role commercial property investment played in the economic boom and bust during the global financial crisis The unprecedented financial boom stretching from ...the mid-1990s through 2008 ultimately led to the deepest recession in modern times and one of the slowest economic recoveries in history. It also resulted in the emergence of the draconian austerity policies that have swept across Europe in recent years. Property Boom and Banking Bust offers an expert insight into the complex property market dynamics that contributed to the Great Financial Crisis of 2008 and its devastating economic consequences. It is the first book to focus on a woefully underreported dimension of the crisis, namely, the significant role that lending on commercial property development played in the crisis. Among other key topics, the authors explore the philosophical and behavioral factors that propelled irresponsible bank lending and the property boom; how it led to the downfall of the banks; the impact of the credit crunch on the real estate industry generally in the wake of the financial crisis; the catastrophic effects the property bust had on property investors, both large and small; and how the financial institutions have sought to recover in the wake of the financial crisis. Provides valuable insights into what happened in previous booms and busts, particularly in the 1970s and 1980s, and how they compare with the most recent one Offers an expert assessment of the consequences of the global financial crisis for the banking system and the commercial property industry Examines strategies banks have used to recover their positions and manage the overhang of indebtedness and bad property assets Addresses strategies the real estate industry have used to recover from the collapse in property values Written in an accessible style, and featuring numerous insider case accounts from property bankers, Property Boom and Banking Bust disentangles the complex, tightly-woven factors that led to the Great Financial Crisis of 2008, while offering powerful lessons for property industry professionals on how to avoid having history repeat itself"--
Agents are often better informed than the clients who hire them and may exploit this informational advantage. Real estate agents have an incentive to convince clients to sell their houses too cheaply ...and too quickly. We test these predictions by comparing home sales in which real estate agents are hired to when an agent sells his own home. Consistent with the theory, we find homes owned by real estate agents sell for 3.7% more than other houses and stay on the market 9.5 days longer, controlling for observables. Greater information asymmetry leads to larger distortions.
This paper examines the impact of real estate prices on firm capital structure decisions. For a typical U.S. listed company, a one-standard-deviation increase in predicted value of firm pledgeable ...collateral translates into a 3 percentage points increase in firm leverage ratio. The identification strategy employs a triple interaction of MSA-level land supply elasticity, real estate prices, and a measure of a firm's real estate holdings as an exogenous source of variation in firm collateral values. Firms significantly change their debt structure in response to collateral value appreciation. The results indicate the importance of collateral values in mitigating potential informational imperfections.
A new revolution in homeownership and living has been sweeping the booming cities of China. This time the main actors on the social stage are not peasants, migrants, or working-class proletariats but ...middle-class professionals and entrepreneurs in search of a private paradise in a society now dominated by consumerism. No longer seeking happiness and fulfillment through collective sacrifice and socialist ideals, they hope to find material comfort and social distinction in newly constructed gated communities. This quest for the good life is profoundly transforming the physical and social landscapes of urban China.
Li Zhang, who is from Kunming, the capital of Yunnan province, turns a keen ethnographic eye on her hometown. She combines her analysis of larger political and social issues with fine-grained details about the profound spatial, cultural, and political effects of the shift in the way Chinese urban residents live their lives and think about themselves.In Search of Paradiseis a deeply informed account of how the rise of private homeownership is reconfiguring urban space, class subjects, gender selfhood, and ways of life in the reform era.
New, seemingly individualistic lifestyles mark a dramatic move away from yearning for a social utopia under Maoist socialism. Yet the privatization of property and urban living have engendered a simultaneous movement of public engagement among homeowners as they confront the encroaching power of the developers. This double movement of privatized living and public sphere activism, Zhang finds, is a distinctive feature of the cultural politics of the middle classes in contemporary China. Theoretically sophisticated and highly accessible, Zhang's account will appeal not only to those interested in China but also to anyone interested in spatial politics, middle-class culture, and postsocialist governing in a globalizing world.
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