Routledge Companion to Real Estate Investment

Cover -- Half Title -- Title Page -- Copyright Page -- Table of contents -- Figures -- Tables -- Contributors -- Introduction -- 1 Introduction to real estate investment -- Part I The institutional context -- 2 An international overview of real estate markets: Similarities and differences -- Introduction -- A simple market model -- Institutional economics -- Institutional formation -- A systems approach -- Key market characteristics -- Tax and legal -- Market transparency -- Lease terms -- The effect of planning systems on real estate markets -- The terms of trade between investors and developers -- Summary and conclusion -- Notes -- References -- 3 Regulation of managers and investment vehicles -- Introduction -- The context of the European Union -- Basel III in Europe -- General objectives -- Relevance for the real estate market -- Solvency II -- General objectives -- Relevance for the real estate market -- Mortgage credit directive -- Documentation and precontractual information requirements -- Conduct and procedural requirements -- Alternative investment fund managers directive -- General objectives -- Authorisation process and main features -- Capital requirements -- Delegation -- Conflicts of interest -- Risk and liquidity management -- Remuneration -- Valuation -- Transparency -- Depositary -- Relevance for the real estate market -- REIT regulation -- General aspects in Europe -- Different REIT requirements in Europe -- Regulation of fund managers and investment vehicles in Asia -- Basel III in Asia -- Solvency II in Asia -- Mortgage regulation in Asia -- REIT regulation in Asia -- Comparison of Asian REIT legislative frameworks -- Summary and conclusion -- Acknowledgements -- Notes -- References -- 4 Banking and real estate -- Introduction -- Construction lending -- Permanent residential lending -- Mortgage product types