A study of effective factors on performance of real estate securitization
Date Issued
2005
Date
2005
Author(s)
Chi, Nai-Wen
DOI
zh-TW
Abstract
Real Estate Securitization provides an alternative approach of investing in real estate. Real Estate Securitization combines two different characteristics: the liquidity of stocks and high return of real estates. Real Estate Securitization enables the investors to participate in investment by small scale of capital, which general investors can afford, hence is a breakthrough of traditional real estate investment, which requires huge scale of capital.
In America, Real Estate Securitization has been introduced and practiced over 30 years. The successful experience was introduced to the Asian countries recently. In year of 2003, Taiwan government also gave the legislation for Real Estate Securitization. For development companies, Real Estate Securitization increases the liquidity of real estate transactions and grants a vehicle to obtain capital for huge development projects. However, considering factors involving the performance of Real Estate Securitization in all aspects, initiator of the Real Estate Securitization shall know about the risk before their building is securitized.
The purpose of this research is to discuss about the factors on which have great influence on the performance of real estate securitization. The methodology of this research will be case study focusing on the financial issues by using DCF (Discounted Cash Flow) method to determine the return of the project. After the financial model is established, variables would be chosen to represent the factors, which might affect the performance of real estate securitization. The sensitivity analysis toward these factors can therefore show the degree of the influence. The output of this research will be the comparison among different factors as mentioned, and some advice to the Real Estate Securitization as conclusion.
Subjects
不動產證券化
資金成本
敏感度分析
Real Estate Investment
Securitization
REITs
Type
thesis
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