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the Tools quoted at exchange

For the last years capitalisation of the companies under investments into the real estate, quoted on exchange (REIT-tools and structures similar to them) has essentially grown.
It is necessary to notice, that occurrence of the given sort of structures is based, first of all, a pas the certain legislation accepted in the various countries, therefore, often, speaking about REIT and similar structures, mean special legal reejuim functioning of the similar companies.
In each country there is a legal regulation for a similar sort of the tools, therefore the given tools differ depending on the country-domitsilja, nevertheless, all tools of the given group have general lines. The given companies possess and operate the income real estate, distributing the large part of the income among shareholders in the form of dividends. The basic feature of the given tool is complete or partial clearing of tax payment (tax exemption).
Advantages of REIT-structures are liquidity, low tranzaktsionnye costs; it is possible to carry influence on the given tool of the general condition of equity market and rather low degree of influence on assets management which shareholders can render to defects.
REIT structures have started to develop for the first time in the USA and Australia, granting private investors in the real estate, access to which they could not receive investment possibility without introduction REIT. Them have followed
France, Japan, Singapore and the Great Britain and now the modes similar REIT exist in 19 countries. Many countries plan to enter similar legal regimes.
With development of indexes of the real estate there was a development possibility derivativov. The first of them can consider Certificates of incomes of the property (Property Income Certificates), manufactured by company Barclay, adhered to index IPD (Investment Property Databank). Index IPD is developed in the Great Britain. It is based on a ratable value of the real estate and covers 70 % of the market of the real estate. The majority of objects of the real estate some are overestimated annually, quarterly and monthly. The market derivativov the real estate has received the development only in 2005. As of 2007 in the given market it is made an order of 330 bargains with total capitalisation in 10 bln. dollars. The reasons of insufficient development of the market derivativov the real estate in comparison with the markets derivativov other goods are caused by properties of the real estate as economic asset, such as absence of uniformity and interchangeability of objects of the real estate. However, occurrence of indexes, which would consider the large part of objects of the real estate presented in the market, on a ratable value, which would be corrected with a certain time interval (as index IPD), helps to solve the given problem. Such indexes give rather accurate submission about a market condition. Nevertheless, the American hypothecary crisis was very negatively reflected in the given young market, having undermined trust of investors to any financial instruments on the basis of the real estate.
The comparative table of advantages and defects of this or that tool of financing is in summary resulted. Tab. 1.9. Comparison of various tools of investment in недвижимость\r\nВиды Basic Advantages Недостатки\r\nинструментов the facts \r\n Benchmark: IPD • • complexities and expenses при\r\nПрямые Investment • incomes reflect the complete control diversifikatsii\r\ninvestitsii to a trend: an effective cost • high tranzaktsionnye\r\nsobstvennost Fall of the real estate costs • risk overestimated ™ \r\n Benchmark: • factor increase • liquidity is limited \r\n INREV an alpha (only a secondary market) \r\nFonty Investment • a choice of geography and • default threat at \r\ninvestitsy to a trend: market segments a simultaneous exit \r\nnedvizhimost Increase • more liquid than direct investments
Access to management of several investors \r\n Benchmark: • sound liquidity • yield depends on dynamics \r\n EPRA/NAREIT • diversifikatsija the share market \r \nREIT - Investment • availability leveredzha for • and from recurrence of the market \r\ninstrumenty a trend: Increase of assets • tax transparentnost the real estate • slow growth of assets (reinvestiruetsja only 10 % from profit) \r\n Benchmark: NPI • the sound liquidity • yield still in bolshej\r\n Investment the lowest degrees depends on dynamics \r\n a trend: tranzaktsionnye costs of share market \r\n Povppenie • the most flexible tool of an investment in the real estate • imperfection of existing indexes, their inability to reflect real состояние\r\nДернвативы • the market
nejaootsennenost risks final derivativov
Dependence on ratings, prisvanvamyh rejtingovymim agencies which not always reflect a real picture \r\n
In the table the basic classes of tools of investment in the real estate according to increase of their complexity are considered: from direct investments to derivativov.
In process of complication of tools liquidity raises, but correlation with equity market at the same time increases, possibility of management of asset decreases, i.e. the basic distinctive advantages of the real estate as investment asset are levelled.
Such variety of financial instruments on the one hand well influences development of the markets and gives the chance various legal and to physical persons to participate in investment process in the real estate. On the other hand the tendency to complication of schemes on sekjuritizatsii does the given segment, first, less controllable and regulated, secondly, hinders adequacy of an estimation of a class of risk of a final financial instrument. All given negative properties sekjuritizatsii became obvious when they have served as the reason of hypothecary crisis in the market of the real estate of the USA. The recent hypothecary crisis which has burst in the USA, has been caused sekyoritizatsiej debt papers on the basis of the real estate.
Raising mobility of the capital pays again the analysis of fundamental bases of investment processes. In the light of these special interest represents to the tendency maloizuchennaja area of the theory of foreign investments: the theory of foreign investments into the real estate.
Traditionally analysts and researchers I classify foreign investments or as straight lines (Foreign Direct Investments, FDI), or as portfelnye (Foreign Portfolio Investments, FPI). The academic researches also follow this tendency and these two categories separately analyze. The World Trade Organization so conducts differentiation between these two categories: «Straight lines foreign, investments occur when the investor basing in one strange (the house country) acquires asset
In other country (host country) with intention to operate it. Management is that category which distinguishes direct foreign investments from portfolio investments in foreign shares, bonds and other financial instruments ».
And the different countries and the international organisations differently define the percentage parity, allowing to carry those or other investments to straight lines. So by IMF definition, straight lines foreign investments are in that case when the foreign proprietor possesses not less than 25 % of an authorised capital of joint-stock company. Under the American legislation - not less than 10 %, in camps of the European Community - of 20-25 %, and in Canada, Australia and New Zealand - of 50 %. Generally, FPI are considered as passive holding of securities while at FDI the proprietor possesses mostly asset and as a rule actively participates in management.
As it was already mentioned, direct foreign investments and portfelnye foreign investments traditionally are considered mutually exclusive, and researchers are focused either on one, or on other. Though such approach in many respects approaches for other assets, investments into the real estate in most cases combine elements as straight lines, and portfelnyh foreign investments.
The matter is that if to consider structure of investors in the real estate on a global scale the majority of them it is possible to carry to real estate funds which carry out the investments, proceeding from the purposes portfelnyh investors: diversifikatsija a portfolio and yield maximisation.
On the other hand the real estate is unique asset as its yield directly depends on a management efficiency. Thus,
Investments into the real estate combine signs as portfelnyh, and direct investments.
In world practice the real estate is analyzed basically from the point of view of theories of portfolio investments. Since 70 years of the XX-th century, the real estate became widespread object of investments, along with shares, bonds and gold. Therefore many leading economists at first western, and then and the Russian steels to carry out the researches under the analysis of investments into the real estate.
Wider application for that moment portfelnoj G.Markovicha's theories became the essential factor of increase of interest to the real estate as to an asset class. One of substantive provisions portfelnoj theories consists that the investor always faces necessity of realisation diversifikatsii the portfolio of investments by means of purchase not one, and several assets. The investor, having two inconsistent purposes - maximisation of yield and risk minimisation, searches for such assets which allow to minimise risk of a portfolio at the set expected yield. And such asset had appeared, including, and the real estate. But such approach to the analysis of investments into the real estate as to other portfolio investments is one-sided and does not reflect an essence of process of investment. The given hobby portfelnymi theories at decision-making on investment in the real estate also has formed a basis for occurrence of a bubble and has provoked occurrence of current crisis.
Thus, the majority of foreign investments into the real estate according to the definitions resulted above, are considered as straight lines. Moreover, in connection with great volumes of investment the majority of projects, for example, in the Russian market get under a category of priority investment projects. Therefore it is necessary to give special attention to that fact, that the majority of the largest investors, both on Russian, and on the world
The real estate market are guided by portfelnymi interests at realisation of investments in this or that object of the real estate. For example, among active investors in the real estate market during the precritical period there were funds much a hedge which at investment use dynamic strategy. The prevalence portfelnyh motives at investment has found the negative reflexion on stability of the market of the real estate.
The real estate analysis as investment asset has allowed prejti to following conclusions:
The real estate has a number of properties which do its fine investment alternative in a situation of a collapse or instability on equity markets and high volatilnosti share prices and bonds;
For overcoming of some defects of the real estate as investment asset (the high level of threshold investments, low liquidity, etc.) receives development sekjuritizatsija investments into the real estate which does accessible investment in the real estate for the big number of investors.
Development sekjuritizatsii passes in two directions: sekjuritizatsija the debt securities, directed on attraction of buyer's credits, and sekjuritizatsija the share securities, directed on call for funds of professional market participants.
The given features of investment processes in the real estate market, summarised above, are the reason why after an equity market collapse in 2000 which was characterised as falling of the basic equity markets and outflow of means of professional participants, and reduction of costs of the population on purchase of the goods of "new economy», the large part of investments has been directed on the real estate market, having provoked rapid development of investment processes and growth of speculative bubbles in the local markets. In turn the given speculative increase of investment in
The real estate has led to crisis in the world market of the real estate and to sharp disinvesting in the real estate.
Similar development of investment processes in the real estate market forces to muse of existence of structural shifts in the real estate market. Before to carry out the analysis of investment processes in the market of the real estate about structural shifts it is necessary to make definition of the concept structural shift in a context of considered processes.
To problem of availability of structural shifts in economy the big attention is paid and there is a considerable quantity of definitions of structural shifts. We will result some definitions which most correspond to a theme of the given research. So V.A.Bessonov defines structural shifts in economy as «change with the course of time proportions between set elements. Structural shifts are a consequence of distinctions in growth rates of elements of set». But the made definition does not answer a question - whether all changes are considered as structural shifts? As it is represented to the author, structural shift is carried out at transition to new structure of economic processes, therefore for the answer to a similar question it is necessary to define, and that such structure of economic processes. According to Voronina P. S the economic structure in a broad sense «reflects the form of an arrangement of elements and character of interaction of their parties and properties, it is a result
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Movements of elements of system, the result of their organisation, streamlining », in narrow sense« represents system of reproduction of a cumulative public product consisting of economic elements. Thus it is characterised, first of all, from the quantitative party according to a share
And specific weight, which this or that branch (takes this or that enterprise, other elements) in system ». Also according to Voronina P. S« the economy structure is characterised by the heterogeneity, corresponding hierarchy and proportions mee/sdu its components. The structural aspect of development is shown git directly through quantitative growth or through certain qualitative changes in economy ». Thus, at structural shifts there are quantitative and qualitative changes of key parametres characterising those or other economic processes.
The analysis of investment processes in the real estate market shows, that during the certain period there is a qualitative and quantitative change of key parametres of investment processes. In the considered period it is possible to allocate two similar periods:
2000-2001. During the given period there is an essential activization of investment processes, increase in volumes investment, growth of transboundary investments, formation of the uniform world market, creation of equity market on the basis of the real estate and a prompt rise in prices for the real estate in the majority of the countries.
2007-2008. At the given stage recession in investment activity, decrease in transboundary investment streams, reduction of prices on the real estate, decrease in the general activity in branch is observed.
The given structural shifts both 2000-2001, and characterise 2007-2008 transition to new structure of investment processes in the market of the real estate defining its development.
Structural shifts can differ both on geographical coverage, and on scales and a number of other signs. Therefore for the analysis and revealing
The major characteristics of development and structural shifts of investment processes in the real estate market it is expedient to conduct classification of structural shifts. As a basis the classification offered by Voroninym P. S has been accepted.
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A source: Panova Anna Vladimirovna. STRUCTURAL SHIFTS of FOREIGN INVESTMENT IN the REAL ESTATE MARKET (ON the EXAMPLE of the MARKET of the HOTEL REAL ESTATE). 2009

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