Emerging Market Real Estate Investment: Investing in China, India, and Brazil

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An informed look at investing in emerging market real estate Focusing primarily on private equity real estate investment in China, India, and Brazil this reliable resource develops a general approach to commercial realestate investment in emerging markets, and illustrates some common strategies and analytical methods that can be implemented within this arena. Filled with in-depth insights and expert advice, Emerging Market Real Estate Investment focuses on broad investment themes and strategies as well as economic and legal/institutional factors, rather than the minute details of local market analyses. Opening with two informative chapters that provide an overview of the fundamentals of commercial and international real estate investment, this practical guide then moves on to the country-specific chapters of China, India, and Brazil. Outlines various real estate investment options and strategies for emerging markets such as China, India, and Brazil Discusses the main features of each real estate market, including real estate foreign direct investment (FDI) Analyzes several primary real estate sectors in each country: office, retail, residential, industrial, and hotel where applicable Written with both institutional and private investors in mind, Emerging Market Real Estate Investment will put you in a better position to excel in emerging real estate markets. David J. Lynn PHD, is an institutional real estate investor, strategist, and portfolio manager with extensive experience in national and international markets. Currently, he is Managing Director, Head of the Research and Investment Strategy Group, and Generalist Portfolio Manager at ING Clarion Partners. In this capacity, he directs the firm’s strategic and tactical investment decisions regarding investment portfolios. He is also a member of the Investment and Operating Committees, where he makes decisions on billions of dollars of new investments, portfolios, fund strategies, and dispositions. Lynn’s theoretical work has yielded new approaches and analytical techniques in the areas of active portfolio management, market forecasting, financial distress, and emerging markets. He has published widely on the subjects of real estate investment, development, economics, and land use. Lynn has written or coauthored over seventy articles, internal investment and strategy papers, and three major books, including Active Private Equity Real Estate Strategy. He writes a highly regarded column called “Capital Trends” in National Real Estate Investor magazine and is frequently cited in the media for his views on the economy and the real estate industry. Lynn earned his PhD in financial economics from the London School of Economics, where he also earned a master of science specializing in finance. He holds an MBA from MIT’s Sloan School of Management. Tim Wang, PHD, is Senior Vice-President and Senior Investment Strategist with the Research and Investment Strategy Group at ING Clarion Partners. Dr. Wang joined ING Clarion Partners in 2006 and has authored more than fifty internal and external real estate investment strategy and market research articles and book chapters. He is a frequent speaker at industrial conferences. Tim holds an MBA from New York University and a PhD from the University of Georgia.

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Preface Characterizing Emerging Market Real Estate China, India and Brazil Outline of the Book Disclaimer xvii Acknowledgments xix Chapter 1 Fundamentals of Real Estate Investment Investing by Property Sector Investing by Style Investing by Phase Asset Allocation Chapter 2 Investing in International Real Estate Why Invest in International Real Estate Risks in International Real Estate Mitigating Country Risks Chapter 3 China Introduction Overview of the Market Environment The Real Estate Market Property Sectors Primary Markets Secondary Markets Investment Strategies Chapter 4 India Introduction Overview of the Market Environment The Real Estate Market Property Sectors Primary Markets Secondary Markets Investment Strategies Chapter 5 Brazil Introduction Overview of the Market Environment The Real Estate Market Property Sectors Primary Markets Investment Strategies Appendix A Country Risk Appendix B Property Market Practice in China Bibliography About the Authors Index