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					              A s ia n R e a l E s ta te S o c ie ty
                       http://www.asres.org



                            Ninth Annual

                  Asian Real Estate Society (AsRES)

                      International Conference

                         9-12 August 2004

               The Grand Hotel New Delhi, India*




*Contact address: Dr Kanak Patel, University of Cambridge, 19 Silver
Street Cambridge CB3 9EP, UK Tel +44 (0)1223 337147 Fax: +44 (0)1223
337130
Email: kp10005@cam.ac.uk
   Asian Real Estate Society Board of Directors 2003-2004

President:             Dr. Kanak Patel, University of Cambridge
President Elect:       Dr. Jinu Kim, University of New South Wales
Vice President:        Professor Tsuriel Somerville, University of British Columbia

Executive Director: Dr. Tyler Yang, IFE Group
Secretary/Treasurer: Professor Chiuling Lu, Yuanze University
Executive Secretary for Chinese Affairs:     Mr. Guang-Yan Chen, Shenzhen Construction
                                             Engineering Costs Management Dept.


       Directors:

       Three-year:
       Professor Richard Cardew, University of New South Wales
       Professor K.W. Chau, University of Hong Kong
       Professor Yen-Jong Chen, National Chengkung University
       Professor Liming Dong, Bejing University
       Professor Yuming Fu, National University of Singapore
       Professor Zhenming Ge, Tongji University
       Professor Chang-I Hwa, National Taiwan University
       Professor Hongyu Liu, Tsinghua University
       Professor Seow Eng Ong, National University of Singapore
       Professor Miki Seko, Keio University
       Dr. Piyush Tiwari, Infrastructure Development Finance Company India
       Professor Yuqing Zhou, Chinese University of Hong Kong

       Two-year:
       Professor Robert Edelstein, University of California at Berkeley
       Professor John Glascock, University of Cambridge
       Professor Liow Kim Hiang, National University of Singapore
       Professor Yuichiro Kawaguchi, Meikai University
       Professor Kwan-Young Kim, Hanyang University
       Professor Kyung-Hwan Kim, Sogan University
       Professor Ping Lu, Renmin University of China
       Professor Ryohei Nakamura, Okayama University
       Professor Tae-Ug Rho, Kangnam University
       Professor Kerry Vandell, University of Wisconsin at Madison
       Professor Ko Wang, Chinese University of Hong Kong and California State University at
                  Fullerton
       Dr. Stephen Brown, RICS Research Foundation

       One-year:
       Professor Chin-Oh Chang, National Chengchi University
       Dr Sing Tien Foo, National University of Singapore
       Professor Stuart Gabriel, University of Southern California
       Chinmoy Chosh, University of Connecticut
       Professor Chu-Chia Steve Lin, National Taiwan University
       Professor Daniel Quan, Cornell University




                                                                                               2
Professor Jae-Young Son, Kon-Kuk University
Professor Richard Wong, University of Hong Kong
Professor James Webb, Cleveland State University
Professor Shiawee Yang, Northeastern University
Professor Yu Shi Ming, National University of Singapore University
Professor Subir Saha, School of Planning and Architecture New Delhi




                                                                      3
                          Ninth Annual
   Asian Real Estate Society (AsRES) International Conference
                        9-12 August 2004
               The Grand Hotel New Delhi, India



                                 Real Estate In India
India, the fourth largest economy in the world, has been maintaining a GDP growth rate of
around 5.5% for more than a decade. Analysts have projected that India has potential to
almost double her present rate of growth with labour and capital productivity improvements.
Real estate and infrastructure plays an essential supportive role in improving labour and
capital productivity. Real estate investment is also a leading indicator of economic growth in
all market economies.

Reform process in Real Estate Sector has garnered unprecedented momentum and with vast
untapped opportunities, India could well be the desired location for real estate
developers/investors in the not-too-distant future. A parallel can be drawn from China, which
receives almost three times of the FDI inflows in India and almost half of this FDI inflow in
China is in the Real Estate sector compared to minimal in India. Despite fundamental
differences between these two countries, i.e., government was the sole owner of land in China
and has started to privatise recently compared to private sector ownership of most of the land
in India, the potential gains from real estate sector in India are also undeniably tremendous.
Two major steps taken by Indian government – allowing foreign direct investment and setting
up real estate mutual funds or Real Estate Investment Trusts – would catalyse real estate
sector in India in not too distant future.

In the past, archaic regulations, unclear titles, low property taxes, low user charges,
constrained mortgage finance and lack of quality standards have been the barriers to real
estate development in India. Because of this land supply curves have almost been vertical and
land costs are disproportionately high. According to a study by Girish Despande and
Madhurima Das of Pricewaterhouse Coppers titled “Indian Real Estate: A Radical Shift”, if
the ratio of land cost/sq. m. to GDP per capita in 1999 for New Delhi is considered as the
index at 100, the rate would be two in Kuala Lumpur, six in Sydney, seven in Bangkok, nine
in Tokyo, 12 in Singapore, 13 in Jakarta and Seoul, 22 in Taipei, 52 in Bangalore and 115 in
Mumbai. With important reforms during last five years such as repealing of Urban Land
Ceiling Act, modification in Rent Control Act, rationalization of property taxes and with
many other proposed for the real estate sector such as computerization of land records etc.,
this anomaly is expected to be corrected.

According to Gail Lyons, Chairman of National Association of Realtors, “There are an
estimated 3 million real estate agents, of whom only about 10 percent are full-time. Although
real estate plays a vital role in the economy, development of best practices standards in areas
such as brokerage, commissions, licensing, and code of ethics will be important as the real



                                                                                             4
estate industry in India modernizes its practice”. Commercial banks are new players in
traditional domain of specialized housing finance companies. This has not only enhanced
competition in mortgage finance market but is also leading to development of secondary
mortgage market for asset-backed securities.


Delhi
The venue for the conference is The Grand Hotel located in the centre of Delhi’s emerging
commercial district. Delhi is a palimpsest, bearing the complexities, the contradictions, the
beauty and the dynamism of a city where the past coexists with the present. The city was built
and destroyed seven times during her 5000 years of history and has been witness to the
various events, which has brought India through the history books. Many dynasties, with
diverse culture, ruled from here and the city absorbed and enriched the cultural diversity in
daily life. Rich in the architecture (Indian, Mughal and British style), exploring the city can
be a fascinating and rewarding experience.

Today as the capital of India Delhi and major gateway to the country, contemporary Delhi is
a bustling metropolis, which successfully combines in its folds both the ancient and the
modern. The division between New Delhi and Old Delhi is the division between the capitals
of the British and the Mughals respectively. The walled city (Old Delhi) is all about traditions
and culture where one shall be able to glimpse a past lifestyle. New Delhi on the contrary is a
city trying to live up to the 21st century standards.




                                                                                              5
                AsRES 2004 Conference Program and Abstracts
The aim of this conference is provide a forum for academics, practitioners and policymakers
in the areas of commercial and residential real estate industry and markets, urban economics
and planning, regulation and government policy, to exchange ideas on important issues. In
addition to paper sessions covering current theoretical and applied research, the conference
will feature special panel discussion sessions on real estate fund management, development
and investment, housing and urban planning, regulation and government policy, issues in
Asia and rest of the world.




Best Paper Awards:

US$1,000 Best Paper Award in Real Estate Valuation: Sponsored by the Appraisal Institute
(AI). The paper will be published in the Appraisal Journal.


US$1,000 Best Paper Award in Property Management and Sustainable Development:
Sponsored by Royal Institution of Chartered Surveyors (RICS).


US$1,000 Best Paper Award: Sponsored by the American Real Estate Society (ARES)
Foundation. The award winning paper will automatically be considered for publication in
International Real Estate Review, with an accelerated peer review process.




                                                                                          6
                        AsRES 2004 Conference Program Summary
Sunday 8 August
Delhi/India Introduction
Registration Open
Reception, The Grand Hotel New Delhi

Monday 9 August
9:00-10:00  Opening Address
            Keynote Address
10:00-11:00 Special Panel: Housing Finance & Economic Policy

11:00-11:15   Coffee

11:15-12:15   Parallel Sessions:
              Economic Growth & Housing Markets
              Sustainable Development I
              Mortgage Finance I

12:30-13:30   Lunch

13:30-14:30   Parallel Sessions:
              Valuation
              Real Estate Fund Management & Securitisation
              Urban Land Development I

14:30-15:30   Parallel Sessions:
              Housing Market I
              Mortgage Finance II
              Real Estate Investment & Corporate Governance

15:30-15:45   Tea

17:15-19:45 Local Delhi Tour
20:00-22:00 Dinner at the Roof Garden, Taj Mansingh Hotel, Delhi
Tuesday 10 August
9:00-10:00 Parallel Special Panels:
            Real Estate Education
            Valuation & Taxation

10:00-11:00   Parallel Sessions:
              Urban Rents
              Urban Land Development II
              Housing Policy & Taxation

11:00-11:15   Coffee

11:15-12:15   Parallel Sessions:
              Real Estate Investment & Bequest
              Household Income & Housing
              Real Estate Investment & Management

12:15-13:30   Lunch

13:30-14:30   Parallel Sessions:
              Housing Markets II
              Urban Planning & Policy I
              Residential Amenity

14:30-15:30   Parallel Sessions:
              Housing Tenure
              Housing Markets III
              Real Estate Investment

15:30-15:45   Tea

15:45-16:45   Parallel Sessions:
              Housing Markets VI
              Mortgage Finance III
              Urban Planning & Policy II
                                                    8
Wednesday 11 August
09:00       Depart Delhi for Agra Tour (with breakfast/refreshment stop-over)
13:00-14:00 Lunch
14:30-16:30 Visit Taj Mahal
16:30-17:00 Tea
17:00-18:00 Agra Fort
18:30-20:00 Dinner at Taj Mahal hotel, Agra – Presentation of Best Paper Awards
20:00       Depart Agra
24:00       Return to Delhi


Thursday 12 August
9:00-10:00  Special Panel:
            Urban Planning & Economic Policy
            Sustainable Development

10:00-11:00   Parallel Sessions:
              Real Estate Cost of Capital & Dividend Policy
              Land Reform & Valuation

11:00-11:30   Coffee

11:30-12:30   Parallel Sessions:
              Construction & Living Environment
              Real Estate Investment & Real Estate Investment Trusts
              Housing Policy

13:00-14:30   Lunch




                                                                                  9
 Asian Real Estate Society Conference (AsRES), 9-12 August 2004 Conference Program
             Time                                   Session                                      Session Chair


09:00-10:00 Monday 9 August             AsRES 2004 Opening Address
                                       Dr Kanak Patel, President, AsRES

                                       AsRES 2004 Inagural Lecture
                                Mrs Renu Karnad, Executive Director of HDFC


10:00-11:00 Monday 9 August   Special Panel 1: Housing Finance & Economic Policy
                                        Indian Government Representative              Indian Government Representative
                                        Indian Government Representative
                               Dr Tyler Yang, Integrated Financial Engineering Inc.
                                      Prof Miki Seko, Keio University, Japan




 11:00-11:15 - Coffee




                                                                                                                 10
                                     Session Chair
11:15-12:15 Monday 9 August          K. W. Chau      K. W. Chau          Economic growth and performance of the housing sector
 Economic Growth & Housing Markets                   L H T Chui          in Hong Kong
                                                     Zheng Siqi          An Investigation of Buyer Search in Guangzhou
                                                     Sun Bing            Housing Market


11:15-12:15 Monday 9 August          Ismail Omar     Ismail Omar         Sustainability in Urban Redevelopment : Incorporating
Sustainable Development I                            Kuan Chow Sheng     Social Impact Assessment (SIA) in Tourism
                                                                         Development In Malaysia
                                                     Rezaul Karim        Small Scale Private Real Estate Business- challenges to
                                                     Kazi Saiful Islam   the sustainable urbanization: a case study of Khulna city
                                                     Yee-Chaur Lee       A Losing Brown Field, Recolored Or Reshaped?

11:15-12:15 Monday 9 August          Tyler Yang
Mortgage Finance I                                   Che-Chun Cary Lin   Mortgage Curtailment and Default
                                                     Perry Wang
                                                     Tyler Yang
                                                     Edward H K Ng       Availability of bank credit and the residential property
                                                     Rosaline Chow       price level: evidence from Singapore
                                                     Ning Zhang          The outlook of mortgage-backed securitization in China:
                                                                         A feasibility study and a proposed framework



12.30-13.00 Lunch
13:30-14:30 Monday 9 August     Session Chair     Tony Lai            Estimating Property Value by Replicating One
Valuation                       Kerry Vandell     Kerry Vandell
                                                  Ko Wang
                                                  Dogan Tirtirroglu   Assumption Financing and Property Values: A New Perspective
                                                                      and Valuation Implications
                                                  Yao-Min Chiang      The Pricing of Purchase Discount Options in Taiwanese
                                                  Chia-Hsin Huang      Housing Market
                                                  Jay Sa-Aadu

13:30-14:30 Monday 9 August
Real Estate Fund Management &   Session Chair     Pravin Mahurkar     Real Estate Fund Management
Securitisation                  Tien-Foo Sing     G Senthil
                                                  Weng Shaoqun        The potential of reale state investment diversification in China
                                                  Huang Ying
                                                  Ying-Hui Chiang     Valuation Issues of Real Estate Securitization in Taiwan
                                                  Chin-Oh Chang

                                Session Chair
13:30-14:30 Monday 9 August     Gisela Schulte-   Ping Lu             Rural land price with the development purpose during the
Urban Land Development I           Daxbok         Yee-Chaur Lee       urbanization in China
                                                                      Structural Analysis of Competitiveness of Housing Remodeling
                                                  Lih-Horng Chen      on Urban Redevelopment

                                                  Lawrence Chin       Regenerating Public Housing Estates in Singapore: Impacts
                                                                      and Residents’ Satisfaction




                                                                                                                                 12
14:30-15:30 Monday 9 August       Session Chair
Housing Market I                  Chu-Chia Lin      Chu-Chia Lin          The Dynamics of Reconstruction of Residential
                                                    Chien-Liang Chen      Buildings and Adjustment of Household Economic
                                                                          Behaviors after the 921 Earthquake
                                                    Chang- I Hua          A Market of Housing Vacancy

                                                                          The Change in Housing Tenure Choice in the Past Decade


14:30-15:30 Monday 9 August     Session Chair
Mortgage Finance II            Tsoyu Calvin Lin     Tsoyu Calvin Lin      A Study on the Termination Behavior of Residential
                                                                          Mortgages in Taiwan
                                                    Sun Bing              LTV and Credit Term Choice in Beijing Residential
                                                    Liu Hongyu            Mortgage Market
                                                    Zheng Siqi
                                                    Kanak Patel           Pricing Default Risk of Index-Linked Mortgages
                                                    Isil Erol

14:30-15:30 Monday 9 August      Session Chair      Karl Werner Schulte   Corporate Governance And Real Estate Industry
Real Estate Investment &      Karl Werner Schulte   Christian Kolb
Corporate Governance
                                                    Jinu Kim              Impact of the Location Factors upon the Sydney Industrial
                                                                          Property Market
                                                    Peter Dent            An examination of real estate valuation service providers
                                                    Lay Cheng Lim         in Hong Kong and influences upon the valuation process
                                                    Stanley McGreal
                                                    Alastair Adair
                                                    Jim Webb

15:30-15:45 - Tea


                                                                                                                               13
14
Tuesday 10 August
09:00-10:00 Tuesday 10 August           Special Panel 2: Real Estate Education                  Panel Chair
                                Prof Karl-Werner Schulte, European Business School        Prof Karl-Werner Schulte
                                    Prof Shah, School of Planning & Architecture
                                   Prof Richard Peiser, Harvard University, USA
                                  Prof K W Chau, University of Hong Kong, China
                                   Dr Kanak Patel, University of Cambridge, UK


09:00-10:00 Tuesday 10 August           Special Panel 3: Valuation & Taxation                   Panel Chair
                                         Indian Government Representative             Indian Government Representative
                                  Dr Sopon Pornchokchai, Thai Appraisal Institute
                                Prof Dogan Tirtiroglu, Concordia University, Canada
                                     Prof Ko Wang, Fullerton University, USA
                                Dr Berry Hsu, University of Hong Kong, China




                                                                                                              15
10:00-11:00 Tuesday 10 August   Session Chair     Author                 Paper
Urban Rents                     Ashok Deo Bardhan Ashok Deo Bardhan      Globalization and Urban Residential Rents
                                                  Robert H. Edelstein
                                                  Charles Leung
                                                  Rose Neng Lai          Stickiness of Property Rental Rates and Developers'
                                                  Ko Wang                Games
                                                  Yuqing Zhou
                                                  Motohiro Adachi        Real Option and Persistency of Property Price in Japan

10:00-11:00 Tuesday 10 August      Session Chair
Urban Land Development II            Ko Wang       Tae-Ug, Rho           The Plan for Korea's New Administrative Capital
                                                   Yen-Jong Chen         Spatial Autocorrelation of Housing Prices under Land
                                                   Sio-Tong Wong         Use Control in Taiwan Urban Area
                                                   Ismail Omar           The Formulation of An Integrated Land Policy in
                                                   Datuk Nik Mohd Zain   Malaysia – Indigenous Land: Holding Revisited
                                                   bin Haji Nik Yusof



10:00-11:00 Tuesday 10 August      Session Chair
Housing Policy & Taxation         Shyang Hua Wu    Berry F.C. Hsu        A Critique of the Property Tax System in the Hong Kong
                                                                         Special Administrative Region

                                                   Sun-Tien Wu           An Investigation to the House Price Mystery in Taiwan
                                                   Chien-Wen Peng        form the Property Tax Perspective
                                                   Shyang Hua Wu
                                                   Lay Cheng Lim         An alternative basis for the property tax assessment of
                                                                         domestic property: A case study of Northern Ireland
11:00-11:15 - Coffee


                                                                                                                            16
11:15-12:15 Tuesday 10 August          Session Chair     Author                           Paper
Real Estate Investment & Bequest       Piyush Tiwari   Edwin Deutsch     Wealth Positioning, Bequest and Timing of
                                                       Yoko Moriizumi    Homeownership in Japan
                                                       Piyush Tiwari
                                                       Chu-Chia Lin      Tobin’s Q and Housing Investment: The Case of
                                                                         Taiwan
                                                       Bor-Ming Hsieh    The Distribution of Household Income and Housing
                                                                         Consumption between Tenure in Taiwan

11:15-12:15 Tuesday 10 August          Session Chair
Household Income & Housing            Chin-Oh Chang    Jing-chzi Hsieh   The Relationship between Chinese Couples’ and
                                                                         Female Natal Families’ Housing Location
                                                       Wen-chieh Wu      The Impact of Kinship Networks on Asset Division
                                                       Chin-Oh Chang     and Financial Aid Decisions in Taiwan
                                                       Zekiye Selvili
                                                       Xinling Chang     Incorporating two-income households into residential
                                                       Göran Runeson     location modelling

11:15-12:15 Tuesday 10 August          Session Chair
Real Estate Investment & Management   Valmond Ghyoot   Valmond Ghyoot    Diversification in the Direct and Listed Property
                                                                         Investment Industry: South Africa
                                                       K W Chau, et al   The effect of property management on health and
                                                                         hygiene conditions of apartment buildings in Hong
                                                                         Kong
                                                       Mao Daqing        Real Property Market In Beijing 2003
                                                       Ge Zhengming
12.30-13.00 Lunch




                                                                                                                      17
13:30-14:30 Tuesday 10 August   Session Chair       Author                                   Paper
Housing Markets II              Paul M Anglin     Ming-Chi Chen          Price Discovery and Policy Impacts in the Public and Private
                                                  I-Chun Tsai            Housing Markets in Singapore
                                                  Tien-Foo Sing
                                                  Paul M Anglin          The selling process: If, at first, you don't succeed, try, try, try
                                                                         again
                                                  Rohit Kishore          Theory of Behavioural Finance and its Application to
                                                                         Property Market: A Change in Paradigm


13:30-14:30 Tuesday 10 August    Session Chair
Residential Amenity             Tsur Somerville   Tsur Somerville        Elementary Vs Secondary Schools: Parental Valuation of
                                                  John Ries              School Quality
                                                  Shi-Ming YU            Obstruction of view and its impact on house prices
                                                  Chee-Hian CHAI
                                                  Sanchayeeta Adhikari   Urban planning and Politics of Slum Demolition in
                                                                         Metropolitan Mumbai




                                                                                                                                18
14:30-15:30 Tuesday 10 August    Session Chair       Author                                 Paper
Housing Tenure                  Shinichiro Iwata   Shinichiro Iwata    Rental Externality, Tenure Security, Resale Externality, and
                                                   Hisaki Yamaga       Housing Quality
                                                   Chen Shu-Mei        Changing Studies on Households’ Employment Structures
                                                   Chin-Oh Chang       and Commuting Decisions: The Evidence based on the 1990’s
                                                                       and 2000’s Data in Taipei, Taiwan

14:30-15:30 Tuesday 10 August    Session Chair     Miki Seko           Determinants of Prefectural House Price Dynamics in Japan
Housing Markets III               Miki Seko        Hui Mao             and China
                                                   Chen Shu-Mei        Changing Studies on Households’ Employment Structures and
                                                   Chin-Oh Chang       Commuting Decisions: The Evidence based on the 1990’s
                                                                       and 2000’s Data in Taipei
                                                   Yu-Sheng Chiang     A Dynamic Analysis of the Labour’s Housing Career in Taiwan
                                                   Bor-Ming Hsieh
                                                   Fu-Yu Wang

14:30-15:30 Tuesday 10 August    Session Chair
Real Estate Investment           Rose Neng Lai     Zhengrong Zhao      Risk versus Opportunities: Foreign Real Estate Investments in China
                                                   Rose Neng Lai
                                                   Ming-Chi Chen       The Measurement of Operating Performance for Real Estate
                                                   Gary Chen           Investment Trusts in Taiwan, Net Income vs. Funds From Operations
                                                   Neti Subrahmanyam   Institutional Investors – Assets Allocation Strategies

15:30-15:45 - Tea




                                                                                                                              19
15:45-16:45 Tuesday 10 August   Session Chair      Author                                        Paper
Housing Markets VI                Jinu Kim       Aminah Md Yusof           Housing Market In Malaysia: Is The Price Right?
                                                 Yan-Wen Hunag             A Retrial of Public Information, Resource and Private
                                                                           Development in Taiwan’s Spatial Production Processes
                                                 Jin Yoo Kim               Impact of Change of Urban Structure on Housing Price
                                                 Chang-Moo Lee             Dynamics: application of a modified repeat sales model

15:45-16:45 Tuesday 10 August   Session Chair    Sumit Agarwal             An Empirical Analysis of Home Equity Loan and Line
Mortgage Finance III            Richard Peiser   Brent W. Ambrose          Performance: Implications for Risk-Based Capital
                                                 Souphala Chomsisengphet   Requirements
                                                 Ren-Raw Chen              Value at Risk of Mortgages
                                                 Hsien-Hsing Liao
                                                 Tyler Yang
                                                 Richard Peiser            Non-performing loans – a comparative analysis of five
                                                 Bing Wang                 countries

15:45-16:45 Tuesday 10 August   Session Chair    Niroj Kumar Mohanty       Property Management and Sustainable Development:
Urban Planning & Policy          Liu Hongyu      Shisher Kumra             Sustainable Urban Village
                                                 Shirish Sangle
                                                 Liao Shih-Chang           Symbolic economy: the types of urban capital from the
                                                                           cultural asset in Taipei in globalization context
                                                 Rosli Said                Provision of parking space for low-cost housing in new
                                                                           towns (Malaysian Case Studies : Part I)




                                                                                                                           20
Wednesday 11 August Whole Day Tour to Taj Mahal, Agra




Thursday 12 August
09:00-10:00 Thursday 12 August   Special Panel 4: Urban Planning & Economic Policy
                                 Prof Robert H. Edelstein, University of Berkeley, USA          Prof Robert H. Edelstein
                                          Indian Government Representative
                                             Dr Piyush Tiwari, IDFC, India
                                     Prof Liu Hongyu, Tsinghua University, China


09:00-10:00 Thursday 12 August         Special Panel 5: Sustainable Development
                                            Indian Government Representative                 Indian Government Representative
                                            Indian Government Representative
                                                 Prof Om Prakash Mathur
                                     Prof. Golam Rahman, President, Bangladesh Institute of
                                 Planners; Vice President, Commonwealth Association of Planners
                                    Prof Rezaul Karim, Khulna University, Bangladesh
                                      Prof Rasoul Ghorbani, Tabriz University, Iran




                                                                                                                     21
22
10:00-11:00 Thursday 12 August             Session Chair       Author                               Paper
Real Estate Cost of Capital & Dividend    Chinmoy Ghosh       Chinmoy Ghosh     Does Dividend Distribution Mitigate Managerial
Policy                                                        CF Sirmans        Retrenchment?
                                                              Tien-Foo Sing     Information Contents of Dividend Payouts of Listed
                                                              Sze Teck Lee      Property Companies in Singapore
                                                              Weidong Qu        Discussion on Property Rate and Real Estate
                                                                                Capitalization Rate


10:00-11:00 Thursday 12 August              Session Chair
Land Reform & Valuation                  Shariful Chowdhury   Zhengfeng Zhang   Study on the Methodology of Arable Land
                                                                                Consolidation Potentiality Evaluation Study on the
                                                                                Methodology of Arable Land Consolidation Potentiality
                                                                                Evaluation: Taking Daxing District of Beijing as a case
                                                              Shariful Alam     Land Administration And Agrarian Land Reform In
                                                              Chowdhury         Bangladesh Agenda: Sustainability And Poverty
                                                              Mongure Alam      Reduction
                                                              Pramanik
                                                              Chia-Yu Hung      The effects of the landscape for living environment on
                                                                                the quality of life of the residents




11:00-11:30 - Coffee




                                                                                                                            23
11:30-12:30 Thursday 12 August    Session Chair
Real Estate Investment & Real    Shiawee X. Yang    Jinliang Li           Economic Forces, Fundamental Variables, and REIT
Estate Investment Trusts                            Robert M. Mooradian   Returns
                                                    Shiawee X. Yang
                                                    Huang Ying            What Influence Consumer Choices for Real Estate
                                                    Liu Hongyu            Brokerage Service in China?
                                                    Clive Warren          Wasted Opportunities - Corporate Property Investment in
                                                                          Australia

11:30-12:30 Thursday 12 August    Session Chair
Housing Policy                    Shi-Ming Yu       Jin-Kyung Lee         The effectiveness evaluation and the housing market
                                                    Kyn-Hyuck Ahn         impact of housing policies in Korea
                                                    Zhang Hongming        Integrated Analog Method in Chinese Urban real estate
                                                    Chen Zeming           Forewarning System
                                                    Zheng Siqi            High Homeownership Rate and Low Capitalization Rate:
                                                    Wu Jing               Evidence from Housing Market in Urban China


12.30-14.00 Lunch

                                                   End of Program




                                                                                                                           24

				
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