Asian Real Estate Society - AsRES

亚洲REITs崛起戴德梁行2019《亚洲房地产投资信托基金（REITs）研究报告》截至2019 年12 月31 日，亚洲REITs 总体市值达2,924 亿美元，同比增长约25%，为近七年来最高增幅。

文 / 胡峰 杨枝 刘慧戴德梁行联合中国房地产业协会房地产金融与住房公积金和担保研究分会重磅发布新一期2019《亚洲房地产投资信托基金（REITs）研究报告》。

相比于美国，亚洲REITs 市场起步较晚，直到2001 年，日本首只REIT 才正式发行上市。

但亚洲REITs 市场发展迅速，在过去10 年，亚洲REITs 的数量从70 只增长至178 只，总市值从549 亿增长至2,924 亿美元，每年保持近20% 的增幅。

目前，亚洲范围内已有近10 个国家或地区发行了REITs 产品，但仍主要集中于日本、新加坡、中国香港三地，合计占到亚洲整体市场份额的93% 。

尽管受2008 年金融危机的影响，亚洲REITs 市场整体市值有所回落，但是近年来资金筹集量已达到历史最高水平。

截至2019 年12 月31 日，亚洲REITs 总体市值达2,924 亿美元，同比增长约25%，为近七年来最高增幅。

2019版报告对亚洲主要REITs市场及国内商业不动产证券化市场进行了全新的梳理与总结，更新了中国香港特别行政区（以下简称为“中国香港”）和新加坡REITs持有内地物业的情况，并以新加坡吉宝数据中心（Keppel DCREIT）作为案例分析，旨在为未来中国“新基建”资产证券化的发展提供借鉴意义。

一、亚洲REITs市场整体表现优异日本、新加坡、中国香港三地RE-ITs 市值占亚洲整体市值比重达93%，因此本报告主要对日本、新加坡、中国香港市场进行分析。

根据戴德梁行统计，截至2019年12 月31 日，亚洲市场上共有178只REITs，总市值达2,924 亿美元，同比增长约25% 。

其中70只是包含多种物业类型的综合型REITs。

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Symposium of International Association of Bridge andStructural EngineeringIABSE 国际桥梁与结构工程工程大会每4年一次18.ASCE Conferences ASCE 美国土木工程学会年会，美国19.Structural Engineers World Congress 世界结构工程师大会每4年一次二级学科名称：防灾减灾与防护工程20. International Conference on Computing in Civil andBuilding Engineering ICCCBE 土木与建筑工程计算机技术国际会议每2年一次, EI，ISTP收录21.International Conference in Natural Disaster Reduction ICNDR 自然灾害防灾减灾国际会议每2年一次,在世界各地举行22. International Conference on Earthquake Engineering 世界地震工程会议每4年一次8 International Conference on Fire Safty Scicence 国际火灾安全科学大会每3年一次二级学科名称：交通运输规划与管理23.World Congress on Intelligent Transportation Systems WCITS 世界智能交通系统大会欧洲、亚太、北美轮流举行24.Proceedings of IEEE International Conference onIntelligent Transportation Systems IEEE 智能交通IEEE国际会议年会，世界各国EI，ISTP收录二级学科名称：岩土工程 25.International Conference on Soil Mechanics and Geotechnical Engineering ICSMGE 国际土力学与岩土工程会议每4年一次，在世界各地举行二级学科名称：土木工程（建筑）材料 26. ACI/CANMET 组织的系列会议美国混凝土学会和加拿大矿物材料学会联合组织的学术会议EI 和ISTP 检索27.RILEM 组织的系列会议欧洲材料实验室联合会系列会议 EI 和ISTP 检索二、B 类会议序号英文名称英文简称中文名称备注二级学科名称：结构工程28. East Asia-Pacific Conference on Structural Engineering & Construction EASEC东亚及环太平洋结构工程和施工国际会议每2年一次29. International Conference on Advances in Steel Structures ICASS国际钢结构进展会议 3年一次，EI, ISTP 检索 30.International Association for Shell and Spatial StructureIASS国际薄壳及空间结构年会每年一次，EI, ISTP 检索31. International Conference on Structural Engineering, Mechanics 国际结构工程与力学大会32. International Association For Cooperation And Research of Steel-Concrete Composite Structures ASCCS国际钢－混凝土组合结构合作研究协会每3年一次33. International Conference on FRP Composites in Civil Engineering CICE国际复合材料在土木工程中应用大会每2年一次，ISTP 检索二级学科名称：土木工程（建筑）材料 34.International Congress of Building Materials建筑材料国际会议三年一次，德国Weimar35. International Congress of Cement Chemistry ICCC 国际水泥化学会议每6年一次36.International fib Congress国际混凝土结构联盟会议每年1次, EI 和ISTP 检索二级学科名称：交通运输规划与管理37. Proceedings of the TRB Annual Meeting TRB 交通研究协会年会年会，美国38. Word Conference on Transport Research WCTR 世界交通大会全球大会，三年一次 39. Eastern Asia Society of Transport Study EASTS 东亚交通研究会东亚各国，两年一次 40. Institute of Transportation Annual Meeting ITE 交通工程师年会年会，世界各国 41. International Road Federation World Meeting IRF国际道路联盟世界大会世界各国，五年一次42. International Conference on Application of Advanced Technologies in Transportation Engineering AATT国际交通新技术应用大会世界各国，两年一次二级学科名称：岩土工程 43.International Conference on Soil Dynamics and Earthquake EngineeringICSDEE 国际土动力学与地震工程会议每2年一次，在世界各地举行44. International Conference on Numerical Methods inGeomechanicsICNMG国际地质力学数值方法会议每3年一次，在世界各地举行45. ASIAN Regional Conference on Soil Mechanics and Geotechnical Engineering ACSMGE亚洲土力学与岩土工程会议每4年一次，在亚洲各地举行二级学科名称：防灾减灾与防护工程46. Innovative application of information technology in constructionICCI信息技术对建设领域的革新与应用国际会议每两年一次47. The International Conference on Information VisualizationIV信息可视化国际会议每年7月在英国伦敦大学举办ISTP 收录土木水利学院建设管理系重要国际学术会议一、A类会议序号英文名称英文简称中文名称备注1.American Real Estate Society Annual Conference ARES 美国房地产学会年会年会，美加为主2. ASCEConference ASCE 美国土木工程学会年会，美国为主/doc/7213494383.html,n Real Estate Society Annual Conference AsRES 亚洲房地产学会年会年会，世界各国4.CIB Congress and CIB Working Commissions or Task GroupsSymposium/Conference CIB 国际建筑理事会全球大会或各专题国际研讨会/会议全球大会三年一次，各种专题会议每年举办，世界各国5.CRIOCM Annual International Symposium on Advancementof Construction Management and Real EstateCRIOCM 建设管理与房地产发展国际研讨会年会，世界各国6.IPMA World Congress and other Conferences IPMA 国际项目管理协会世界大会年会，世界各国7.PMI Global Congress and other Conferences PMI 项目管理学会全球大会年会，世界各国二、B类会议序号英文名称英文简称中文名称备注8.American Real Estate and Urban Economics AssociationAnnual ConferenceAREUEA 美国房地产与城市经济学会年会年会，美加为主9. RICSAnnualSymposium/Conference RICS英国皇家测量师学会年会每年一主题，英国等10.Conference of the Association of Researchers in ConstructionManagementARCOM 建设管理研究协会国际会议年会，世界各国11. FIDICAnnualConferences FIDIC 世界咨询工程师联合会年会，世界各地12.International Real Estate Society Annual Conference IRES 国际房地产学会年会年会，世界各国13.International Facility Management Association AnnualConferenceIFMA 国际设施管理学会年会年会，世界各国14.International Conference on Knowledge Management ICKM 知识管理国际会议年会，世界各国土木水利学院水利水电工程系重要国际学术会议一、A类会议序号英文名称英文简称中文名称备注1.International Conference on Rock Mechanics ICRM 国际岩石力学大会四年一次2.International Conference on Fracture Mechanics ofConcrete and Concrete Structures FRAMCOS 混凝土与混凝土结构断裂力学国际会议3.International Conference on Hydropower4.The international conference on Roller CompactedConcrete damRCCD 碾压混凝土坝国际会议每年一次5.International Conference on Coastal Engineering ICCE 国际海岸工程会议两年一次6.International Conference on Asian and Pacific Coasts APAC 亚太海岸国际会议两年一次7.Congress of International Association for HydraulicsResearch and Hydraulic EngineeringIAHR 国际水利协会大会两年一次8.International Symposium on River Sedimentation ISRS 国际河流泥沙研讨会三年一次9.International Conference on Soil Mechanics andGeotechnical Engineering ICSMGE 国际土力学及岩土工程学术会议四年一次/doc/7213494383.html,n Regional Conference on Soil Mechanics andGeotechnical Engineering ARCSMGE亚洲土力学及岩土工程学术会议四年一次11.International congress of IAH (InternationalAssociation of Hydrogeologists)ICIAH 国际水文协会大会四年一次12.International congress on irrigation and drainage ICID 世界灌排大会两年一次二、B类会议序号英文名称英文简称中文名称备注13.International Conference on Water Power ICWP/doc/7213494383.html,n Rock Mechanics Symposium ARMS 亚洲岩石力学学术研讨会三年一次15. International Conference on Computer Methodsand Advances in Geomechanics ICMAG 国际地质力学计算机方法和进展大会16. East-PacificConferenceon Structural Engineeringand ConstructionEASEC 东太平洋结构工程与建设大会17.International Symposium on Self-CompactingConcreteSCC 自密实混凝土国际研讨会18.World Congress on Earthquake Engineering WCEE 世界地震工程大会四年一次19. InternationalConferenceon Physical Modelling inGeotechnicsICPMG 国际岩土力学物理模拟大会四年一次20. InternationalConference on Soil Dynamics& Earthquake EngineeringICSDEE 国际土动力学与地震工程大会三年一次21. International Symposium on Flood Defence ISFD 国际防洪研讨会两年一次22.International Conference on Fluvial Hydraulics ICFH 国际冲积水力学大会两年一次23. Internationalconference on hydroinformatics ICH 国际水信息大会两年一次24.Remote sensing for agriculture, ecosystems, andhydrology国际遥感（水文）大会25. Decision support systems for water resourcesmanagement水资源管理决策支持系统26.Integrated water resources management 国际水资源综合管理大会环境科学与工程系重要国际学术会议一、A类会议序号英文名称英文简称中文名称备注1.World Water Congress国际水会议由国际水协(IWA)主办，每二年一次。

2020亚洲房地产投资信托基金(REITs)研究报告亚洲REITs市场发展迅速，在过去10年，除2020年外，年均保持20%的增幅，总市值达2814亿美元。

文 / 戴德梁行 中国房地产业协会戴德梁行与中国房地产业协会连续第五年发布《亚洲房地产投资信托基金(REITs)研究报告》。

本期报告介绍了2020年亚洲各地区REITs市场的最新发展情况及中国香港、新加坡持有内地资产分析，以及国内不动产资产证券化产品的市场表现，并且重点分析了海外基础设施REITs市场，以及新加坡丰树物流信托的案例。

本文就亚洲各地区REITs市场发展及表现情况进行解读。

亚洲REITs市场概览相比于美国，亚洲REITs市场起步较晚，直到2001年，日本首支REITs才正式发行上市。

但亚洲REITs市场发展迅速，在过去10年，除2020年外，年均保持20%的增幅。

根据戴德梁行统计，截至2020年12月31日，亚洲市场上共有185支REITs，总市值达2814亿美元，较2019年末市值下跌约5%。

目前，亚洲范围内已有近10个国家或地区发行有REITs产品，但仍主要集中于日本、新加坡、中国香港三地，合计占亚洲整体市场份额的89%。

其中78只是包含多种物业类型的综合型REITs。

其次为办公、工业/物流和零售物业REITs，分别为28、24和23只。

除此之外，酒店、公寓、医疗健康和数据中心领域的REITs则分别占18、9、4和1只。

受2020年新型冠状病毒（COVID-19）影响，全球金融市场经历较大波动，亚洲REITs市场也不例外，市场整体市值有所回落。

日本REITs市场受疫情和东京奥运会推迟的双重影响，2020年全年REITs股价整体下降9%，回升速度滞后于股票价格的回升，下半年随着一批J-REITs纳入富时全球股票指数，海外投资者成为J-REITs的净买入主力。

截至2020年12月31日，日本共有62只REITs，总市值约1,394亿美元，占据了亚洲REITs市场过半市值，为亚洲规模最大的REITs市场，亦是全球第二大REITs市场。

1964-1965年，施坚雅发表了3篇有关中国近代社会经济史研究的专论，对中国市场体系初步提出了一种新的分析模式。

（注：G.William Skinner,"M arketing and Social Structure in Rural China",Part 1,2,3,Journal of Asian Studies,Vol.24,No.1-3(1964-1965).）前2篇专论，对晚清及民国时期的中国农村市场变迁进行了开拓性的研究，初步奠定了施坚雅模式。

这一时段，恰好与中国学者眼中的“近代”相吻合。

第3篇论文，专论新中国成立后的商品流通方式和市场共同体等问题，属于施坚雅模式的论证部分。

施氏不讳言他的研究是对历史模式的一种提炼，认为在中国这样一个传统农耕社会向现代工业社会转化的过程中，“市场结构必然会形成地方性的社会组织，并为使大量农民社区结合成单一的社会体系，即完整的社会，提供一种重要模式”。

又说，“在近代中国历史中可以划分开的每一个阶段中，农民交易活动都应该受到密切的关注”。

他强调，“对中国农村1949年以来的充分阐释必须依靠对前现代农民交易活动的优先分析”。

可见，近代中国社会经济史研究是施坚雅构架其理论模式的学术平台。

（注：参见〔美〕施坚雅著，史建云、徐秀丽译《中国农村的市场和社会结构》，中国社会科学出版社1998年版，第1-2页。

）这一模式在1977年出版的《中华帝国晚期的城市》一书中得以完善。

（注：G.William Skinner(ed.),The City in Late Imperial China(Stanford U niversity Press,1977).中译本为《中华帝国晚期的城市》，叶光庭等译，陈桥驿校，中华书局2000年版。

）施坚雅模式是一种结构—功能分析模式，从“施坚雅模式”的核心概念是中心地区(Core)和边缘地区(Periphery)即可知晓。

英语四级翻译常用词汇：123个中文高频成语翻译Automation 1502 YuDeyu一、复习建议：1. 加强历史、文化、经济以及社会发展相关热词的积累2. 广撒网，学习、揣摩这些话题相关的难点单句训练做这些单句训练时，先阅读1遍整个段落，专门挑出自己觉得比较难翻的句子，然后重点练习这一句的翻译。

难句会了，简单句自然不在话下。

在做单句翻译时，先尝试自己翻，翻完以后，对照答案，看解析，总结和揣摩其中好的词汇和表达。

下面请大家跟着教研君给出的常考单句示例，具体学习吧~1. 对于大多数年轻人来说，结婚意味着独立组建家庭，然而物价的不断上涨使这一切变得越来越困难。

参考译文：For most young people, marriage means setting up a family independently, which has become increasingly difficult because of the constantly rising prices.词汇点评：组建家庭：set up a family。

有同学容易使用start a family。

start a family表示begin to have children“开始生儿育女”。

越来越：一般看到“越来越”大家习惯译为more and more，比如“越来越多的人”more and more people，但译为a growing number of people可令人眼前为之一亮；而表达“变得越来越”的含义时，使用become increasingly的译法更好。

物价的不断上涨：constantly rising prices，而不是price rising。

表达点评：本句是一个表转折关系的并列句，后半句中的“物价的不断上涨使这一切……”中的“这一切”指代前半句中提到的“结婚意味着独立组建家庭”，因此，用which引导的非限制性定语从句，让整个句子简洁明了。

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Stacy Sirmans．Determinants of House Prices:A Quantile Regression Approach.the Journal of Real Estate Finance and Economics． 2008，(11).92Pami Dua．Analysis of Consumers’ Perceptions of Buying Conditions for Houses.the Journal of Real Estate Finance and Economics 2008，(11).93Nan-Kuang Chen and Charles Ka Yui Leung．Asset Price Spillover, Collateral and Crises: with an Application to Property Market Policy.the Journal of Real Estate Finance and Economics． 2008，(11).94Hilde E. Patron and Kenneth D. Roskelley．The Effect of Reputation and Competition on the Advice of Real Estate Agents.the Journal of Real Estate Finance and Economics． 2008，(11).95Richard Buttimer and Kanak Patel．Cambridge–UNC Charlotte Symposium 2007 Real Estate Risk Management and Property Derivatives Editors’ Introduction .the Journal of Real Estate Finance and Economics． 2008，(10).96Yongheng Deng and John M. Quigley．Index Revision, House Price Risk, and the Market for House Price Derivatives .the Journal of Real Estate Finance and Economics． 2008，(10).97Jyh-Bang Jou and Tan Lee．Neutral Property Taxation Under Uncertainty.the Journal of Real Estate Finance and Economics． 2008，(10).98Michel Baroni, Fabrice Barthélémy and Mahdi Mokrane．Is It Possible to Construct Derivatives for the Paris Residential Market?.the Journal of Real Estate Finance and Economics． 2008，(10).99Mark Bertus, Harris Hollans and Steve Swidler．Hedging House Price Risk with CME Futures Contracts: The Case of Las Vegas Residential Real Estate.the Journal of Real Estate Finance and Economics． 2008，(10).100Brent W. Ambrose and Yildiray Yildirim．Credit Risk and the Term Structure of Lease Rates: A Reduced Form Approach.the Journal of Real Estate Finance and Economics． 2008，(10).101Yildiray Yildirim．Estimating Default Probabilities of CMBS Loans with Clustering and Heavy Censoring.the Journal of Real Estate Finance and Economics． 2008，(08).102Velma Zahirovic-Herbert and Geoffrey K. Turnbull．School Quality, House Prices and Liquidity.the Journal of Real Estate Finance and Economics．2008，(08).103Anupam Nanda．Property Condition Disclosure Law: Why Did States Mandate ‘Seller Tell All’?.the Journal of Real Estate Finance and Economics． 2008，(08).104Terrence M. Clauretie and Nasser Daneshvary．Principal–Agent Conflict and Broker Effort Near Listing Contract Expiration: The Case of Residential Properties.the Journal of Real Estate Finance and Economics． 2008，(08).105S. J. T. Jansen, P. de Vries, H. C. C. H. Coolen, C. J. M. Lamain and P. J. Boelhouwer．Developing a House Price Index for The Netherlands: A Practical Application of Weighted Repeat Sales.the Journal of Real Estate Finance and Economics．2008，(08).106Peter F. Colwell, Carolyn A. Dehring and Geoffrey K. Turnbull．Partial Interests in Recreational Property.the Journal of Real Estate Finance and Economics． 2008，(07).107J. D. Benjamin and P. Chinloy．Home Equity, Household Savings and Consumption.the Journal of Real Estate Finance and Economics． 2008，(07).108Timothy O. Bisping and Hilde Patron．Residential Investment and Business Cycles in an Open Economy: A Generalized Impulse Response Approach.the Journal of Real Estate Finance and Economics． 2008，(07).109Szu-Yin Kathy Hung and John L. Glascock．Momentum Profitability and Market Trend: Evidence from REITs.the Journal of Real Estate Finance and Economics． 2008，(07).110Patricia Fraser, Martin Hoesli and Lynn McAlevey．House Prices and Bubbles in New Zealand.the Journal of Real Estate Finance and Economics． 2008，(07).111David C. Ling and Milena Petrova．Avoiding Taxes at Any Cost: The Economics of Tax-Deferred Real Estate Exchanges.the Journal of Real Estate Finance and Economics． 2008，(05).112Piet M. A. Eichholtz, Nils Kok and Roger Otten．Executive Compensation in UK Property Companies.the Journal of Real Estate Finance and Economics． 2008，(05).113Christian Hott and Pierre Monnin．Fundamental Real Estate Prices: An Empirical Estimation with International Data.the Journal of Real Estate Finance and Economics． 2008，(05).114Shaun A. Bond, Pavlos Loizou and Patrick McAllister．Lease Maturity and Initial Rent: Is There a Term Structure for UK Commercial Property Leases?.the Journal of Real Estate Finance and Economics． 2008，(05).115W. Miles．Boom–Bust Cycles and the Forecasting Performance of Linear and Non-Linear Models of House Prices.the Journal of Real Estate Finance and Economics． 2008，(04).116Seow Eng Ong, Poh Har Neo and Yong Tu．Foreclosure Sales: The Effects of Price Expectations, Volatility and Equity Losses.the Journal of Real Estate Finance and Economics． 2008，(04).117Rickard Enström and Olof Netzell．Can Space Syntax Help Us in Understanding the Intraurban Office Rent Pattern? Accessibility and Rents in Downtown Stockholm.the Journal of Real Estate Finance and Economics． 2008，(04).118Nicholas J. Sharp, David P. Newton and Peter W. Duck．An Improved Fixed-Rate Mortgage Valuation Methodology with Interacting Prepayment and Default Options .the Journal of Real Estate Finance and Economics． 2008，(04).119Andreas Lehnert, Wayne Passmore and Shane M. Sherlund．GSEs, Mortgage Rates, and Secondary Market Activities.the Journal of Real Estate Finance and Economics． 2008，(04).120Piet M. A. Eichholtz and Nils Kok．How Does the Market for Corporate Control Function for Property Companies?.the Journal of Real Estate Finance and Economics． 2008，(02).121Ming-Long Lee, Ming-Te Lee and Kevin C. H. Chiang．Real Estate Risk Exposure of Equity Real Estate Investment Trusts.the Journal of Real Estate Finance and Economics． 2008，(02).122Martin Hoesli, Colin Lizieri and Bryan MacGregor．The Inflation Hedging Characteristics of US and UK Investments: A Multi-Factor Error Correction Approach．.the Journal of Real Estate Finance and Economics． 2008 (02).123Xudong An and Raphael W. Bostic．GSE Activity, FHA Feedback, and Implications for the Efficacy of the Affordable Housing Goals.the Journal of Real Estate Finance and Economics． 2008，(02).124Michael S. Young．Revisiting Non-normal Real Estate Return Distributions by Property Type in the U.S..the Journal of Real Estate Finance and Economics． 2008，(02).125Kanak Patel and Ricardo Pereira．Pricing Property Index Linked Swaps with Counterparty Default Risk.the Journal of Real Estate Finance and Economics． 2008，(01).126Juerg Syz, Paolo Vanini and Marco Salvi．Property Derivatives and Index-Linked Mortgages.the Journal of Real Estate Finance and Economics． 2008，(01).127Christoph Hinkelmann and Steve Swidler．Trading House Price Risk with Existing Futures Contracts.the Journal of Real Estate Finance and Economics． 2008，(01).128Mine Ertugrul, Özcan Sezer and C. F. Sirmans．Financial Leverage, CEO Compensation,and Corporate Hedging: Evidence from Real Estate Investment Trusts.the Journal of Real Estate Finance and Economics． 2008，(01).129Richard J. Buttimer, Steven P. Clark and Steven H. Ott．Land Development: Risk, Return and Risk Management.the Journal of Real Estate Finance and Economics． 2008，(01).130Jyh-Bang Jou and Tan Lee．Taxation on Land Value and Development When There Are Negative Externalities from Development.the Journal of Real Estate Finance and Economics． 2008，(01).131Ren-Raw Chen, Hsien-Hsing Liao and Tyler T. Yang．Market Risk of Mortgage-Backed Securities with Consistent Measures.the Journal of Real Estate Finance and Economics． 2008，(01).132Lynn M. Fisher and Abdullah Yavas．The Value of Equitable Redemption in Commercial Mortgage Contracting.the Journal of Real Estate Finance and Economics． 2007，(11).133N. Kundan Kishor．Does Consumption Respond More to Housing Wealth Than to Financial Market Wealth? If So, Why?.the Journal of Real Estate Finance and Economics． 2007，(11).134Dirk Brounen, Piet Eichholtz and David C. Ling．Trading Intensity and Real Estate Performance.the Journal of Real Estate Finance and Economics． 2007，(11).135Chihiro Shimizu and Kiyohiko G. Nishimura．Pricing Structure in Tokyo Metropolitan Land Markets and its Structural Changes: Pre-bubble, Bubble, and Post-bubble Periods.the Journal of Real Estate Finance and Economics． 2007，(11).136Toshitaka Sekine and Towa Tachibana．Land as Production Input and Collateral: Land Investment by Japanese Firms.the Journal of Real Estate Finance and Economics． 2007，(11).137Zhilan Feng, Chinmoy Ghosh and C. F. Sirmans．Director Compensation and CEO Bargaining Power in REITs.the Journal of Real Estate Finance and Economics． 2007，(10).138Seow Eng Ong, Tien Foo Sing and Alan Hwee Loon Teo．Delinquency and Default in Arms: The Effects of Protected Equity and Loss Aversion.the Journal of Real Estate Finance and Economics． 2007，(10).139S. K. Wong, K. W. Chau and C. Y. Yiu．Volatility Transmission in the Real Estate Spot and Forward Markets.the Journal of Real Estate Finance and Economics． 2007，(10).140Robert H. Edelstein and Desmond Tsang．Dynamic Residential Housing Cycles Analysis.the Journal of Real Estate Finance and Economics． 2007，(10).141Don Bredin, Gerard O’Reilly and Simon Stevenson．Monetary Shocks and REIT Returns.the Journal of Real Estate Finance and Economics． 2007，(10).142Miki Seko and Kazuto Sumita．Japanese Housing Tenure Choice and Welfare Implications after the Revision of the Tenant Protection Law.the Journal of Real EstateFinance and Economics． 2007，(10).143John W. Matthews and Geoffrey K. Turnbull．Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix.the Journal of Real Estate Finance and Economics． 2007，(08).144Steven C. Bourassa, Eva Cantoni and Martin Hoesli．Spatial Dependence, Housing Submarkets, and House Price Prediction.the Journal of Real Estate Finance and Economics． 2007，(08).145Ghebreegziabiher Debrezion, Eric Pels and Piet Rietveld．The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis.the Journal of Real Estate Finance and Economics． 2007，(08).146Terrence M. Clauretie and Paul D. Thistle．The Effect of Time-on-Market and Location on Search Costs and Anchoring: The Case of Single-Family Properties.the Journal of Real Estate Finance and Economics． 2007，(08).147Paul S. Calem and James R. Follain．Regulatory Capital Arbitrage and the Potential Competitive Impact of Basel II in the Market for Residential Mortgages.the Journal of Real Estate Finance and Economics． 2007，(08).148Thomas J. Miceli, Katherine A. Pancak and C. F. Sirmans．Is the Compensation Model for Real Estate Brokers Obsolete?.the Journal of Real Estate Finance and Economics． 2007，(07).149Ronald C. Rutherford, Thomas M. Springer and Abdullah Yavas．Evidence of Information Asymmetries in the Market for Residential Condominiums.the Journal of Real Estate Finance and Economics． 2007，(07).150J’Noel Gardiner, Jeffrey Heisler, Jarl G. Kallberg and Crocker H. Liu．The Impact of Dual Agency.the Journal of Real Estate Finance and Economics． 2007，(07).151Geoffrey K. Turnbull and Jonathan Dombrow．Individual Agents, Firms, and the Real Estate Brokerage Process.the Journal of Real Estate Finance and Economics． 2007，(07).152J. D. Benjamin, P. Chinloy, G. D. Jud and D. T. Winkler．Do Some People Work Harder than Others? Evidence from Real Estate Brokerage.the Journal of Real Estate Finance and Economics．2007，(07).153Brian A. Ciochetti and James D. Shilling．Loss Recoveries, Realized Excess Returns, and Credit Rationing in the Commercial Mortgage Market.the Journal of Real Estate Finance and Economics． 2007，(05).154Shaun A. Bond, Soosung Hwang, Zhenguo Lin and Kerry D. Vandell．Marketing Period。

王洪—清华大学经济管理学院研究生导师王洪金融系副教授办公室伟伦楼340凯程教育是五道口金融学院和清华经管考研黄埔军校,在2014年,凯程学员考入五道口金融学院28人,清华经管11人,五道口状元武xy出自凯程, 在2013年,凯程学员考入五道口金融学院29人,清华经管5人,状元李少h出在凯程, 在凯程网站有很多凯程学员成功经验视频,大家随时可以去查看. 2016年五道口金融学院和清华经管考研保录班开始报名!个人简介研究成果研究项目王洪，自2002至今，任清华大学经济管理学院副教授。

曾就读于美国麻省理工学院和清华大学、分别取得房地产理学硕士和建筑设计工学硕士，以及天津大学、获得建筑学工学学士。

曾任职于新加坡国立大学，欧美等国金融机构、顾问咨询机构及跨国公司。

英国剑桥大学访问学者，英国皇家特许测量师学会会士及杰出会员，美国城市土地学会会员，中华房地产投资开发商会高级顾问，中国房地产估价师与经纪人学会专家组成员，欧美同学会麻省理工学院北京校友会副会长并若干公司独立董事等。

王洪教授的主要研究领域包括：房地产金融与投资，房地产开发，城市经济与房地产市场，房地产公司发展战略与管理模式，房地产经纪，房地产法规，资产证券化，投资银行业务，国际资本市场，城市新区及开发区发展规划，互联网有关应用。

他近年承担的研究项目包括：“嘉化工业园五年(2011至2015)发展规划”，“滨海新区中心商务商业区的城市功能定位、建筑规模及发展模式研究”，“大型房地产集团发展战略及管理模式研究”，“国外房地产经纪行业现状和发展趋势研究”等。

王洪教授近年发表的中英文期刊论文包括："我国保险资金投资不动产的现状与问题",中国金融,1期,2010；"SpecialConsiderationsforDesigningPilotREITsinChina"<<房地产投资与金融学报>>(英)2009(V ol27:2)；"TestsofCommonRealEstateRiskPremiainaTime-VaryingExpectedReturnFramework",<<房地产投资与金融学报>>(英)2007(V ol25:4)；"国内外BOT项目融资方法比较",特区经济,2006年第5期；"试论我国房地产投资基金的发展",中国房地产,2003年第2期；"日本房地产泡沫的成因分析及对我国的经验借鉴",中国房地产金融,2003年第3期；"是谁吹起了日本房地产泡沫",中国投资,2001年第12期.会议论文包括："中国未来发展趋势与房地产长期潜在需求",上海中国房地产投资国际峰会英文主题报告，2006.12；"MarketSegmentationandStructuralMismatch:AffordabilityIssuesofHousinginBeijing,China",AsR ESTokyoConference,August2001；"ComparingMarketRiskPremiumforPropertyInvestments:SingaporevsBeijing",AsRESBeijingconf erence,July2000,获论文一等奖.编著译著包括：《专业技术人员创新案例读本》，中国传媒大学出版社，2010；"美国房地产交易及其资金安排",<<全国房地产行业发展峰会优秀论文集>>中国电力出版社,2008年7月；<<银行资本管理:资本配置和绩效测评>>译著,华章公司/机械工业出版社,2004年1月；<<应用公司理财>>译著(审校),及<<投资管理>>译著(审校),华章公司/机械工业出版社,2002年9月.王洪教授目前在清华讲授的课程主要包括：房地产开发与投资案例分析，房地产金融，房地产基础知识及热点问题研讨，公司理财，投资银行业务。