East Asia Real Estate Investment Market 2012

East Asia Real Estate Investment Market 2012 Viewpoints of Japan, China, Korea and Taiwan April, 2012 Consulting Division Seoul Branch Taipei Branch Marunouchi Kitaguchi Bldg. 1-6-5 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan To create a transparent real estate investment market in East Asia This report has been produced by Nomura Research Institute solely for information purposes. It is not intended to be a complete description of the markets or developments to which it refers. No warranty for representation, express or implied is made as to the accuracy or completeness of any of the information herein and Nomura Research Institute shall not be liable to any reader of this report or any third party in any way whatsoever. Research Framework and Perspectives for this Report Macrofundamentals GDP growth, corporate performance, demographic movements… Rental Market Financial and Capital Markets Interest rates, financial and other regulations, political trends… Trading Market Demand What are the key drivers of demand? Which industries require more space? Which districts are in demand? … Supply How much floor space is newly developed ? How much floor space is demolished? … Buyers What properties interest buyers? How strong is their buying appetite? Lenders What properties are lenders willing to finance? What are the lending conditions? Sellers Who are the potential sellers? What assets are likely to be sold? Vacancies Increase or decrease? Rent and NOI Increase or decrease? Liquidity What kinds of properties are transacted successfully and what are not? Cap Rate What cap rate level leads to successful transactions? Will asset value rise or fall? Asset Price Estimation Times New Roman, size 8, color: Dark Gray Ex) Source: NRI based on IMF Copyright (C) 2012 Nomura Research Institute, Ltd. All rights reserved. 2 Japan: Growing Saturation and Recovery from the Earthquake China: Overview of Housing Market and Land Market Korea: Korea Real Estate Market reached a Turning Point Taiwan: Overview of Office, Residential and Hotel Markets Copyright (C) 2012 Nomura Research Institute, Ltd. All rights reserved. 3 Japan: Growing Saturation and Recovery from the Earthquake 1. Macro Fundamentals of Japan 2. Overview of Real Estate Investment Market in Japan 3. Overview of Office, Residential and Retail Markets China: Overview of Housing Market and Land Market Korea: Korea Real Estate Market reached a Turning Point Taiwan: Overview of Office, Residential and Hotel Markets Copyright (C) 2012 Nomura Research Institute, Ltd. All rights reserved. 4 ... - tailieumienphi.vn