DR. YISHUANG SHERRY XU
Lecturer in Real Estate
MY TEACHING
INTRODUCTION TO REAL ESTATE
The unit aims to:
introduce the fundamental concepts of real estate
explore the factors that influence the value of real estate from both the investor’s and user’s perspective
examine the structure and operation of real estate markets in both an international and national context
critically analyse specific sectors of the real estate market
Teaching and learning methods
As you progress through the course unit, formative feedback will be given through Q&A, discussion and interactive activities within lectures and workshops.
Knowledge and understanding
The unit aims to:
Introduce the fundamental concepts of real estate
Explore the factors that influence the value of real estate from both the investor’s and user’s perspective
Examine the structure and operation of real estate markets in both an international and national context
Critically analyse specific sectors of the real estate market
Intellectual skills
Critically analyse and evaluate information, make considered judgements and produce innovative and credible solutions to problems
Practical skills
Demonstrate observational skills through the fieldtrip and other activities
Carry out effective research into a market sector
Demonstrate numeracy skills through analysis of market data and appraisal exercises
Demonstrate ability to communicate ideas effectively both orally and in writing
Transferable skills and personal qualities
Demonstrate ability to work effectively as part of a team and to present the group’s work using appropriate media.
LAND AND DEVELOPMENT
Overview
In this course unit, we will study the process of development, from project inception, site assessment and initial design through to planning, implementation and scheme disposal. We will critically consider the interrelationship of the property market, the built form and planning and environmental regulation as different land uses compete with each other for the available supply of resources, to meet the need for both built estate and green space in urban areas. There is a strong focus on financial appraisal and the importance of financial risk management and viability. Topics include:
• An overview of the development process
• Actors and motivation
• Site acquisition and assessment
• Property market and demand for development
• Environmental and ecological considerations
• Legal and regulatory constraints
• Options appraisal
• Development design, quality & mix; designing for sustainability
• Development financial appraisal, sensitivity analysis and other risk assessment tools
• Finance & sales and marketing
Aims
The course unit aims to:
provide a thorough understanding of the issues that need to be considered as part of the process of developing land, with particular emphasis on the assessment of site potential and meeting commercial expectations
develop understanding of land use policies and making the best use of land resources through the redevelopment and reuse of previously developed or “brownfield” sites
foster practical experience and understanding of the development process through preparation of individual development proposals for real potential development sites
develop competence in financial appraisal and understanding of the concepts of risk and viability in the context of development schemes
Teaching and learning methods
The course will involve a series of structured lectures, workshops and seminars over ten weeks. Workshops will provide you with an opportunity to work through set problems and obtain feedback. On-line workshop material will be available to help with the financial appraisal element. Seminars are student-led discussions where you are expected to have prepared material as directed and actively contribute to the debate. You must attend all core workshops/seminars and complete all assignments to successfully complete this module .
All assessment is on an individual basis but you will be allocated to a specific study group for the duration of the course. As this is a large student group, we will be dividing you into six groups, mixed across programmes, to give a broad perspective to discussions. You will work in these groups for certain workshops and seminars. As students bring different knowledge and skills to this course, the workshops in week two are designed to ensure that all students have the necessary level of expertise.
Course materials are generally available online through Blackboard, including course guide and assessment brief, lecture powerpoint slides, workshop material, links to suggested reference and readings plus some video clips. The majority of lectures will be recorded and available as podcasts through Blackboard. Remember that podcasting only captures the voice and powerpoint slides and not any explanations and diagrams provided on whiteboards.
Knowledge and understanding
Demonstrate comprehensive understanding and knowledge of the development process, actors, drivers and constraints.
Intellectual skills
Demonstrate sound capacity for critical thinking and ability to present well-justified arguments, recognising the interconnected nature of development practice
Practical skills
Demonstrate numeracy skills through appreciation of issues around selection, accuracy, uncertainty and approximation with numbers
Transferable skills and personal qualities
Communicate ideas effectively through preparation of professional reports
REAL ESTATE INVESTMENT AND FINANCE
Overview
This module is a combination in the context of investment and finance. It aims to comprehensively examine the broad investment markets and to place into context the role of real estate as an investment asset by examining alternative investment vehicles.
The module will examine asset valuation and the principles of portfolio diversification across a wide variety of asset classes including: equities, debts and derivatives markets. Also, the module will equip students with knowledge of debt instruments, risk mitigation techniques, and debt securitisation used in the financing of real estate, and the structuring of debt instruments as investment products.
Through the case studies and discussions on the lectures, the students will be equipped with knowledge of the real estate capital markets, which will not only include the details on the structure of securities and markets but also examine how they can be used in the context of issues such as real estate portfolio construction and asset allocation, hedging and financing. Through workshop and tutorial exercises the students will develop competence in the application of quantitative techniques. Though the assessment process the students will be able to undertake an evaluation of a real estate asset and then build on that experience to evaluate a portfolio of investments.
Aims
• Explore the principles of investment and the creation of value
• Critically evaluate direct and indirect methods of investing in real estate
• Demonstrate approaches used in financing of funds and individual projects
• Introduce the various techniques in commercial real estate finance and to examine how risk and reward can be shared
• Examine the role of real estate in a mixed asset portfolio
Teaching and learning methods
A range of teaching and learning methods will be adopted with conventional lectures used to introduce the topics in a structured manner. Workshops and tutorials will be used to apply individual property investment and portfolio evaluation techniques and to facilitate critical debate about key issues in real estate investment theory and practice. There will be opportunities to explore current issues with property investors, and their advisors, to ensure that discussion and debate is grounded in current practice.
All unit material will be available online. Formative feedback will be provided through Q&A, discussion and interactive activities within lectures, workshops and tutorials. Verbal feedback will be available on coursework discussed during consultation hours and assignment surgeries. Where appropriate, the discussion board on Blackboard will be used as a repository for FAQs.
Knowledge and understanding
Demonstrate an understanding of different classes of investment, the role of direct and indirect property investment, and the structuring of debt and equity instruments as investment products
Have an overview of the current real estate finance market
Understand, analyse and compare alternative real estate funding techniques
Demonstrate a critical understanding of debt instruments, risk mitigation techniques and debt securitisation used in the financing of real estate
Intellectual skills
Undertake portfolio review and strategic investment decision-making
Apply and critically analyse measures of property investment performance
Practical skills
Construct robust models to analyse and value real estate investments
Anticipate real estate investment problems and structure appropriate solutions
Transferable skills and personal qualities
Collect and interpret quantitative and qualitative data
Effectively communicate ideas and concepts orally and in writing
CORPORATE REAL ESTATE PROJECT
Overview
Students will work in groups, normally of around 4-6 people, on a specific client project brief. The project brief will be written by tutors in conjunction with an external client organisation. Your task is to act in a consultant capacity and deliver a professional response to the issues raised in the associated project brief. To help guide you through this process, you will be provided with support by the project tutors and external practitioners.
Aims
The course unit aims to:
• explore the role of real estate in supporting organisational objectives (for corporate, public or third sectors)
• build upon students’ accumulated knowledge and understanding of real estate to solve a ‘real-life’ problem;
• develop high-level communication and information technology skills through preparing a major piece of professional work
Teaching and learning methods
This course unit adopts a problem-based learning approach, with students identifying the knowledge and skills required to respond to the project brief. All students are expected to devote 150 hours in total to the work, including formal elements and independent study. The timetable is flexible as it allows individual/group work to take place whenever there are no other scheduled lectures or activities. However, there will be some scheduled sessions throughout the semester for an introductory lecture, group presentations and tutorial advice.
Knowledge and understanding
Demonstrate understanding of the principle of strategic alignment of real estate with organisational objectives;
Demonstrate use of a range of tools and techniques to identify the needs of real estate users and alternative solutions
Demonstrate understanding of the limitations posed by the relevant real estate market
Intellectual skills
Critically analyse and evaluate corporate real estate problems and devise appropriate solutions
Practical skills
Communicate effectively in a professional/client relationship and provide clear, practical advice to clients
Transferable skills and personal qualities
Work effectively in a team, managing complex tasks and delivering to strict deadlines.
Demonstrate ability in report writing and presentational skills to a professional standard.