Evaluation And Assessment Of Rural Estate Commercial Valuation

Components involved in the valuation

The analyst working at the Lyons Curtain aim is to evaluate and asses the property valuation. The valuation will include the various parts involved in the valuation of rural estate commercial buildings. There were certain factors and components associated and analyzed while assessing the same. The analyst reviewed the three commercial properties in order to check the feasibility of the same. The total income of the property was evaluated by adding up the total revenue generated by the different property at various point of time. The sources and application was prepared in accordance to the flow of income from Equity and Debt and the application or the use of the fund in purchase of property and other fixed costs (Aizenman and Jinjarak 2014). The onetime cost related to the property while evaluation, assessment and purchasing are the cost incurred on Stamp Duty, Legal Fees & Due Diligence. Accountancy fees, printing and postage charges, legal fees were some of the cost accounted under the Other Cost component. The gross asset value was determined after taking the fair market value of the asset and deducting the total debt value. The surplus fund was determined after accounting for all Applications and Source of funds. The net cash income for each of the portfolio was determined using the revenue generated per year from each of the portfolio in different year and the same was evaluated for determining the net income from the fund. The Initial Balance sheet for the fund was prepared for the fund where the Investment property value was determined after accounting for the total cost incurred in purchasing the property and after accounting of all costs. The Cash Balance was derived as the amount remaining after assessing all the applications and the sources of fund. The interest bearing liabilities of the fund was calculated as the total borrowed liabilities of the firm (Zheng et al. 2014).

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

Balance Sheet



Amount ($)

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper




Investment Property


Total Assets



Interest Bearing Liabilities




Total Liabilities


Unit holders Equity


NTA per Unit


Units on Issue


Target Distribution





Net Property Income




 Reimbursement Income @ 0.15%




Total Income





Interest Expense @ 6%




Management Fees @ 0.6%




Fund Costs

Total Expenses




Net Cash Income




Total Unit




Per Unit




% Return (annualised)






Sources and Application of Funds


Sources of Funds

Proceeds from the Offer


Proceeds from the Initial Debt Facility


Total Sources of Funds


Application of Funds

Initial Property Purchase


Stamp Duty, Legal Fees & Due Diligence


Valuation Fee


Property Acquisition Fee (0.5%)


Equity Issue Fees @ 4%


Costs of the Initial Debt Facility @ 2%


Other Costs of the Offer

Legal Cases


Accountancy Fees


Printing and Postage Charges


Working Capital (Balance in Figure)


Total Application of Funds




Real Estate as an asset class is always the best inflation hedging investment asset class for the investors than the traditional portfolio of debt and equity. Real estate has a direct correlation with the performance of the economy. However, it should be noted that with the growing economy and business the real estate as an asset class offers a wide opportunity for the investors to earn a better risk to reward ratio (Crosby et al. 2018). The commercial real estate in which the fund will focus and will provide a distinctive feature for the investors as the cash flows will be steady and non-volatile. The commercial real estate does not suffers from business and macroeconomic risk like unstable tenancy structure and fixed tenancy structure (Black, Krainer and Nichols 2017). There are several risk that needs to be evaluated before investing into the real estate from market, business to macro and institutional risk of the fund and under the environment under which the Fund will operate. The investment or the market risk evaluated for the fund will be low as the business factors and the macro environment conditions for the real estate sector is considered favorable. The fund does not suffers from the institution risk since the fund owner has a good reputation and better credibility and goodwill. The fund will ensure that it follows all the statutory guidelines and regulations laid down by the statutory body in order to ensure that the fund follows all the rules and regulations (Kuhle and Lin 2018).

Sources and application of funds for the property

The feasibility assessment of the property fund evaluated needs to be evaluated in order to know and ensure that the fund generates better yield. The fund performance and cash flow will be generated from the various sources of the income from property assessed. The evaluation and assessment helped us know the forecasted return and income cash flow from the fund after accounting for finance cost the total return expected from the fund in the first year is estimated to be around 6.69% in 2019, 7% in the year 2020 and 7.31% in the year 2021. The forecasted return is based on the estimated revenue created by the property in the different period. The investment in the commercial property in all the three property will help reap the benefit of diversification result and exposure into the real estate sector. However, it is crucial to note that commercial property as an asset class has provided superior returns than other fixed and variable asset class of investments. The real estate as an asset class will not only produce better returns and provide diversification benefits along with the same it will also result it will also lower the volatility of the overall fund (van Loon and Aalbers 2017). Cyclical market scenario and certain macroeconomic conditions plays a key and crucial role in the overall development and growth of the fund. The key factors that are favorable for the real estate market will provide an additive benefit for the real estate and the fund. Thus, the fund has the possibility of producing better returns and profitability in the long-term given the fact that the commercial properties and the real estate market will provide an additive positive factor contribution for the fund (Arnold, Ling and Naranjo 2017). 

The Cromwell Property Group listed in the Australian Stock Exchange with a ticker symbol [ASX: CMW] had launched a security purchase plan in which the group raised about $30 million worth of investment. The security purchase plan introduced by the group entitled the shareholders had provided the shareholders an additional opportunity for purchasing up new stapled securities in the Cromwell Securities. The extra benefit provided to the shareholders was that they did not had to pay any additional brokerage or transaction charges on the same (Westermann, Niblock and Kortt 2018). The new securities that are offered to the investors will be offered at a price of $0.947 that would reflect a discount of 4.9% when compared to the five-day average volume weighted average price of the securities that already trade and are listed in the Australian Stock Exchange. The amount of securities that will be issued will be 30 million dollars and the number of securities that will be issued under the plan will be around 31.68million securities. The security purchase plan was announced in the December 2017 and was operated from January 2018 and ended up in February 2019 (Glassman 2017). There were several other occasions also when the company announced such expansions and fund raising plans and programmers for investment purpose and generating better portfolio returns. The initiative taken by the property fund for raising equity as an alternative source of finance for repaying the debt or the long-term debt of the company as the company wanted to reduce the interest or the finance cost for the company. The debt repayment or the payment of long-term borrowing of the company will not only reduce the interest or the finance cost for the company it would also reduce the financial risk of the company under which the company operates (Williams 2016). The Cromwell Property Group operates in the Real Estate Sector where the business risk of the fund is generally and quite high when compared to other form and other companies and funds investment. The additional effort would secure the long-term stability in terms of fund performance and overall volatility of the fund in the long-term (Mahlaka 2017). The Company in the year 2017 December also announced for the Strategic Placement to the Singhaiyi Group Ltd. and Haiyi Holdings Pte. Ltd. The strategic placement was done by the Cromwell Property Group at an issue price of $0.9691 for each new security issued to the companies. There were several other investment activities continued by the Cromwell Property Group performed in the year 2018 where the property group sold some of the developed assets like buildings to the Queensland University of Technology, which accounted for an inflow to the Cromwell Property group around 84 million dollars (Hathway 2015). The ARA Asset Management firm also purchased an additional stake in the year 2018 in the Cromwell Property Group for getting exposure with the property and real estate market (Reddy and Wong 2016).

Benefits of real estate as an asset class

The Cromwell Property Group will be using the amount raised from the Security Purchased Plan for the repayment of debt and long-term borrowings and for other general corporate uses and purpose. The funds will also be used in identifying suitable investable fund opportunities where the funds could be used for creating additional revenue and return for the portfolio. The fund primary objective and working is investing into direct properties but recently we also found that the Cromwell Properties also developed a fund of fund where the fund used to select best fund, which provides the best asset class and a group of real estate properties that would provide diversification and yield better return for the fund (Akinsomi et al. 2015).

The Cromwell Property Group in March 2018 CMW successfully raised €230 million in a Convertible Bond offer. In the year 2018, the property Group successfully priced the issue of the Convertible Bond of EURO 230 Million Dollars with a coupon rate of 2.5% convertible bond that are due in the year 2025. The convertible bond issued by the company will give the bondholders an annual coupon of 2.5% of the total face value and at the securities will be converted into shares at an all-round price of 1.77$ per security issued. The other key development that were found in the Cromwell Property Group when in 2018 a major shareholder in CMW sold their holding and another group became a major shareholder. The Redefining properties Ltd recently announced that it had disposed securities issued by the Cromwell 386.5 million securities for an all-round consideration of 405.8 million dollars in which the Redefined Properties will be disposing off with the 386.5 million stapled securities that were issued by the Cromwell Property Group. The proceeds or the net inflow that will be coming will be used for reducing and decreasing the local borrowings and debts of the company and by improvising the loan to value ratio that is by paying off with the debt and long term borrowings the company has on its balance sheet (Westermann, Niblock and Kortt 2018). The investor that took additional interest in the Cromwell Property Group was the ARA Asset Management firm also purchased an additional stake in the year 2018 in the Cromwell Property Group for getting exposure with the property and real estate market. 

The property Structure and the components parts were explained well in the context relating to Property Trust Structure with the external management of the company, the Structure of the Company and the Stapled Structure, which includes the trust and company specific and components parts explained together on a joint basis. 

Risk involved in investing in the real estate sector

The Collapse of the Estate Mortgage in the early 1990’s was observed to be one of the biggest investment vehicle collapse in the early 1990’s in Australia. The downturn of the economy in the early 1990 and the downturn observed in the real estate business of Australia was observed to be at the same time, which hampered the economy of the Australia in terms of long-term growth and prosperity (Bhuyan et al. 2015). The step and sudden rise in the price of the assets, with relaxation of standards, guidelines, rules and regulations, abnormal return gain on capital deployed and compensating for the cap rate in excess of the average rate were observed in the time.  There were certain regulatory changes observed in the period 1980 that paved the way for defining the 1990 recession that took place in Australia in the Real Estate Sector (Kobayashi, Konishi and Takeishi 2017). The tax reform announced in the year 1982, which allowed the investor for a greater amount of tax benefits and tax shelter by taking huge amount of depreciation into account. The reform that came into the effect in the year 1980 saw that there was a deregulation in the savings and loan industry that gave rise to these institutions for expanding the investments that were done in the commercial mortgages. The real estate excessive financing lead to the main reason for collapse in the real estate sector of Australia (Parle, Joubert and Laing 2017). The commercial real estate business collapse in the year 1990 has made the passage for the Financial Institution Recovery, Reform and Enhancement Act of the year 1989. The legislation moved in force with the aim at bailing or saving of the financial loan and savings industry, established by the Resolution Trust Corp. (RTC), charged with the responsibility for selling of poor quality mortgages in the market. The Trust sold of commercial mortgages that were from institutions, which were on the verge of collapse. The RTC had sold mortgages which had face value almost at a negligible amount or at an amount that were having a face value far less than the implied or the book value of the mortgage (Pham, Liu and Roca 2015). The bubble in the real estate prices were created when these started happening by the institutional investors and funds which took active participation in buying and selling this mortgage fund. The federal that established the Resolution Trust Corp also gave a way for the initiation of the commercial mortgage backed securities, which brought up with a new product to the real estate industry. The capital requirements at that time were made such that the financial institutions were not encouraged to hold whole loans rather than they were encouraged to hold the securitized assets on the balance sheets of the company. The bankers then opened the new source of financing when the concept of the residential mortgage backed securities were applied with the concept of the commercial mortgage backed securities. The commercial backed mortgage securities were then heavily demanded by the investment banking firms and the same was encouraged by the market for creation of new form of loan structure in the market. The lenders were facing severe competition amongst themselves as the loan book was increasing in the market (Joyeux and Milunovich 2015). The loan to value ratio were quantity type was focused much rather than quality of the loan given to the borrowers. The increasing loan to value ratio, degrading quality of the loan and the increasing loan book value in the market were some of the factors that would lead to rise in the credit risk in economy. High Competition, loan to value ratio and over investment in the real estate sector lead to the sharp increase in the fair value of the real estate price of the sector rather than the actual implied value of the real estate sector properties (Wissoker et al. 2014). The borrowers often supplemented the senior mortgage with the other section in the mortgage fund pool like the subordinate section were the financing cost and the price of the same was considered to be very low. The complexity involved in this commercial mortgage backed securities were complex as the sections of each of the mortgage pool were divided into different sections as senior, mezzanine and junior and the same was according to risk and return involved in each of the asset class. Investors according to their risk and return preferences used to select each of the type of investment which satisfied there investment preferences. The risk and the return stated by the pooled investment were not the actual one, the pricing, and the valuation on a real time basis and based on the fair value was very difficult since the base value of the mortgage was not identifiable. Each of the section of the mortgage pool were further subdivided into further sections were the junior section was the most risky section then mezzanine and senior section of the mortgage pool. The base value for this type of mortgage pool was almost negligible and almost equal to zero when the fair value for the same is to be assessed. These were all because of investments that were sold in the market which were of poor quality and complex inferior product of investments that were having an amount of fair value far less than the book value or the implied value of the asset (Afolayan 2017).

Forecasted return and income cash flow from the property

Situations can come again when any investment vehicle could fail because of complex products where the fair value of the investments could not be assessed due to the complexity and complications involved in the same. Similar what happened in the real estate mortgage collapse where the fair value of the pooled investment was far less than actual value, which lead to billions of money swept away from the market and that lead to a downturn in the Australian Economy (Wong 2017). The failure could originate from the real estate if the asset value is not implied and shown at the fair value, as the investor should know as in what type of asset class are they investing in and the expected future value of the same.  The framework for investment should be such that the investment in the real estate sector could be free from extreme volatility and high credit risk. The same can be applied with the help of proper rules and guidelines mentioned for the same, would ensure a safe and a stable investment (David J. Lynn 2018). 

As per the strategy of acquiring assets on market incorporate practices wherein the management of a company acquires the assets of another business which is through takeovers, merger and acquisitions. This strategy is applied when the business wants to have more advantage than just a mere purchase of assets as takeovers can bring about drastic changes in the operations and profit generating capacity of a business (Yim 2013). On the other hand, direct purchases of assets are another acquisition strategy wherein the business purchases directly from vendor or seller of the assets. This strategy is applied when a new business is a newly established one starting off with a business. The major difference is that in acquisition from the market, the assets are already in use while in direct purchase the asset is new. In case of a takeover, assets are also taken over by acquiring company at market value while in case of direct purchases assets are measured and show at book value.

The main reasons for driving for such market purchases is that the assets are acquired along with a business which makes the deal attractive. In addition to this, there is also other benefits such probability for revaluation of assets, advantage of synergy effect on the business. In addition to this, in a business takeover, the assets which are acquired are measured on the basis of market valuation and may be a bit cheaper than a new asset which is purchased from the vendor directly. The acquisition process in case of takeovers are generally considered to be more complex in nature while direct purchase of the asset is much easier (Cartwright and Cooper 2014). The acquisition of asset which is done with the help of takeover is generally comes with the takeover of liabilities and also equity of the business which is being acquired by the acquiring company.

Overview of the Cromwell Property Group and its investment activities

The price which is offered for purchase of assets in case of a takeover in situation is much lower than direct purchase method which is often applied by the management of the company (Trautwein 2013). The asset which is purchased on market is often based on market value of the asset and therefore in situations, the price which is charged under this method can be lower than the price which is charged under direct purchase method. Therefore, it can be said that purchase of assets on market price can be better than the acquisition of asset on the basis of direct purchase method. 

The risk and return for an investment depends on the type of the investment and the characteristic of real estate investment. The real estate sector suffers from various risks associated with the business and macro-economic conditions of the same (Fatori? et al. 2017). Climatic conditions impact and its factors plays an important role when the assessment of the real estate is done as consumers would be happy to buy properties which are less prone to harsh weather conditions. The real estate sector suffers from various types of risks like the risk associated with investment, business risk, macro-economic risks, and other indirect risks, which can influence the condition of the real estate in the long-term like the climatic change conditions observed in the Australian Economy (Grant et al. 2015). The risk involved in the real estate has changed as the sector and the asset class is prone to different type of risks. The rising volatility in the asset class would make investment in the asset class difficult for the investors in terms of valuation and pricing of the same (Shearer et al. 2016). There are different software’s and statistical tools and software used by the companies for forecasting of the climatic changing condition in the various parts of the Australia. The rising sea level and the changing climatic conditions are the main type of risks associated with the real estate investment.

The largest cities of Australia do need to prepare for the extreme weather conditions where the predicted temperature is expected to rise up to 50C. The forecasting for the temperature in Australia and Sydney is expected to increase consistently in the upcoming years as the global climate changes consistently. 

The western suburbs of Sydney and Melbourne has also experienced a wide range of climatic change conditions which make the demand for the property vulnerable and directly correlated to weather condition of the property. In the area and subparts of Sydney’s CBD property prices in these areas have fallen drastically around 10-13% because of the volatile weather conditions and other macro factors of the economy (MSN 2018). The climatic weather condition for industrial located in the Eagle Farm and Acacia Ridge in Brisbane is such that the place is prone to severe storms, has stronger winds  which moves at 90km/hr. The climatic weather condition of the location was assessed in order to determine the effect of the same in the real estate prices. However severe prone weather conditions like high storm and strong wind make the business activities and operations for the Industries located difficult for their primary operations. Thus there should be proper assessment and evaluation of the same. 

The climatic weather condition for Newcastle has been quite good as the place is not prone to sever volatile weather conditions like high tides and unpleasant hot weather. The place receives a good amount of rainfall and the climatic conditions of the same is also favorable for the industrial located (Weatherzone.com.au 2018).

The commercial ways in which the risk assessment and risk management in the real estate could be done based on the above climatic risk factor evaluated is that there should be risk premium approach to be used while we value a real estate property. Insurance is the key tool for risk management in real estate industry while it is hard for the insurance companies also when the properties that are to be insured is highly subject to volatile and bad weather conditions where the chances of loss is more often. Volatile weather conditions and unstable climatic conditions make the cost of insurance high where consumers and investors have to shell out a huge amount of recurring fixed cost for the payment of insurance premiums that often turns out to be a cost escalation in the property (Childers et al. 2015). Proper assessment of the various type of risks associated with the property and real estate investment which is to be done needs to be properly evaluated so that the chances of loss gets minimized in that case. The investment companies should also use certain risk assessment tools while analyzing the different scenario in the real estate sector due to several key factor changes. Sensitivity Analysis, Scenario Analysis and Monte Carlo Simulation are some of the common forms of risk assessment tools that can be used for risk evaluation and assessment.

There should be proper due diligence structure that needs to be followed while the evaluation of such key factor evaluation like the risk assessment should be carefully analyzed based on the historical trend and the forecast for the same. The importance and the role of the several key factors that needs to be evaluated for the valuation purpose and the inclusion of the risk premium approach in the valuation would further help us determine the correct price of the real estate. The impact of the climatic change on the commercial and industrial property and the revenue affected by the same should also be analyzed with the key risk tools and factors mentioned in order to get the best forecast for the real estate property (Weatherzone.com.au 2018). 


Afolayan, A.S., 2017. Exploring Real Estate Investment Trust (REIT) as a housing finance option in Nigeria. Ethiopian Journal of Environmental Studies and Management, 10(1), pp.1-10.

Aizenman, J. and Jinjarak, Y., 2014. Real estate valuation, current account and credit growth patterns, before and after the 2008–9 crisis. Journal of International Money and Finance, 48, pp.249-270.

Akinsomi, O., Pahad, R., Nape, L. and Margolis, J., 2015. Geographic diversification issues in real estate markets in Africa. Journal of Real Estate Literature, 23(2), pp.259-295.

Arnold, T.R., Ling, D.C. and Naranjo, A., 2017. Waiting to Be Called: The Impact of Manager Discretion and Dry Powder on Private Equity Real Estate Returns. The Journal of Portfolio Management, 43(6), pp.23-43.

Bhuyan, R., Kuhle, J.L., Al-Deehani, T.M. and Mahmood, M., 2015. Portfolio Diversification Benefits Using Real Estate Investment Trusts–An Experiment with US Common Stocks, Equity Real Estate Investment Trusts, and Mortgage Real Estate Investment Trusts. International Journal of Economics and Financial Issues, 5(4), pp.922-928.

Black, L., Krainer, J. and Nichols, J., 2017. From origination to renegotiation: A comparison of portfolio and securitized commercial real estate loans. The Journal of Real Estate Finance and Economics, 55(1), pp.1-31.

Cartwright, S. and Cooper, C.L., 2014. Mergers and acquisitions: The human factor. Butterworth-Heinemann.

Childers, D.L., Cadenasso, M.L., Grove, J.M., Marshall, V., McGrath, B. and Pickett, S.T., 2015. An ecology for cities: A transformational nexus of design and ecology to advance climate change resilience and urban sustainability. Sustainability, 7(4), pp.3774-3791.

Crosby, N., Devaney, S., Lizieri, C. and McAllister, P., 2018. Can institutional investors bias real estate portfolio appraisals? Evidence from the market downturn. Journal of Business Ethics, 147(3), pp.651-667.

David J. Lynn, P. (2018). Real Estate Downturn of the Early ’90s Differs From Today’s Crash In Important Ways. [online] National Real Estate Investor. Available at: https://www.nreionline.com/finance-amp-investment/real-estate-downturn-early-90s-differs-today-s-crash-important-ways [Accessed 25 Oct. 2018].

Fatori?, S., Morén-Alegret, R., Niven, R.J. and Tan, G., 2017. Living with climate change risks: stakeholders’ employment and coastal relocation in mediterranean climate regions of Australia and Spain. Environment Systems and Decisions, 37(3), pp.276-288.

Glassman, R.M., 2017. The United States: The English Revolution Continues; Frontier Property and the Emergence of a Majority Middle Class. In The Origins of Democracy in Tribes, City-States and Nation-States (pp. 1683-1685). Springer, Cham.

Grant, B., Baldwin, C., Lieske, S.N. and Martin, K., 2015. Using participatory visual methods for information exchange about climate risk in canal estate communities. Australian Journal of Maritime & Ocean Affairs, 7(1), pp.23-37.

Hathway, S., 2015. Backlash against Shorten’s private school gaffe. Green Left Weekly, (1073), p.3.

Joyeux, R. and Milunovich, G., 2015. Speculative bubbles, financial crises and convergence in global real estate investment trusts. Applied Economics, 47(27), pp.2878-2898.

Kobayashi, M., Konishi, S. and Takeishi, T., 2017. The Reverse Mortgage Market in Japan and Its Challenges. Cityscape, 19(1), pp.99-118.

Kuhle, J.L. and Lin, E.C., 2018. Evaluating Real Estate Mutual Fund Performance Using The Morningstar Upside/Downside Capture Ratio. Global Journal of Business Research, 12(1), pp.15-22.

Mahlaka, R., 2017. Redefine properties: sticking by South Africa. Personal Finance Newsletter, 2017(438), pp.10-10.

MSN. (2018). The Sydney suburbs where house prices are set to plunge. [online] Available at: https://www.msn.com/en-au/money/homeandproperty/the-sydney-suburbs-where-house-prices-are-set-to-plunge/ar-AAyQ6YH [Accessed 25 Oct. 2018].

Parle, G., Joubert, M. and Laing, G.K., 2017. Measuring economic performance of Real Estate Developers in Australia:(A Longitudinal Study). Journal of New Business Ideas & Trends, 15(1).

Pham, Q.C., Liu, B. and Roca, E., 2015. The Mortgage Interest Rates and Cash Rate Cycle Relationship and International Funding Cost: Evidence in the Context of Australia (No. finance: 201504). Griffith University, Department of Accounting, Finance and Economics.

Reddy, W. and Wong, W., 2016. Australian interest rate movements and A-REITs performance: A sectoral analysis. In AsRES 21st International Conference (pp. 1-11). Asian Real Estate Society.

Shearer, H., Coiacetto, E., Dodson, J. and Taygfeld, P., 2016. How the structure of the Australian housing development industry influences climate change adaptation. Housing Studies, 31(7), pp.809-828.

Summerhayes, G., 2017, February. Australia’s new horizon: Climate change challenges and prudential risk. In Speech delivered at the Insurance Council of Australia Annual Forum, Sydney.

Trautwein, F., 2013. Merger motives and merger prescriptions. In Mergers & Acquisitions (pp. 14-26). Routledge.

van Loon, J. and Aalbers, M.B., 2017. How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors. European Planning Studies, 25(2), pp.221-240.

Weatherzone.com.au. (2018). Acacia Ridge weather – local weather forecast. [online] Available at: https://www.weatherzone.com.au/qld/brisbane/acacia-ridge [Accessed 25 Oct. 2018].

Westermann, S., Niblock, S. and Kortt, M., 2018. Corporate social responsibility and the performance of Australian REITs: a rolling regression approach. Journal of Asset Management, pp.1-13.

Williams, N., 2016. Bartlett v Australia & New Zealand Banking Group Ltd [2016] NSWCA 30 (7 March 2016). Adel. L. Rev., 37, p.571.

Wissoker, P., Fields, D., Weber, R. and Wyly, E., 2014. Rethinking real estate finance in the wake of a boom: a celebration of the twentieth anniversary of the publication of the double issue on property and finance in Environment and Planning A. Environment and Planning A, 46(12), pp.2787-2794.

Wong, A., 2017. Transnational real estate in Australia: new Chinese diaspora, media representation and urban transformation in Sydney’s Chinatown. International Journal of Housing Policy, 17(1), pp.97-119.

Yim, S., 2013. The acquisitiveness of youth: CEO age and acquisition behavior. Journal of financial economics, 108(1), pp.250-273.

Zheng, S., Cao, J., Kahn, M.E. and Sun, C., 2014. Real estate valuation and cross-boundary air pollution externalities: evidence from Chinese cities. The Journal of Real Estate Finance and Economics, 48(3), pp.398-414.