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\author{bangjy0310}
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  /Title (fina2382-real-estate-finance.pdf)
  /Creator (Cheatography)
  /Author (bangjy0310)
  /Subject (FINA2382 - Real Estate Finance Cheat Sheet)
}

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        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{FINA2382 - Real Estate Finance Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{bangjy0310} via \textcolor{DarkBackground}{\uline{cheatography.com/145001/cs/31192/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}bangjy0310 \\
  \uline{cheatography.com/bangjy0310} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 19th March, 2022.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{document}
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{asjhfjfh}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Bubbles and Crashes}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Bubble}} \{\{nl\}\} - asset prices move because they are expected to move \{\{nl\}\} - the price moves away from fundamentals based solely on expectations of further movements} \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Examples of Bubble}} \{\{nl\}\} - Japanese asset price bubble (1985-1991) \{\{nl\}\} - Dot-com bubble (1999-2000) \{\{nl\}\} - Post-crisis property market in HK} \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Why Do Bubbles Arise?}} \{\{nl\}\} - Shortage of store of value \{\{nl\}\} - Agents misbehave} \tn 
% Row Count 10 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Rational Bubble}} \{\{nl\}\} - Realise price is divorced from fundamentals, but believe that price rises will persist for some time, and that price growth will compensate for the risk \{\{nl\}\} - Irrational bubbles involve unrealistic expectations about asset's future prospects \{\{nl\}\} - If everyone knew that at period (T+j) that the bubble would burst, then no one would pay the bubble price at period (T+j-1); bubble unravels} \tn 
% Row Count 19 (+ 9)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Stochastic Rational Bubble}} \{\{nl\}\} - q x b`t+1` = (1+r)b`t` \{\{nl\}\} - b`t` = v`t` - v*} \tn 
% Row Count 21 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Affordable Property Price}} \{\{nl\}\} - Calculated based on a fraction of median household and other mortgage assumptions \{\{nl\}\} - b`t` = Actual price`t` - Affordable price`t` \{\{nl\}\} - mortgage rate = r} \tn 
% Row Count 25 (+ 4)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Stochastic Rational Bubble Implications}} \{\{nl\}\} - Commodities with close substitutes puts limits \{\{nl\}\} - r =\textless{} the growth rate of the economy} \tn 
% Row Count 28 (+ 3)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Effects of Bubbles}} \{\{nl\}\} - distortions in resource allocation \{\{nl\}\} - Financial collapses} \tn 
% Row Count 30 (+ 2)
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{asjhfjfh (cont)}}  \tn
% Row 9
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Nature of Property and Capital Market}}} \tn 
% Row Count 1 (+ 1)
% Row 10
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Prices of Houses}} \{\{nl\}\} - How many households wish to own the units \{\{nl\}\} - How many units are available for ownership \{\{nl\}\} - Demand to own real estate = Supply} \tn 
% Row Count 5 (+ 4)
% Row 11
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Supply of New Real Estates}} \{\{nl\}\} - Property price \textgreater{} Construction cost + Land (increase in supply, vice versa) \{\{nl\}\} - In the long run, property price = construction cost + land} \tn 
% Row Count 9 (+ 4)
% Row 12
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Rent affect Price}} \{\{nl\}\} - In the market for real estate use of space, demand comes from the occupiers of space} \tn 
% Row Count 12 (+ 3)
% Row 13
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Firm's Use of Space}} \{\{nl\}\} - Production technology \{\{nl\}\} - Output levels \{\{nl\}\} - Relative cost of space} \tn 
% Row Count 15 (+ 3)
% Row 14
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Household's Use of Space}} \{\{nl\}\} - Household income \{\{nl\}\} - Relative cost} \tn 
% Row Count 17 (+ 2)
% Row 15
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Rent}} \{\{nl\}\} - For tenants, rent is lease agreement \{\{nl\}\} - For owners, rent is the annualised cost associated with the ownership of property} \tn 
% Row Count 20 (+ 3)
% Row 16
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Rent Determination}} \{\{nl\}\} - Determined in the 'property market' for space use, not in the 'asset market' for ownership} \tn 
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% Row 17
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Four-Quadrant Framework}}} \tn 
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% Row 18
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\mymulticolumn{1}{x{5.377cm}}{{\emph{Quadrant 1: Property Market for Rent Determination}} \{\{nl\}\} - D(R, Economy) = S \{\{nl\}\} - If the economy changes, then the entire curve shifts \{\{nl\}\} - Inelastic demand; demand curve is nearly vertical \{\{nl\}\} - Elastic demand; demand curve is more horizontal} \tn 
% Row Count 30 (+ 6)
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\vfill
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{asjhfjfh (cont)}}  \tn
% Row 19
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\mymulticolumn{1}{x{5.377cm}}{{\emph{Quadrant 2: Asset Market for Valuation}} \{\{n\}\} - P = R/i \{\{nl\}\} - i = capitalisation rate = R/P = slope of the valuation curve = represents the current yield to hold real estate assets} \tn 
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% Row 20
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Components of Capitalisation Rate}} \{\{nl\}\} - Long term interest rate \{\{nl\}\} - Expected growth in rent \{\{nl\}\} - Risks with rental stream \{\{nl\}\} - Tax \{\{nl\}\} - Exogenous} \tn 
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% Row 21
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Quadrant 3: Asset Market for Construction}} \{\{nl\}\} - P = f(C) \{\{nl\}\} - f(C) = replacement cost \{\{nl\}\} - Greater building activity increases the replacement cost \{\{nl\}\} Same cost at any level; vertical curve \{\{nl\}\} - Inelastic supply; horizontal curve} \tn 
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% Row 22
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Quadrant 4: Property Market for Stock Adjustment}} \{\{nl\}\} = change in S = C - delta x S \{\{nl\}\} - S = C/delta} \tn 
% Row Count 16 (+ 3)
% Row 23
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Equilibrium and Disequilibrium}}} \tn 
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% Row 24
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\mymulticolumn{1}{x{5.377cm}}{{\emph{Equilibrium}} \{\{nl\}\} - The property and asset markets are in equilibrium with each other when the starting and finishing levels of stock are the same} \tn 
% Row Count 20 (+ 3)
% Row 25
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Disequilibrium}} \{\{nl\}\} - If the starting stock is less than the finishing stock, the rents, prices, and construction must decrease to be in equilibrium, vice versa} \tn 
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% Row 26
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Effects of Exogenous Shock}} \{\{nl\}\} - An increase in demand for space; Increases in R, P, C, and S \{\{nl\}\} - A decrease in capitalisation rate; increase in P, C, S and decrease in R \{\{nl\}\} - An increase in construction costs; decrease in C, S and increase in R, P} \tn 
% Row Count 30 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Real Estate Market Analysis}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Stock Market, Property Market, Inflation}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Major Sectors in Hang Seng Index Market Composition}} \{\{nl\}\} -Financials (22.66\%) \{\{nl\}\} - Info Tech (25.09\%) \{\{nl\}\} - Properties \& Construction (14.21\%) \{\{nl\}\} - Consumer Goods (10.83\%)} \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Correlation Coefficients}} \{\{nl\}\} - HS Index \& Properties (0.895) \{\{nl\}\} - HS Index \& Finance (0.957) \{\{nl\}\} - HS Index \& Utilities (0.556) \{\{nl\}\} - HS Index \& ComInd (0.932)} \tn 
% Row Count 9 (+ 4)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Expected Portfolio Return}} \{\{nl\}\} Rp = wA × RA + wB × RB \{\{nl\}\} E Rp = wA × E RA + wB × E RB ; wA + wB = 1} \tn 
% Row Count 12 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Portfolio Variance}} \{\{nl\}\} σp 2 = (wAσA)  2+(wBσB)  2+2ρAB wBσB wAσA \{\{nl\}\}} \tn 
% Row Count 14 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Optimal Portfolio}} \{\{nl\}\} - Sharpe ratio, Rp − rf / σp  = 5.21\% − 0.6\% / 16.17\%  = 0.285} \tn 
% Row Count 16 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Consumer Price Index}} \{\{nl\}\} Real Estate investment as a hedge against inflation \{\{nl\}\} - Based on return, property is a good hedge against inflation \{\{nl\}\} - Based on volatility, real estate more volatile than CPI, long-term hedge against inflation, not short-term hedge} \tn 
% Row Count 22 (+ 6)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Residential Real Estate}} \{\{nl\}\} - Not public, under I not C} \tn 
% Row Count 24 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Macroeconomy and Property Market}}} \tn 
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% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Stock Market, Property Price and Rental}} \{\{nl\}\} Financial Events \{\{nl\}\} - Anti-speculative measures (1995) \{\{nl\}\} - Handover (1997) \{\{nl\}\} - Asia Financial Crisis (1997-1999) \{\{nl\}\} - Recession (1997-2002) \{\{nl\}\} - SARS (2003) \{\{nl\}\} - Recovery (2004) \{\{nl\}\} - Global Financial Crisis (2008) \{\{nl\}\} Lead-lag Relationship \{\{nl\}\} - Stock \{\{nl\}\} - Property Price \{\{nl\}\} - Rent \{\{nl\}\} Correlation Coefficients \{\{nl\}\} - HSI \& Price (0.47) \{\{nl\}\} - HSI \& Rent (0.38)} \tn 
% Row Count 35 (+ 10)
\end{tabularx}
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\vfill
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Real Estate Market Analysis (cont)}}  \tn
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{GDP and Property Price Indices}} \{\{nl\}\} Coefficient Correlation \{\{nl\}\} - GDP \& ABC (0.66) \{\{nl\}\} - GDP \& DE (0.63) \{\{nl\}\} - GDP \& All (0.66) \{\{nl\}\} Real GDP = Production} \tn 
% Row Count 4 (+ 4)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Capital Inflows During the Financial Crisis}} \{\{nl\}\} Causes of Fund Inflows \{\{nl\}\} - Quantitative easing led to abundant liquidity and increased risk appetite \{\{nl\}\} - Weak US dollar and near-zero interest rates fuel carry trade in emerging market \{\{nl\}\} - 100\% Deposit Guarantee by HKBS until end of 2010; safe haven \{\{nl\}\} - Active property market since the beginning of 2009 \{\{nl\}\} Potential Risks \{\{nl\}\} - Inflationary pressures \{\{nl\}\} - Asset-price bubbles} \tn 
% Row Count 14 (+ 10)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Real Estate Market Activities and Bubbles}}} \tn 
% Row Count 15 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Rental Yield}} \{\{nl\}\} Rental yield = Annual rent / Current Price \{\{nl\}\} - the lower the rental yield, the higher the property price} \tn 
% Row Count 18 (+ 3)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Mainland Visitors and Private Retail}} \{\{nl\}\} - Increase in Mainland visitors boost retail business} \tn 
% Row Count 20 (+ 2)
% Row 15
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Vacancy Rate and GDP Growth}} \{\{nl\}\} Correlation Coefficient \{\{nl\}\} - GDP \& A (-0.48) \{\{nl\}\} - GDP \& C (-0.61) \{\{nl\}\} - GDP \& E (-0.47)} \tn 
% Row Count 23 (+ 3)
% Row 16
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Price Index Trend}} \{\{nl\}\} - Private Domestic Price Index \{\{nl\}\} - Rental Index \{\{nl\}\} - Prices and rents have returned to pre-crisis levels \{\{nl\}\} - Price above rental index because of decreased land supply and increased liquidity} \tn 
% Row Count 28 (+ 5)
% Row 17
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Property Market Trend HKMA Framework}} \{\{nl\}\} - Real property prices; deflating the nominal property price index by the CPI \{\{nl\}\} - Real new mortgages; total amount of new mortgages, deflating the nominal values by the CPI \{\{nl\}\} - Transaction volume; Sales and purchase agreements \{\{nl\}\} - Income leverage; Ratio of debt payment to HH income \{\{nl\}\} - Buy Rent Gap; Mortgage payment to rent ratio, high when speculative or strong property ownership \{\{nl\}\} - Confirmor transactions; buyer resells to sub-purchaser before the legal completion of the original sale} \tn 
% Row Count 40 (+ 12)
\end{tabularx}
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\vfill
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Real Estate Market Analysis (cont)}}  \tn
% Row 18
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Wealth Effect of Real Estate on Consumption}} \{\{nl\}\} - Increase in wealth effect boost consumption \{\{nl\}\} declines in asset prices might have only limited impact on local consumers \{\{nl\}\} - Multiplier effect; wealth effect could lead to decrease in investment, fall in GDP, falling income, shrink in consumption} \tn 
% Row Count 7 (+ 7)
% Row 19
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Supply and Demand Conditions}}} \tn 
% Row Count 8 (+ 1)
% Row 20
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Household Formation}} \{\{nl\}\} - Dynamics of population pool \{\{nl\}\} - Lifestyle and economic situation \{\{nl\}\} - No of new HH \{\{nl\}\} - Ave HH size} \tn 
% Row Count 11 (+ 3)
% Row 21
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Household Income}} \{\{nl\}\} Importance of ownership \{\{nl\}\} - Homeowners tend to be more economically productive, boost economy and property price, vice versa} \tn 
% Row Count 15 (+ 4)
% Row 22
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Supply for Shelter}} \{\{nl\}\} - Decrease in supply when the price index and rental index is decreasing} \tn 
% Row Count 17 (+ 2)
% Row 23
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Vacancy}} \{\{nl\}\} - Vacancy \textasciicircum{}t\textasciicircum{} = Vacancy \textasciicircum{}t-1\textasciicircum{} + Completion \textasciicircum{}t\textasciicircum{} - Take up \textasciicircum{}t\textasciicircum{} - Depreciation} \tn 
% Row Count 19 (+ 2)
% Row 24
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Affordability Issues}}} \tn 
% Row Count 20 (+ 1)
% Row 25
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Affordability Index}} \{\{nl\}\} - Median HH income / Average monthly mortgage payment \{\{nl\}\} - Bank mortgage lending policy; HH income \textgreater{} 2x or 3x Mortgage payment \{\{nl\}\} - AI \textless{} 2, low affordability \{\{nl\}\} - AI \textless{} 1, unaffordable} \tn 
% Row Count 25 (+ 5)
% Row 26
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Problems of Affordability Index}} \{\{nl\}\} - HH income may not be the only source of income, like personal savings and investments \{\{nl\}\} - Mortgage payment consists of principle and interest, compare interest with rent \{\{nl\}\} - HH income only reflects local affordability not overseas} \tn 
% Row Count 31 (+ 6)
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Real Estate Market Analysis (cont)}}  \tn
% Row 27
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\emph{Rise and Fall of Property Price}} \{\{nl\}\} - Too high; affordability issue \{\{nl\}\} - Too low; banks unwilling to lend (deteriorating L/V ratio), high interest rate, increase in default rate to cut loss} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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% That's all folks
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