This course aims at enhancing knowledge on real estate investment and financing. Topics on real estate investments include investment and risk analysis, income property valuation and alternative real estate investment vehicles, such as real estate investment trust (REIT) and mortgage-backed securities. Topics on real estate finance include an introduction of mortgage markets, residential mortgage analysis (including Mortgage Pricing, Underwriting, Prepayments and Refinancing) and different types of home mortgage tools. An overview of the Macao Real Estate Markets, with particular emphasis on its development, transaction costs and transaction procedure, will be presented.

CILO-1: Distinguish alternative types of mortgage loans and evaluate the current mortgage market conditions in Hong Kong and Macao. CILO-2: Employ different valuation methods to estimate the market value of residential properties and ground-floor shops. CILO-3: Explain the relationship between financial markets and real estate markets and learn how exogenous factors affect real estate prices, construction activities and total housing supplies. CILO-4: Explain how securitization of residential mortgage satisfies varying investor demands and how mortgage related securities are valued. CILO-5: Analyze and evaluate an investment opportunity in real estate markets.