Instructor: Yu Zhou, Ph.D.

Office hours: Monday & Thursday 10:30-11:30am, or by walk in or appointment

E-mail: yuzhou@phbs.pku.edu.cn

Date: Monday & Thursday 8:30-10:20am

Location: all meetings at C102

Object student: economics and finance elective

Credits: 3

Teaching assistant: pending

 

 

Real estate has been attracting more and more attention. This course is designed for students, either of general real estate interest or who wish a deeper understanding of real estate investment, financing, and economics. The course presumes basic knowledge of real estate finance and economics at the undergraduate level, although some preliminaries might be casually covered at the first several lectures. The class will contain a mix of standard lectures, case discussions, and term project presentation in groups. Textbooks are recommended for reference purpose, but not required. Lecture notes and supplementary materials are distributed in class. Topics of high level to be covered include (subject to adjustment): financing residential properties (mortgage loan, refinancing, homeownership decision, underwriting, etc), financing income-producing properties (leases, rents, appraisal, land value, taxation, etc), financing land development project, and alternative real estate financing and investment instruments (second mortgage market, Fannie Mae and Freddie Mac, TEITs, etc). I will try to pair standard textbook materials with relevant current events and practices.

 

 

Real Estate Finance and Investment, 14th edition, by William Brueggeman & Jeffrey Fisher, McGraw-Hill/Irwin, 2010

 

 

There will be two homework assignments that should be done individually. You may discuss assignments in groups, but should write up your answers independently. Each time we find identical answer between several students, 10 points will be deduced from their final grades respectively.

 

 

 

 

 

Attendance checks: 5 (10%)

Homework assignments: 2 (10%), one before the midterm, the other between two exams.

Midterm, in class (30%) – date pending

Term project, in class presentation in groups (20%) – date pending 

Final exam (comprehensive), in class (30%) – date pending 

 

 

 

We use pkusz emails as our basic communication tool, but I will collect your personal email address as a backup. I expect everyone to check their e-mail at least daily. Frequently, time-sensitive announcement will be distributed via emails. Please be sure that you are on the distribution list for the class during the first 2 weeks of the course.

 

You fail the class if you plagiarize in your assignments or cheat in your exams/homework. Furthermore, the school discipline committee will be notified by the instructor of any such case. Most likely, penalty could be anywhere between misconduct recording and expel. Read the following link to make sure you fully understand what plagiarism is defined. If you still have question, feel free to stop by my office.