A Preliminary Study of REITs Prototypes on Commercial Real Estate Renewal Projects

• Main Authors: Hung,Ming-Shao, 洪銘劭
• Other Authors: Chen,Tien-Yu
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/76026908726053419673

碩士 === 中華大學 === 建築與都市計劃學系(所) === 96 === Cities grow and deteriorate with life cycle. When growing into maturity, cities may be on the verge of stagnation or even deterioration. The mechanisms to trigger urban redevelopment, with emphasis on reconstruction, to enhance the competence of cities are incorporated with the motives and goals of this thesis. In Taiwan, the cause and effect of urban renewal was restricted by time periods of law enforcement, which can be staged by Urban Planning Law in 1973 with “Article of Old Cities” and Urban Redevelopment Article (URA) in 1998. Within that “investment trust” and “real estate investment trusts” (REITs) of URA are introduced to enhance the real estate markets, which are commonly expected by the developers and the public. This thesis is therefore meant to plot the essence and change of legal aspects on urban redevelopment, analyze the essence and problems of REITs, and propose the strategies for urban reconstruction on investment sides. In addition, for better understanding of mutual interaction between commercial estate projects and REITs, this thesis introduces an image mechanism with six decision processes to incorporate the prototypes of development patterns and capital raise, which is meant to propose an optimal commercial real estate development patterns. And the last, the fuzzy Delphi is applied as well for prototype analysis, followed by general interviews with the panel with expertise and experiences in real estate and financial market. The findings of this article indicate that cooperation with the developers, the REITs mechanism, the system of privileges exchange of the interested groups, the enforcement team with strong reputation and financing backgrounds are much preferred. The solid backup of a financing corporation with real-time mortgage on the developer is the effective tool to consolidate urban environment quality, which makes the urban commercial reconstruction projects more competitive and profitable.