“This book is a comprehensive and insightful overview of international
real estate focusing on three of the BRICs: China, India and Brazil. I
was pleasantly surprised to find useful market data and industry
profiles for each of the countries that were very consistent with my
first hand experience. The book has a wealth of information for the real
estate investment analyst and practitioner and will be very useful to
those seeking guidance on what to expect in emerging markets.”
-Joseph F. Azrack, Managing Partner, Real Estate, Apollo Global Management
“David Lynn has set the bar with respect to real estate investment in
the most compelling emerging markets. Lynn provides a framework for
thinking about highly dynamic markets characterized by youthful
populations, extraordinary demand, capital inefficiency and, most
importantly, aspiration. This book will enlighten institutional
investors and entrepreneurs alike. I look forward to another work by
David Lynn addressing the frontier markets.”
-Gary R. Garrabrant, CEO & Co-Founder, Equity International
Focusing primarily on private equity real estate investment in China,
India, and Brazil this reliable resource develops a general approach
to commercial real estate investment in emerging markets, and
illustrates some common strategies and analytical methods that can be
implemented within this arena.
Written with both institutional and private investors in mind,
Emerging Market Real Estate Investment will put you in a
better position to excel in emerging real estate markets.
Praise for Emerging Market Real Estate Investment:
“Emerging Market Real Estate Investment is written with a top
down strategic orientation. It presents an excellent overview for US
institutional investors planning to invest in offshore real estate in
general and emerging markets and China, India and Brazil specifically.
It covers all the key points my firm had to address before investing
in China. I wish it had been available then.”
-Robert H. Zerbst, Former Chairman & CEO, CB Richard Ellis Investors
“This book does for international real estate what Samuelson's
primary Economics text did for economics students-it finally
provides a new discipline with its first Bible. As cross-border real
estate capital flows are on the rise, and investors increasingly seek
compelling risk-adjusted returns in emerging markets, this book
couldn't have come at a better time in the market cycle. It is rich in
content and filled with practical insights”
-Kenneth A. Munkacy, Senior Managing Director, GID International
Group/GID Investment Advisers, LLC
“With American real estate in the doldrums, more investors will be
looking abroad. David and Tim's analysis of international real estate
investment, focused on three of the world's most dynamic economies,
provides exceptionally detailed knowledge concerning what real estate
markets are really like in China, India, and Brazil. It is essential
reading for investors considering those markets.”
-Anthony Downs, Senior Fellow, the Brookings Institution
“David Lynn and Tim Wang have written the 'must read' book for all
real estate investors in emerging Brazil, China and India. They
comprehensively cover the landscape of issues-economic, policy, legal,
markets, sectors, entry, exit and strategies. Of noted value is their
sanguine assessment of the risks and opportunities of alternative
strategies in each country. The first outlay for all should be their book.”
-Dr. Raymond G Torto, CRE, Global Chief Economist, CB Richard Ellis
"Emerging Market Real Estate Investment is a powerful
tool for those engaged in foreign investment generally, as well as in
China, India and Brazil in particular. It combines a broad general
view of competitive strategy with local detail on costs and legal
aspects. The book is an intelligent and practical guide to foreign
real estate investment."
-Bowen H. McCoy, CRE, Formerly Partner and Managing Director,
Morgan Stanley
DAVID J. LYNN, PhD, is an institutional real
estate investor, strategist, and portfolio manager with extensive
experience in national and international markets. Currently, he is
Managing Director, Head of the Research and Investment Strategy Group,
and Generalist Portfolio Manager at ING Clarion Partners. In this
capacity, he directs the firm's strategic and tactical investment
decisions regarding investment portfolios. He is also a member of the
Investment and Operating Committees, where he makes decisions on
billions of dollars of new investments, portfolios, fund strategies,
and dispositions. Lynn's theoretical work has yielded new approaches
and analytical techniques in the areas of active portfolio management,
market forecasting, financial distress, and emerging markets. He has
published widely on the subjects of real estate investment,
development, economics, and land use. Lynn has written or coauthored
over seventy articles, internal investment and strategy papers, and
three major books, including Active Private Equity Real Estate
Strategy. He writes a highly regarded column called “Capital
Trends” in National Real Estate Investor magazine and is
frequently cited in the media for his views on the economy and the
real estate industry. Lynn earned his PhD in financial economics from
the London School of Economics, where he also earned a master of
science specializing in finance. He holds an MBA from MIT's Sloan
School of Management.
TIM WANG, PhD, is Senior Vice-President and Senior Investment
Strategist with the Research and Investment Strategy Group at ING
Clarion Partners. Dr. Wang joined ING Clarion Partners in 2006 and has
authored more than fifty internal and external real estate investment
strategy and market research articles and book chapters. He is a
frequent speaker at industrial conferences. Tim holds an MBA from New
York University and a PhD from the University of Georgia.
