M. A. Hines - Investing in International Real Estate

Cover

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INVESTING IN INTERNATIONAL REAL ESTATE

M. A. Hines

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Library of Congress Cataloging-in-Publication Data

Hines, Mary Alice.
Investing in international real estate / M.A. Hines.
p. cm.
Includes bibliographical references and index.
ISBN 1567203752 (alk. paper)
1. Real estate investment. 2. Investments, foreign. I. Title.
HD1382.5.H556 2001
332.6324dc21 00028002

British Library Cataloguing in Publication Data is available.

Copyright 2001 by M. A. Hines

All rights reserved. No portion of this book may be reproduced, by any process or technique, without the express written consent of the publisher.

Library of Congress Catalog Card Number: 00028002
ISBN: 1567203752

First published in 2001

Quorum Books, 88 Post Road West, Westport, CT 06881
An imprint of Greenwood Publishing Group, Inc.
www.quorumbooks.com

Printed in the United States of America

The paper used in this book complies with the Permanent Paper Standard issued by the National Information Standards Organization (Z39.481984).

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Copyright Acknowledgments

The author and publisher are grateful for permission to reproduce portions of the following copyrighted material:

Appendix 2-1, Evaluating an Income Property, by Professor Wayne E. Etter, Real Estate Center, Texas A&M University. Reproduced with permission.

Exhibit 8-1, Foreign Entities Always Classified as Corporations, Exhibit 8-2, Five Planning Steps for U.S. Investors for a Foreign Real Estate Investment, and Exhibit 8-3, Some Basic Tax Regulations for Selected Countries, from Stanley G. Sherwood, U.S. and Foreign Tax Aspects of Investment in Non-U.S. Real Estate, Taxation of International Real Estate Investments, paper delivered at an Insight conference held on October 1920, 1998 (Toronto, Canada: Insight Press, 1998), 263368, 4246, 331366. Reproduced with permission.

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Investing in International Real Estate is designed for use by academics and professionals of many kinds. Among them are prospective and current real estate investors who are interested in profiting from international real estate; college and university students who are interested in global real estate; professional finance and real estate people who are interested in employment related to international real estate; professional finance and real estate people who are already working in positions related to international real estate and want to advance to more profitable areas of global real estate service and to higher management positionslenders, real estate appraisers, commercial real estate brokers and salespersons, investment bankers, accountants, attorneys/solicitors, real estate financial advisers, real estate consultants, and real estate analysts; academic and professional researchers who are turning from domestic real estate analysis to global real estate analysis, and other people who are interested in the various areas of international business that includes global real estate.

This timely, comprehensive international real estate investment book is based on international real estate travel research, secondary literature searches by library computer data banks and follow-up literature analysis, real estate research literature from international real estate service companies located worldwide acquired in global travel, search of the World Wide Web, and university graduate and undergraduate student contributions in classroom work. The author has traveled worldwide on real estate research since 1983, partially funded by the Clarence W. King Endowed Professorship in Real Estate and Finance at the Washburn University School of Business. The Professional Development Account associated with the Clarence W. King Endowed Professorship plus various Washburn University research grants over the years since 1983 have also funded

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much of the needed worldwide research for the authors other international business books and monographs, of which 40 have been published to date.

Many people worldwide have contributed to this book. The author is greatly indebted to many company and trade association executives, university professors, reference librarians, authors of earlier related articles, books, and monographs, and the administration of Washburn University of Topeka, Kansas, and its School of Business. The following people from London have contributed material for the book: Stephen H. R. Musgrave and Mark Preston from Grosvenor Estate Holdings, Richard Barkham and Peter Reddick from CB Hillier Parker, Peter Evans and Nick Barnes from DTZ Debenham Thorpe, John A. Strachan and Patrick Going of Healey & Baker, and Peter Caroe of Knight Frank. Additional people from London include Gillian Westall of Jones Lang LaSalle and Angus McIntosh of Richard Ellis St. Quintin. H. Mark D. Norton of Berkshire, England, has graciously assisted with many international research efforts from his office in Paris, his earlier office location. Other Paris-located contributors include Bruno de Chazeaux of Knight Frank, Victoria Marquis and Bill Beauclerk of Jones Lang LaSalle, and Yann E. Miolini of CB Richard Ellis. Dick deBoeckert of Grosvenor Estate Holdings contributed to an earlier volume before his recent retirement.