Commercial Real Estate Industry Analysis

Commercial Real Estate Industry
William (Jason) Ceglarz, Chris Chen, Neel Patel,
Marc Rasmussen, Matt Stewart, Edrin Shamtob

Key Findings
• Commercial real estate accounts for 78.4% of the world’s GDP and is projected to grow 2% per year for the
next 5 years.
• Global commercial real estate market is closely tied to the global macroeconomic environment and key
drivers are access to capital, unemployment and access to labor. Prices in the real estate industry are largely
influenced by available supply and demand.
• Real estate is highly concentrated in the top 15 countries but within each country competition is decentralized
and fragmented.
• Cross border commercial real estate investment is slowly growing but the the majority of investment is still
driven by domestic investors.
• The multiplier effect of commercial real estate is significant as seen in the U.S. with $787 billion contributing
to $2.27 trillion in GDP.
• Significant cultural, administrative, geographic and economic restraints prevent the globalization of real
estate. Demand variability across countries further promotes localization of the commercial real estate
industry.
• China’s high economic growth and urbanization has led to fast growth but oversupply has started to cool the
the industry as a whole.
• The Chinese commercial real estate is a fairly attractive industry but government controls, high capital
requirements over supply, increasing labor cost, rising commodity costs, and uncertain interest rates are
issues facing firms in China.
• Successful commercial real estate companies such as Kerry Properties, Simon Property Group and Unibail-
Rodamco have a defined focus and vertical integration throughout the value chain.

Overview of the global commercial real estate market
The Global Commercial Real Estate industry accounts for approximately 78.4% of world GDP. There are many
different sectors which include brokerage, asset management, research and analytics, consulting, valuation,
appraisal, construction and facilities management. 1
1. Data. IBIS World, Global Commercial Real Estate. Web. October 2012. http://clients1.ibisworld.com.libproxy.usc.edu/reports/gl/industry/default.aspx?entid=1866
As seen above, the majority of real estate investment is constrained to the developed countries due to the high
level of capital needed for investment (the top 3 regions account for 84.9% of total industry revenue). The
distribution of property types is more evenly distributed, but still skewed towards property types with greater
initial capital requirements, such as Office and Retail.

Drivers of the global commercial real estate market
Finance
• The industry relies on the capital markets to provide financing
for building, renovations, purchases, etc. The more stringent
lenders are and the higher the prevailing interests, the less
profitable the industry.1
Industry
• The demand for real estate is tied to the global macro
environment. When the economy has low / negative growth
companies are less likely to expand operations and the
demand for properties decrease. As seen in the chart to the
right, rents tend to decrease in such an environment.1
Labor
• Economic employment directly affects real estate valuations.
High unemployment implies that businesses do not need as
much office space. It also infers that the general population
has fewer funds at his/ her disposal so residential, retail, and
industrial prices will be suppressed. 1
High Vacancy/ Overdevelopment
• During economic booms, real estate development
companies tend to over-build, which leads to excess
capacity and compresses rents/ prices of real estate. 1,2
2. Pitzner, Abigail. Global Market Overview Q32012. Rep. N.p.: CBRE Global Research and Consulting,. Web. www.cbre.com .
The global commercial real estate market is very cyclical and ebbs and flows with the world economy. The
industry saw negative annualized growth of (2.8%) for the 5 years ending in 2012 to $5.2 trillion in revenue.1 The
following items are the key drivers that affect the global commercial real estate market:

Industry is concentrated within large countries but business
power is decentralized
Commercial real estate is a capital intensive and as a result it is concentrated in countries with large GDP. U.S. has
the largest asset base of institutional grade commercial real estate but still only has market share of 25%. Capital
intensity also creates a fragmented and highly decentralized industry as seen in the U.S where the 10 largest REIT
are less than 3% of total commercial real estate assets. Furthermore, according to OECD data and IBISWorld
estimates, non-employers or self-owned firms are estimated to total approximately 29.3% of all commercial real
estate related firms in 2012. 1
-
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
7,000.00
U.S.
Japan
China
Germany
U.K.
France
Italy
Brazil
Canada
Spain
Australia
Russia
Other
AssetsUnderManagement($b)
Institutional Grade Commercial AUM3
0 10 20 30 40 50
Avalon Bay
Boston Properties
Vornado
ProLogis
Health Care REIT
Equity Residential
Ventas
HCP Inc
Public Storage
Simon Prop. Group
Market Cap ($b)
10 Largest U.S. REITs4
3. Fiorila, Kapas, Liang. “A Bird’s Eye View of Global Real Estate Markets: 2012 Update” Prudential Real Estate Advisors, 2012
4. Data. Google Finance. Market Capitalization Values. March 28, 2013

Commercial real estate investment is localized
Real estate is driven by capital. Jones, Lang & LaSalle (JLL) processed $136b of cross border real estate
transactions in 20121. However, capital investment in real estate still remains regionally & domestically driven in
most of the major global markets, especially in the Asia Pacific region.
JLL 2012 Cross Border Capital Flow5 CBRE Asia Pacific Investor Origin6
5. “Global Market Perspectives” Jones Lang & LaSalle, First Quarter 2013
6. “Marketview: Asia Pacific Capital Markets” CBRE Global Research & Consultin, Q4 2012

Economic link between GDP & Commercial Real Estate
• In 2011, U.S. commercial real estate construction
investments were $787 billion. The spending on
construction accounted for the following:
– Contributed $2.27 trillion towards GDP
– Supported 17.2m jobs
– Generated $677 billion in personal earnings
• The significant job opportunities and multiplier
effects of real estate investment drive domestic
favoritism.
– Government concession are often given to
domestic companies who have a reputation,
relationship and connection with the local
markets.
– Local knowledge of the development process
and political procedures further promotes
local opportunities for commercial real
estate
Sample Effect of Commercial Real Estate
Construction in U.S.7
7. Fuller, Steven. “How Office, Industrial and Retail Development and Construction Contributed to the U.S. Economy in 2011” NAIOP Research
Foundation. May 2012

Demand variability across countries & cities
Demand for commercial property types varies across regions, countries and even cities. The variability of demand
further increases the need to have a local understanding and presence in each market. The charts below outline
the variable market demand across cities for office properties.
Office – Q4 12 Major City Capital Clock5
Office – Q4 12 Major City Rental Clock5

Significant factors influencing localization of real estate
The largest commercial real estate company in the world, Mutsui Fudosan, holds 0.3% market share. Cultural,
administrative, geographic and economic differences between regions are significant. Real estate is highly
intertwined with the local community and thus requires in-depth local knowledge.1
Cultural
Acceptable social expectations can impact the design of a building while language barriers
can impede communication with tenants. IBISWorld notes that excellent customer relations
is a key for success in the industry and understanding local cultures is necessary.
Administrative
Development approval, government inspections, tax breaks, interest rates can vary greatly
across countries. China for example has no entitlement process where the U.S. has a long
and complex process. Furthermore, the absence of major institutional agencies and controls
can further complicate the process between countries.
Geographic
Geography plays an important role in the layout of a city/country. Supply is primarily
dictated by land access and size of the country. Furthermore, it is extremely difficult to
inspect and manage properties over large areas.
Economic
Economic impacts are significant for real estate. Demand and pricing for rents will be driven
by the GDP levels of the country. Furthermore, access to labor and natural resources drives
construction costs when adding additional commercial property supply.

Where is the commercial real estate market going in the
future?
8. Global Market Outlook, Trends in Real Estate Private Equity. Rep. Ernst & Young, 2012. Web.
<http://www.ey.com/Publication/vwLUAssets/Trends_in_real_estate_private_equity/$FILE/Trends_in_real_estate_private_equity.pdf>.
3. Fiorilla, Paul, Manidipia Kapas, CFA, and Youguo Kiang, Phd, CFA. Bird's Eye View of Global Real Estate Markets: 2012 Update. Rep. N.p.: Prudential Real Estate Investors, n.d. Print
The global real estate market was hit particularly hard during the recession but it is stating to reverse its course.
Industry growth is projected in the 2% range over the 5 years ending in 2017 and should primarily come from the
Emerging markets as the financial infrastructure in the countries become more developed.1
• US / European growth: As US and European economies pullout of the
recession and pre-built out vacancy is eliminated the industry will
strengthen. However, the timeline is unclear as austerity measures are
still holding back Europe and it is unclear what will be the long-term
consequences of the US’s continual budget deficits. 1
• Work place trends: A continued move towards telecommuting,
teleconferencing, home offices , and internet shopping may limit the
need for some commercial real estate. 1
• Financing: In the wake of the global recession, many banks tightened
their lending standards making qualifications for a loan more difficult.8
• Asian growth: If the financial markets in the Asian markets do not
develop as quickly as expected, the access to capital would potentially
hinder development.5
Even though the global real estate market shows signs of growth there are still many risks to be cognizant of:
3

• From 2005 through 2012, new commercial floor space under construction averaged around 17% annual growth as
real estate became the single most salient driver of domestic demand.
• As prices and GDP rose at a greater pace than incomes, the government was forced to impose draconian controls,
choking off demand.
• The reduction of state-owned enterprises has increased competition for commercial real estate across the country;
however, government controls and regulations are still prevelant.
The Effect: Oversupply has left China’s cities ringed with empty suburbs and skylines littered with half-finished tower
blocks. New floor space under construction shrank 12.7% year-over-year in the first ten months of 2012
30. http://graphics.wsj.com/documents/ECONTRACKER_CHINA/index.php#ind=houseprice
Historical growth in China has been strong but may slow going
forward

China’s commercial real estate industry is moderately attractive
The fast pace growth of China’s commercial real estate market is highly attractive. There is no major force that
adversely impacts competitors in this industry. The largest concern is the power of the government to drastically
change the landscape of the industry in the future.
Rivalry (Moderate)19
> High degree of competition on
land development rights, brand
development, and aftersales
services.
> Quality key competitive
advantage, easily replicated.
> High competition for large
development projects.
> Price competition limited by
macroeconomic conditions
Barriers to Entry (Moderate)19
> Large capital requirements
> Restrictive loan policies for small
companies
> Government regulations costly and
limit access to properties/land
> Reputation important to secure
transaction requirements
> High growth increasing demand
> High exit barriers for property
owners
Buyer Power (Moderate)19
> Renters for property have limited
bargaining power
> High switching costs for leases or
ownership.
> Power of broker limited by intense
competition & low concentration
> Low purchasing power from Chinese
citizens
> Demand much greater than supply
increasing price competition
Threat of Substitutes (Low)19
> Non-tangible permanent substitutes
- such work from home
- video conferencing
- e-commerce, and
> Above substitutes may limit or shift
demand but not eliminate need for
real estate.
Supplier Power (Low)19
> The Building construction industry is
highly fragmented
> Communist government controls
supplier power
-Land sales
-Capital allocation
> Potential backward integration and
high fragmentation limits power
> Building materials primarily dictated
by commodities market
19. Data. IBIS World, Commercial Real Estate in China. Web. October 2012

Factor Conditions
Cheap labor- Small number of employees required
on average. Low personal income levels. Cheap
labor. 11
Standardized technology- Not far advanced,
however, it is standardized and large firms can take
advantage by using uniform, commercialized
systems. 11
Government policies- Expected to increase real
estate supply levels by providing more land supplies
by issuing stricter macro-control policies to restrain
soaring real estate prices. 11
High growth is fueling the demand for real estate
Demand Conditions
Low investment abroad-Only 7.4% of real estate
companies are investing abroad; however, the amt of
funds invested is increasing year over year. 11
Expansion- The first tier cities are built out and the
second tier cities are still expanding.11/12
Per capita income- Incomes are trending higher
which will provide more disposable income. 11
Related and Supporting Industries
Capital providers- Debt markets are
underdeveloped and the CBOC is raising interest
rates. 9
Construction- Well developed Industry that has been
growing at an annualized rate of 22.1% and
accounted for approximately 25% of China’s GDP in
2011. 10
Raw materials- China externally source the majority
of its raw materials.
Firm Strategy, Structure, & Rivalry
Rivalry- High due a fragmented industry made up of
smaller firms, which leads to fierce competition.11
Structure and Strategy- Historically, the smaller
firms have been able to make decisions quicker than
the larger conglomerates focus more on quick turn-
around projects.11
9. Wassener, Bettina. "China Raises Rates Again in an Effort to Slow Inflation." The New York Times. The New York Times, 07 July 2011. Web. 01 Apr. 2013.
10. "China's Trillion-Dollar Construction Industry Boosted by Increased Government Housing." China's Trillion-Dollar Construction Industry Boosted by Increased
Government Housing. N.p., n.d. Web. 01 Apr. 2013.
11. Commercial Real Estate in China. Rep. IBISWorld, Oct.-Nov. 2012. Web. 01 Apr. 2013.
12. "Urban Population Growth (annual %) in China." Urban Population Growth (annual %) in China. N.p., n.d. Web. 01 Apr. 2013.

Institutional Voids Analysis: The regulation & heavy corruption make
the RE industry difficult to enter for foreign investors
National
Infrastructure31
Property Protection -Recently as 2004 property rights were amended as the development in this area continued. The property law of 2007 allows
ownership rights allow Chinese real estate companies to possess, utilize, and dispose of and obtain profits from property.
Security rights include mortgages, pledges, and liens. Holders of security rights have priority if a debtor defaults.
National Institutions
and Openness31
Political Accountability
Role of Government in
Business
Transparency/Corruption
Social Institutions
-The land in China belongs to the state. The government in turn has the power to retake land for uses they deem appropriate.
This is in the Chinese constitution and is allowed as long as the Chinese authorities deem it appropriate in the publics' interest.
-The land in China belongs to the state. The government in turn has the power to retake land for uses they deem appropriate.
This is in the Chinese constitution and is allowed as long as the Chinese authorities deem it appropriate in the publics' interest.
-While the Property Law enacted in 2007 provides some legal leverage to prevent the abuse of power by village councils, it
remains to be seen if legal remedies are accessible or are even used by the villagers. Prevailing local culture, the fear of
authority and the possibility of violent repercussions hinder a victim's inclination to seek legal recourse. Also, such rules may be
disregarded by the committees or councils due to lack of enforcement.
-China still retains the concept of collectively-owned-farmland in the rural areas. This creates a large potential for abuse as the
critical decisions regarding the land and its use are made by a small number of village leaders.
Economic and Social
Openness32
Limits on Foreign Firms
FDI
Government Bureaucracy
-A foreign investor is NOT allowed to buy land in China.
-Land usage on contract lasts only 40 years for commercial use.
-China is trying to reduce governmental bureaucracy. They are restructuring their State Council in a continuing effort. Keep in
mind that this transformation isn't going to be easy and has been underway since 1980 and it may take a while.
Product Market
Voids33
Efficiency of Consumer
Market
Industrial Supply Market
Consumer Trust, Protection, &
Credit
-Semi-strong market efficiency for real estate. Private information is not readily available, however public form is available to
all.
-Steel industry has been growing for several decades and just hit a new high.
-Consumer trust is low but they don't have a choice. Many smaller real estate developers aren't too keen on keeping quality of
product high. Many are trying to get a quick turnaround and move onto the next project. There isn't much regulation in this
space and companies are looking for more profit.
There exists consumer protection, it is still faulty, but is continuously improving. Most debt is government currently. Interest
rates are rising and less and less Chinese residents are willing to take on loans.
Human Capital31 English
Labor Markets
-English by employees is spoken well in Hong Kong and in Shanghai, however property employees may not be fluent in English.
-There is cheap labor available and the average real estate company only has 30 employees. There are few large companies
with large market share, many smaller companies exists with as little as 10 employees.
31. Web. www.stats.gov.cn › Home › Publications
32. Web. www.businessweek.com/articles/2013-02-24/china-inches-toward-a-slimmer-bureaucracy
33. Web. http://en.steelhome.cn/

Despite its recent political progress, the political & ethical climate in
China is still a high concern in the RE Industry
Corruption in the Chinese Real Estate industry is commonplace and a very serious issue.20 The RE
Industry has become one of the most corrupt economic sectors in China. Government involvement
in the RE development process has created a chain of corrupt practices, an array of constantly
changing red-tape regulation that often end with large payouts of money.16
Political Risk: Moderate
 Difficulty in balancing the communist government vs. capitalistic economic centers.14
 As industrial centers continue to develop, income inequality is growing and may
factor to civil unrest13 . AMB ranks China low in Social Stability at 1.5.15
 Increased local government debt in response to global recession may pose risk.14
WER TOP 5
PROBLEMATIC
FACTORS18
1. Access to Financing
2. Inflation
3. Political Instability
4. Inefficient
Government
5. Corruption
The level of regulation for the Commercial Real Estate industry in China is
heavy and increasing. Firms must tailor their investment strategy to adhere
to the constantly changing regulations.17 In the last decade the Chinese
Government has implemented a number of policies such as:
• Raising interest rates- suppresses overheated real estate market19
• Limiting land purchases- difficult for developers to purchase land19
• Entry of foreign investment- must enter through joint domestic ventures
• Lending controls- Stricter credit regulations for real estate development19
13. Data. Euromonitor International: PASSPORT. Web. March 1, 2013
14. Roberts, Dexter. “Pollution, Risk Are ‘Downside of China’s Blind Expansion’” Bloomberg BusinessWeek.
March 5, 2012
15. AMB. “Country Risk Report: China” October 26, 2012
16. Zhu, Jiangnan. Fed Working Paper Series Number FE20110174. The Shadow or Skyscrapers: Real Estate
Corruption in China. March 2012
17. Data. IBIS World, Real Estate Development in China. Web. October 2012.
18. Schaub, Klaus. World Economic Forum: The Global Competiveness Report 2012-2013
20. Ross, Joel. “China They Are Racing Past Us”. The Globe St.

Comparative Overview of Companies
Kerry Properties (China)
• Property investment and development company primarily focused in Hong Kong and the
PRC.21
• 50.92 Million Sq.Ft. with over 80% as properties under development as of December 2009. 21
• Utilizes a multi-domestic strategic configuration, which is especially apparent in its Australia
and Philippines property portfolios.21
Simon Property Group (United States)
• Largest public REIT in the U.S. specializing in shopping malls and retail centers in the U.S. 22
• Holds 340 retail properties and 245 Million Sq. Ft. of real-estate. 22
• Utilizes a multi-domestic strategic configuration outside of the U.S. via joint ventures in
countries such as Japan, Malaysia, Mexico and South Korea. 23
Unibail-Rodamco (France)
• European-focused public commercial property investment firm with nearly 75% of its portfolio
is invested in retail properties. 24
• Owns approximately 100 shopping centers with more than 3 Million Sq. Meters (or 32.292
Million Sq. Ft.) in 13 countries. 24
• Utilizes a multi-domestic strategic configuration with corporate offices in different European
countries with relative autonomy in their governmental structure. 25
21. "Area of Business | Kerry Properties Limited." Area of Business | Kerry Properties Limited. N.p., n.d. Web. 01 Apr. 2013.http://www.kerryprops.com/kpl/en/about_us/area_of_business.html
22. Simon Property Group Company Report. Hoovers. Webt. 29 Mar 2013
23. "Simon Malls | More Choices - About Simon Property Group." Simon Malls | More Choices - About Simon Property Group. N.p., n.d. Web. 01 Apr. 2013.http://www.simon.com/about_simon/
24. Unibail Rodamco Company Report. Hoovers. Webt. 29 Mar 2013
25. "Group." Unibail-Rodamco -. N.p., n.d. Web. 01 Apr. 2013. http://www.unibail-rodamco.com/W/do/centre/group

Discussion of diversification and vertical integration of
compared companies
Kerry Properties Simon Property Group Unibail-Rodamco
Diversification The firm specializes in both
commercial real estate
investment and development,
and supply chain management
logistics in Asia [website1]
In addition to holding and
managing shopping malls and retail
centers, the company has
diversified into advertising,
marketing services, and
commercial office leasing
[website3]
This French commercial property
investment firm ‘sticks to their guns’
and has not diversified outside of its
core competencies; development,
investment and
operations/management of
shopping centers, office buildings,
and convention and exhibition
venues. [website5]
Vertical
Integration
Kerry Properties is a fully-
integrated ‘one-stop-shop’ with
both property development and
management expertise. Within
its logistics business, Kerry
Logistics Network Limited, the
firm is able to leverage their
position as the largest warehouse
owner/operator in HK to
strengthen its logistic service
offerings. [website 2]
Simon’s main focus is shopping
malls and retail centers. The firm
has fully vertically integrated
operations to maximize control and
efficiency. They develop, own and
manage the shopping malls and
outlet centers within their
portfolio. [website4]
Company has vertically integrated
the value creation chain in their
real-estate operations. By focusing
on development, investment and
management areas, U-R is able to
be a ‘one-stop-shop’ for their
investors. [website5]
26. "Logistics Network | Kerry Properties Limited." Logistics Network | Kerry Properties Limited. N.p., n.d. Web. 01 Apr. 2013. http://www.kerryprops.com/kpl/en/logistics_network.html
27. "Area of Business | Kerry Properties Limited." Area of Business | Kerry Properties Limited. N.p., n.d. Web. 01 Apr. 2013.http://www.kerryprops.com/kpl/en/about_us/area_of_business.html
29. Company Report. Hoovers. Webt. 29 Mar 2013 subscriber.hoovers.com.libproxy.usc.edu/H/company360/overview.html?companyId=16582000000000

Analysis of Effect on Companies of Entering Into Another Industry
Kerry Properties Simon Property Group Unabail-Rodamco
• Kerry Properties owns a subsidiary
named Kerry Logistics which provides
supply chain consulting services.
• Kerry Logistics is able to leverage Kerry
Properties’ holdings of warehouse
properties to provide a wider and
better range of logistics services.27
• Kerry Logistics has a great reputation as
a respectable, award-winning, and
reliable logistics solution firm.28
• Simon Property Group primary focus is
development but they have been able
to expand their service offering to their
retail clients.
• Simon provides advertising and
experiential marketing as well as gift
card offerings.23
• By leveraging social, digital and brick &
mortar media, Simon Property Group is
able to provide significant experiential
value to its shopping mall patrons.29
• Gift card offerings are redeemable at
any of its shopping mall and outlet
locations. The continuity of the card
allows Simon to better serve its
retailer-base.23
• Unabail-Rodamco has not expanded
into adjacent real estate supported
industries.
• The firm has maintain a commercial
real estate focus because it believes
that any missteps in industries that it is
not comfortable with my hurt its strong
brand. 25
• U-R feels that it is in a great
competitive position relative to its
European commercial real-estate peers
and there is no compelling need to
diversify its operations outside of
commercial real-estate .
27. "Logistics Network | Kerry Properties Limited." Logistics Network | Kerry Properties Limited. N.p., n.d. Web. 01 Apr. 2013. http://www.kerryprops.com/kpl/en/logistics_network.hml
28 "Outstanding Industry Achievements." Awards. N.p., n.d. Web. 01 Apr. 2013.http://www.kerrylogistics.com/eng/OUR_COMPANY/About_Us/awards/awards.jsp
29 "Advertising & Experiential Marketing." Simon Property Group. N.p., n.d. Web. 01 Apr. 2013.http://www.simon.com/about_simon/marketing/

Citations
1. Data. IBIS World, Global Commercial Real Estate. Web. October 2012.
http://clients1.ibisworld.com.libproxy.usc.edu/reports/gl/industry/default.aspx?entid=1866
2. Pitzner, Abigail. Global Market Overview Q32012. Rep. N.p.: CBRE Global Research and Consulting. Web. www.cbre.com .
3. Fiorila, Kapas, Liang. “A Bird’s Eye View of Global Real Estate Markets: 2012 Update” Prudential Real Estate Advisors, 2012
4. Data. Google Finance. Market Capitalization Values. March 28, 2013
6. “Marketview: Asia Pacific Capital Markets” CBRE Global Research & Consultin, Q4 2012
7. Fuller, Steven. “How Office, Industrial and Retail Development and Construction Contributed to the U.S. Economy in 2011”
NAIOP Research Foundation. May 2012
8. Global Market Outlook, Trends in Real Estate Private Equity. Rep. Ernst & Young, 2012. Web.
9. 1. Wassener, Bettina. "China Raises Rates Again in an Effort to Slow Inflation." The New York Times. The New York Times, 07 July
2011. Web. 01 Apr. 2013.
10. 2. "China's Trillion-Dollar Construction Industry Boosted by Increased Government Housing." China's Trillion-Dollar Construction
Industry Boosted by Increased Government Housing. N.p., n.d. Web. 01 Apr. 2013.
11. Commercial Real Estate in China. Rep. IBISWorld, Oct.-Nov. 2012. Web. 01 Apr. 2013.
12. 4. "Urban Population Growth (annual %) in China." Urban Population Growth (annual %) in China. N.p., n.d. Web. 01 Apr. 2013.
13. Data. Euromonitor International: PASSPORT. Web. March 1, 2013
14. Roberts, Dexter. “Pollution, Risk Are ‘Downside of China’s Blind Expansion’” Bloomberg BusinessWeek. March 5, 2012
15. AMB. “Country Risk Report: China” October 26, 2012
16. Zhu, Jiangnan. Fed Working Paper Series Number FE20110174. The Shadow or Skyscrapers: Real Estate Corruption in China.
March 2012

Citations Continued
17. Data. IBIS World, Real Estate Development in China. Web. October 2012.
18. Schaub, Klaus. World Economic Forum: The Global Competiveness Report 2012-2013
20. Ross, Joel. “China They Are Racing Past Us”. The Globe St.
21. "Area of Business | Kerry Properties Limited." Area of Business | Kerry Properties Limited. N.p., n.d. Web. 01 21. Apr. 2013.
http://www.kerryprops.com/kpl/en/about_us/area_of_business.html
22. Simon Property Group Company Report. Hoovers. Webt. 29 Mar 2013
23. "Simon Malls | More Choices - About Simon Property Group." Simon Malls | More Choices - About Simon 24. Property
Group. N.p., n.d. Web. 01 Apr. 2013.http://www.simon.com/about_simon/
24. Unibail Rodamco Company Report. Hoovers. Webt. 29 Mar 2013
26. "Logistics Network | Kerry Properties Limited." Logistics Network | Kerry Properties Limited. N.p., n.d. Web. 01 Apr. 2013. 28.
http://www.kerryprops.com/kpl/en/logistics_network.html
27. "Logistics Network | Kerry Properties Limited." Logistics Network | Kerry Properties Limited. N.p., n.d. Web. 01 Apr. 2013.
http://www.kerryprops.com/kpl/en/logistics_network.html
28. "Outstanding Industry Achievements." Awards. N.p., n.d. Web. 01 Apr. 2013.
http://www.kerrylogistics.com/eng/OUR_COMPANY/About_Us/awards/awards.jsp
29. "Advertising & Experiential Marketing." Simon Property Group. N.p., n.d. Web. 01 Apr. 2013.
http://www.simon.com/about_simon/marketing/
30. http://graphics.wsj.com/documents/ECONTRACKER_CHINA/index.php#ind=houseprice
31. Web. www.stats.gov.cn › Home › Publications
32. Web. www.businessweek.com/articles/2013-02-24/china-inches-toward-a-slimmer-bureaucracy
33. Web. http://en.steelhome.cn/

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