The document discusses the state of real estate financing in India as of 2012, highlighting the critical need for financing amidst a rapidly growing market projected to reach $180 billion by 2020. It examines various funding options, including debt and private equity, and outlines the challenges faced by developers due to limited capital sources and complex regulatory environments. Additionally, it addresses the potential of Real Estate Investment Trusts (REITs) in India, emphasizing the need for a supportive regulatory framework to unlock this opportunity.

1. 1November, 2012
STRATEGIC MANAGEMENT IN REAL ESTATE
STRATEGIC FINANCE AND REAL ESTATE IN INDIA
Indian School of Business
9th NOVEMBER, 2012

2. 2November, 2012
Presentation Rollout
1.Real Estate Financing in India : Background
2.Funding Options for Real Estate Industry in India
3.Real Estate Investment Trust (REITs) and Yield Generating Assets
4.Emerging Real Estate Asset Class in India – Demand Driven
5.Discussion

3. 3November, 2012
1.Real Estate Financing in India : Background
2.Funding Options for Real Estate Industry in India
3.Real Estate Investment Trust (REITs) and Yield Generating Assets
4.Emerging Real Estate Asset Class in India – Demand Driven
5.Discussion

4. 4November, 2012
Real Estate : Capital Guzzling Industry
 Financing and capital raising availability critical
to all real estate companies, Big / Small /
Global
 Availability / Cost / Quality of financing highly
dependent on market conditions
 Funding tenure vs project cash flow match is
critical
 Flexible corporate structure to enable evolving
financing landscape
 Projects have to have flexibility to evolve with
market conditions
RE financing has radically changed post September 2008……..
Indian Real Estate : 2020
• Investment USD $500 Billion
• Market Size USD $180 Billion
• CAGR 25-30%
• Prominent
Sectors
Education,
Residential, Retail,
Healthcare

5. 5November, 2012
Real Estate (“RE”) Opportunity : India
Commercial 40.3
Office 30.1
Retail 10.2
Residential 119.8
TOTAL 160.1
Investment Grade Real Estate Under
Construction (2Q 2011) (USD Billion)
Source : Jones Lang LaSalle Survey
 India; an attractive investment destination
globally
 Residential : 2nd most populous country in the
world
 Office & Hospitality : Outsourcing boom
 Retail & Logistics: Rising disposable income
 Healthcare & Fitness : Lifestyle diseases due
to increase in income level

6. 6November, 2012
 Financing options and sources remain limited
inspite of tremendous growth of RE activity in
the country
 Government policies and interventions have
also added to scarcity of capital for the industry
 Corporate governance, ownership and land
titles make investors skeptical
 Corporate structures are historic and complex
….making project level financing challenge in
many cases
Post Lehman era….limited access to global fund flow ….Government desires to control inflation and
is not supporting increased flow from FDI
Challenges for Capital Raising in India
$3
$2
$6
$8
$5
$4
$8
$1
20
52
73
102
36
20
63
39
2004 2005 2006 2007 2008 2009 2010 2011
Capital Raised (USD Billion) Number of Deals
Indian IPO Activity by Year
Source : E&Y Global IPO Trends, 2012

7. 7November, 2012
Challenges for Capital Raising in India
 Banks are stretched as debt remains the most
preferred option for large number of non listed /
regional RE players and high debt portfolio of
listed players
 Limited secondary market options
 Limited long term capital sources, most capital
providers have 3-5 year rollover mandate
 Given complex approval and development
cycles, project development cycles are much
longer than investor mandate
 Disconnect of investment spectrum leads to
conflicts, disconnect and failed partnerships
Developers in India are facing serious cash crunch with limited long term funding sources……
$19
$20
$23
72%
66%
68%
2009 Sep 2010 Sep 2011 Sep
Total Loan to Unlisted Developers (USD Billion)
% of Total Developer Loan
Unlisted Developers Account for
Majority of Sector Lending
Source : IDFC

8. 8November, 2012
Cost of RE Finance Will Remain High in Short to Medium Term
Country
10 Year
Government
Yield (2011-12)
5 Year
Government
Yield (2011-12)
India 8.17-8.93% 7.95-8.90%
Singapore 1.34-1.68% 0.38-0.64%
US 1.43-2.38% 0.56-1.19%
 Risk free benchmark rate are quite high
 7% - 9% inflation
 Currency risk
 Industry holding of non yielding assets / lands,
preferred for long term capital appreciation is
high as per global standards putting pressure to
raise more capital for project execution
 Unlimited market opportunity in residential with
high margins allow developers to commit
unheard assured returns to PE
 Distress debt funding
10 Years & 5 Years Government Yields

9. 9November, 2012
“Yielding Assets” Vs “For Sale Assets”
“Yielding Assets” “For Sale Assets”
 Long term holding with lease period of 7-10
years
 Spread / cap rate driven ROI
 Global standards on sustainability and design
 Maintenance to ensure value protection
 Quality of asset is critical to retain and attract
tenants and exit cap rate
 Margin over cost, rollover timelines are critical
 Quality and pricing is market determined
 Market price – input cost is ROI
 Market driven specification
 Quality to largely create long term brand for
developer
Funding / Corporate structures to align with the asset class………

10. 10November, 2012
Key Funding Sources in Real Estate : The Last Three Quarters
Private Equity and Debt Remains Major Source of Finance
21
8 8
4
1
Private
Equity
Debt M&A Non PE
Equity
REIT
Deal Volume
$866
$709
$419
$33 $26
Debt Private
Equity
M&A REIT Non PE
Equity
Deal Size (USD Million)
 Private Equity accounted for highest number
of deals
 However deal size this year was led through
debt financing
 Above 50% debt financed for the purpose
of refinancing and meeting working
capital requirements
 Non PE Equity investments were majorly led
by secondary market trading
 The year also witnessed REIT investment
from Singapore based Ascendas India Trust
Source : VCCIRCLE

11. 11November, 2012
Private Equity to Remain Major Investment Route
Healthy Investments in Pipeline for the Indian Real Estate
19
3
2
1 1
Private
Equity
Debt Non PE
Equity
REIT M&A
Number of Proposed Deals
$2,032
$83
$296
$93 $19
Private
Equity
Debt Non PE
Equity
REIT M&A
Value of Proposed Deals (USD Million)
Source : VCCIRCLE
 Maximum investment expected through the
Private Equity route as per announcements
made in 2012
 Big players such as JP Morgan, GIC
Singapore, Morgan Stanley bullish on Indian
market
 Residential and mixed use developments to
attract maximum investments
 Developers also open to IPOs and FPOs
depending upon the market conditions

12. 12November, 2012
1.Real Estate Financing in India : Background
2.Funding Options for Real Estate Industry in India
3.Real Estate Investment Trust (REITs) and Yield Generating Assets
4.Emerging Real Estate Asset Class in India – Demand Driven
5.Discussion

13. 13November, 2012
Funding Options for Real Estate Industry in India
I. Debt Financing
II. Private Equity

14. 14November, 2012
10%
15%
20%
25%
Pre 2005 2005-07 2008-09 2010-11 2012-13F
Construction Debt Acquisition Debt Mezzanine Finance
Debt Funding in India
Source : Jones Lang LaSalle Survey
 RBI restriction on the use of bank debt for land acquisition
 Total accumulated debt of all the Indian real state companies has crossed USD $23 billion
 Over-leveraged capital structure of real estate companies has forced the banks to limit their exposer
to the sector leading to increase in the cost of other types of debts such as NCDs and mezzanine
finance

15. 15November, 2012
Debt Funding in India
 Bank Lending:
 Secured long term debts (7-10 years)
 High rates of interest (10.25%-15%)
 External Commercial Borrowing (“ECB”):
 Stringent regulations (issued by RBI)
 End use restriction – primarily for funding industrial parks
 All in cost ceilings (300 bps above 6 month LIBOR incase of maturity period between 3-5 years
and 500 bps above 6 month LIBOR in case of longer maturity)
 Non Convertible Debentures (“NCDs”):
 Primarily for high net worth individuals
 Coupon rates ranges from 13% to as high as 20% with a tenure ranging from 2-5 years

16. 16November, 2012
Debt Transaction Trends 2012
$37
$13
$58
$414
$345
Deal Size (USD Million)
 8 debt transactions in real estate sector
with investment worth USD $866 million in
Jan-Oct 2012
 Volume of deals lower than PE deals but
funding raised through debt route greater
 Debt transactions in June and July
accounted to 88% of the total debt
transaction
 Most developers required to refinance the
project and lower their initial cost of debt
 Emaar MGF raised USD $404 million (~47%
of the total debt transaction in Jan’12 to
Oct’12) through private placement to service
and reduce cost of debt
Debt Funding Primarily for Refinancing and Land Payments
Source : VCCIRCLE
$103 $97
$758
Residential Integrated
Development
Refinancing
Debt Capital Flow (USD Million)

17. 17November, 2012
Funding Options for Real Estate Industry in India
I. Debt Financing
II. Private Equity

18. 18November, 2012
$1.29
$6.76
$3.31
$0.88 $0.94 $0.86 $0.71
2006 2007 2008 2009 2010 2011 2012*
Private Equity Funding in India
Source : Grant Thornton
Investments by Value in Real Estate (USD Billion)
 FDI in the real estate sector in 2005 led to a wider participation of institutional private equity
 Entry of private equity players was expected to result in disciplined approach towards construction
and project development and management
 Major participation from domestic and international funds such as Blackstone, Lehman, HDFC, Kotak
 Delayed execution, red tape, corporate governance, organizational inability delayed the exits …and
hence returns
(86%)

19. 19November, 2012
Private Equity Trends 2012
1
3
6
3
2
1
3
2
PE Deals Volume (Monthly)
$37
$93
$180
$42
$108
$7
$45
$196
Deal Size (Monthly) (USD Million)
 21 private equity deals with investments
worth USD $708 million
 Deal size dropped 17% in 2012 as
compared to the first ten months of 2011
 Policy logjam (GAAR), uncertain
investment scenario, valuation and focus
on exits were the major factors
 Major investments were made through
Special Purpose Vehicles (“SPV”) due to
greater transparency, accountability and
ease of exit
Private Equity Deal Volume and Size Goes Weak After Good Start
Source : VCCIRCLE

20. 20November, 2012
Private Equity Trends 2012
$19 $12
$302
$47 $33 $37$33 $40
$466
$67
$89
$46
Merrill Lynch Kotak Real Estate
Fund 1
Deutsche Bank Merrill Lynch IREO HDFC PMS
2007-2012 2007-2012 2007-2012 2005-2012 2005-2012 2010-2012
Value of Entry (USD Million) Value of Exit (USD Million)
12% 28%
9%
5%
15%
12%
Return on Investment, Source : VCCIRCLE
 6 PE exit with value of USD $790 million in 2012
 All PE exits were through promoter buybacks
 The investment horizon is in the range of 2-7 years with average multiple of 2.04 and an average
annual return of 14%
 The PE exit for this year is expected to reach USD $1 billion

21. 21November, 2012
Private Equity Trends 2012
Asset Class Buyer Seller
Deal Value (USD
Million)
Commercial Blackstone
Embassy Property
Developments
$186
Residential Morgan Stanley Supertech Limited $93
Residential Morgan Stanley Sheth Developers $90
Integrated
Development
Kotak Private Equity Sunteck Realty $56
Integrated
Development
IL&FS Investment
Managers
Indiabulls Infraestate $37
Top 5 deals in real estate accounted for 65% of the total deal value till October 2012…..

22. 22November, 2012
$411
$112
$186
Residential Integrated Development Commercial
PE Capital Flow (USD Million)
Share of the residential space in private equity investments was above 60%......
 Investments in residential space are self liquidating as they offer natural exits through the completion
of project lifecycle
 Commercial segment witnessed the largest private equity investment till date in India, wherein
Blackstone invested approx. USD $180 million in Embassy
 Integrated developments received minimum capital flow as risk / yield are uncertain
Private Equity Trends 2012

23. 23November, 2012
Embassy Blackstone Deal Snapshot
Investor Investee Deal Size Asset Class Acquisition Future Plans
Blackstone
Embassy
Property
Developments
USD $180
Million
Pre leased
commercial
space
SPV Level
• Future acquisitions
include lease rental
generating assets
• Investor to act as
investment partner
Private Equity Trends 2012
 Exit strategy:
 Folding up of multiple entities from Embassy Property Developments and transferring asset
holding to the SPV at India level
 Blackstone incorporating 3 holding companies at Singapore level
 Singapore holding companies invested for 50% stake in Indian SPV
 Indian SPV to list as a REIT, Business Trust or as an IPO in 5-6 years time
 Providing exit in a share swap arrangement wherein Blackstone will get shares listed and
tradable on a recognized stock exchange

24. 24November, 2012
4%
21%
52%
19%
2%2%
12%
68%
17%
1%
Open Market Sale Project Cash Flows Promoter Buy Back Third Party Exits Others
Number Value
Source: Jones Lang LaSalle Survey
Over dependence on buy backs for exit in last 4 years……
Private Equity Emerging Trends
 Lack of price discovery and secondary investors resulted nearly 69% of total exits through promoter
buybacks
 Promoter buybacks are more predominant in commercial segments

25. 25November, 2012
Entity
Level
5%
Project
Level
95%
Entity vs. Project Level Exit
46%
22%
7%
6%
4%
4%
4%
2%
5%
Residential Office
Mixed-Use Portfolio Township
Hotel Land
Entity Retail
Asset Class Exit Break up
Source: Jones Lang LaSalle Survey
Higher preference for project level exit, major focus on residential space……
Private Equity Emerging Trends
 95% of the total exits reported between 2008 and 2011 comprised project level deals
 Post Lehman, 46% of the total exits have been provided by residential assets followed by commercial
office segment
 Major reason for this paradigm shift towards residential assets is the ease of exit through project cash
flows and less recession prone asset class

26. 26November, 2012
Private Equity
Player
Asset Class Under
Development / Developed
Property Ownership Location
IREO
Industrial parks and SEZs,
residential, retail and
hospitality, mixed use office
Above 6,000 acre land
bank being developed
Strategic partnership with
Ascendas India Trust
Delhi – NCR, Punjab,
Chennai, Goa, Coimbatore
Tishman Speyer Commercial, residential
Above 2 million SF
commercial space
operational
Development under
process on above 200 acre
land bank
Hyderabad, Chennai
Millennium Spire
Commercial, mixed use
office, residential
Approx 1.5 million SF
commercial space
operational
Mixed use and residential
developments under
construction
Delhi – NCR, Coimbatore
First India Real
Estate Capital Fund
Residential, integrated
Approx. 450 acre land bank
with residential and
integrated developments
under progress
Bangalore, Chennai,
Nagpur, Ahmedabad
Source : Economic Times
Private Equity Emerging Trends

27. 27November, 2012
1.Real Estate Financing in India : Background
2.Funding Options for Real Estate Industry in India
3.Real Estate Investment Trust (REITs) and Yield Generating Assets
4.Emerging Real Estate Asset Class in India – Demand Driven
5.Discussion

28. 28November, 2012
REIT - Introduction
$528
$90
$60 $50 $49 $42 $42
$20 $8 $8
US Australia France Japan Canada UK Singapore Hong Kong Netherlands Malaysia
Top 10 REIT Markets by Market Capitalization (USD Billion)
Source: J.P. Morgan Asia Pacific Equity Research
 A security that sells like a stock on the major exchanges
 Invests directly in income generating properties wherein revenue principally comes from rents
 Receives special tax considerations and typically offer investors high yields
 Also a high liquid method of investing in real estate

29. 29November, 2012
Emerging Investment Vehicle for Emerging Markets : The India Potential
Property Market Growth Opportunity : Asia Pacific
REIT Opportunity : Asia Pacific
73%
67% 64% 61% 59% 58% 58% 55% 53% 53% 49% 47%
42%
Property Market Growth Prospects (Ratings)
66% 65%
57% 53% 51% 50% 49% 48% 46%
41% 40% 40% 39%
Asia Pacific REIT Opportunity (Ratings)
 After China, India offers highest growth
opportunity in the Asia Pacific property
market
 REIT opportunity in India limited due to
absence of REIT regime, taxation policy, and
lack of government initiatives to implement
the same
 Securities and Exchange Board of India
(“SEBI”) contemplated introducing REIT
regime in 2007 but …….
 Singapore listing by three companies with
asset base in India
Source: Baker & Mackinze Asia Pacific REIT Survey

30. 30November, 2012
REIT‘s Emerging Trends
Ascendas India Trust Entered India in 2007
3.6
4.7 4.8 4.8
5.9
6.9
March 2007
(IPO)
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Ascendas Property Portfolio (Million SF)
2012 Returns Weaker than Historical Performance
7.80%
14.80%
12.30%
19.20%
30%
9.25%
Ascendas
India Trust
FTSE ST FTSE ST
REIT Index
BSE
Sensex
BSE Realty
Index
12 Month
Fixed
Deposit
Comparative Returns (Jan-Oct 2012)
 First Singapore listed Indian Property Trust in
Asia with current portfolio spread across
commercial space
 Steady growth of business through greenfield
developments and acquisitions of pre leased
properties
 However, in 2012 Ascendas India Trust stock
performance weak on account of negative
exchange rate movement
Source: Ascendas India Trust, 2012 Annual Report,
Bloomberg

31. 31November, 2012
Global REITs India entry strategy….enter the market through fund and test the market first…..
REIT‘s Emerging Trends
 CapitaLand (Singapore)
 6 Singapore listed REITs, 15 real estate private equity funds and managing assets worth USD
$25 billion
 Established CapitaRetail India Development Fund worth USD $600 million in 2007 with principal
focus to invest in retail properties across India
 Current portfolio : 2 malls and 2 service apartments with Built-up-Area of above 3.3 million SF
 Mapletree (Singapore)
 3 Singapore listed REITs, 3 real estate private equity funds and managing assets worth USD $16
billion
 Established Mapletree India China Fund worth USD $1.16 billion in 2008
 Primary focus to invest in commercial, residential and mixed developments in India and China
 Current portfolio of fully leased commercial space, Built-up-Area of above 2 million SF in India

32. 32November, 2012
2
3
5
7
15
20
21 21
25
27
31
$1 $2 $6
$9
$19
$23
$10
$25
$31 $30
$38
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
0
5
10
15
20
25
30
35
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Singapore REITs Market Capitalization (USD Billion)
Early Growth Great Financial Crisis Internationalization
Source: J.P. Morgan Asia Pacific Equity Research
Why Singapore…..
REIT‘s Emerging Trends
 Looks very similar to US-REIT market three decades ago and A-REIT market about two decades ago
 Proactive and supporting government regime
 S-REIT sector consolidation not likely to happen in this decade

33. 33November, 2012
Debt from
Banks/Institutions
Private Equity REIT
Investment
Horizon
• Short term investment
horizon as loan terms are
typically 7 – 10 years
• Short term as private
equity investors achieve
their target returns
between 5-7 years after
which they exit
• Long term investment
horizon with renewal and
rollover options
Balance Sheet
Position
• Balance sheet will look
highly leveraged
• Dilution of equity at lower
rates (primarily in case of
early dilution)
• No impact on balance
sheet as there is no debt
nor dilution of equity
Liabilities
• Obligated to pay even in
case suffering losses
• Requirement to service
interest payment during
construction period
• Re-payment of principal
amount kicks off after 1 –
2 years of disbursement
• Periodic construction
updates
• Private Equity investors
are entitled to receive
dividends on profits
• Obligated to pay even in
case suffering losses,
however rental payment
starts after completion of
construction
REIT Funding : Preferable Source of Financing

34. 34November, 2012
Debt from
Banks/Institutions
Private Equity REIT
Management
Control
• Management control stays
with the company with no
outside interference
• Active role in the company
management
• Equity partners also come
on the Board of Directors
• Management control stays
with the company with no
outside interference
Disclosures
• Primary / secondary
collaterals required - may
require to pledge personal
assets & personal
guarantees
• Financial disclosures
required to be made to
Private Equity investors at
regular intervals
• Financial disclosures
required for the purpose of
underwriting
Tax Shield
• Tax shield for the period
when the interest
payments
• No tax shield
• Tax shield on the rental
payments for the complete
lease period
Asset Position
• Ownership of assets after
repayment of loan
• Ownership of asset if
investor sell back the
stake
• No ownership of asset
Transaction
Cost
• Several additional charges
– Processing Charges,
documentation charges,
inspection charges etc
• Payment of management
fee to PE investor (ranges
around 1.5% - 2% of
investment made)
• Initial interest free,
refundable security
deposit
REIT Funding : Preferable Source of Financing

35. 35November, 2012
Yield Based Assets - REITS
Emerging Products Traditional Products
• Innovation Parks • IT Park
• Hospitals • Office Space
• Medical Office Building • Malls
• Retail Boxes • Logistics / Warehousing
• Highway Malls • Hotels
• Young Housing • Education
• Housing for Aged
• Metro based Real Estate

36. 36November, 2012
Strategic Funding Options
Funding Options Developers
International Developers
• International listing of Indian assets
• Global debt on portfolio including non India
assets to keep debt cost low
• Ascendas
Indian National
Developers
• Split yielding / for sale assets into strategic SBU
• Yielding assets list on international exchange or
roll it up in an existing entity
• For Sale assets – Indian IPO is a good option
• DLF
• Embassy
Large Regional
Developers
• Identifies long term focus (yield player / for sale
player)
• Product and market focus
• Oberoi Developers
IPO
SME Developers “For
Sale Assets”
• Private Equity / Debt mix in proportion
• Simple SPV corporate structures
• Size /scale which supports execution
SME Developers “Yield
Assets”
• Engage HNI’s in asset specific transaction
• Plan asset sizing to facilitate transaction
• Stabilization timeline
• Ascendas – Phoenix
transaction

37. 37November, 2012
1.Real Estate Financing in India : Background
2.Funding Options for Real Estate Industry in India
3.Real Estate Investment Trust (REITs) and Yield Generating Assets
4.Emerging Real Estate Asset Class in India – Demand Driven
5.Discussion

38. 38November, 2012
Asset Class Products
• Commercial
Medical Office Building,
Hospital, Education
• Residential Rental Housing
• Industrial Specialized Warehouses
• Retail Big Box Retail
Emerging Real Estate Asset Class in India

39. 39November, 2012
Medical Office Building
$158
$100
$110
$66
$4
$94
$27
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12
Private Equity Investments in Indian Healthcare (USD Million)
Excluding PE Deals with undisclosed investments
Source: VCCIRCLE
 Day care centers catering to local, foreign and corporate healthcare needs
 Complemented with shopping centers and restaurants
 Predominantly present in US, Europe and developed countries of Asia Pacific such as Australia,
Singapore, Hong Kong
 Rising healthcare needs and increasing affluence in India can make Medical Office Buildings the next
real estate product
 USD $800 Million, Fresh Growth Capital Infused into Healthcare in 2012

40. 40November, 2012
Indian Healthcare Industry Growth Drivers
$60
$68
$78
$90
$104
$120
2010 2011 2012E 2013E 2014E 2015E
Indian Healthcare Industry Market Size (USD Billion)
270
320
360
410
460
520
2010 2011E 2012E 2013E 2014E 2015E
Number of Medical Tourists in India ('000)
18.5%
81.5%
Lifestyle Diseases Others
24%
76%
Lifestyle Diseases Others
Market Growing at a Rate of CAGR 15% Annually By 2015, India’s Medical Tourism Market to be USD $2.1 Billion
2001 2012 E
India will need to Develop Facilities for the Treatment of Diagnosis with Increasing Lifestyle Diseases
Frost & Sullivan India Healthcare Report

41. 41November, 2012
Emerging Formats in Indian Healthcare Sector
Single Specialty Centers
Disease Operating Margin (%)
Cardiac 25 - 30%
Orthopedics 25 - 30%
Ophthalmology 22 - 25%
Oncology 18 - 20%
Outpatient Surgery Centers
Disease ALOS* (%)
Cardiac 25 - 30%
Orthopedics 25 - 30%
Ophthalmology 22 - 25%
Oncology 18 - 20%
*ALOS - Average Length of Stay
 Differential operating margins driving
demand for single specialty hospitals
 70% of surgeries can be performed in
outpatient surgery centers
 Surgery expenses are 15 - 30% lower than
multi -specialty hospitals

42. 42November, 2012
Investment Potential for Real Estate in Indian Healthcare Sector
Year
Required Urban Bed Addition
by Private Sector
Cumulative Healthcare Space
Addition
Cumulative Investment
Potential
2013 95,000 70 Million SF USD $8.7 Billion
2015 179,000 140 Million SF USD $15.2 Billion
2017 296,000 230 Million SF USD $25.5 Billion
• Assumed cost of hospital building structure - USD $70/SF
• Assumed cost of land - USD $1 million/acre

43. 43November, 2012
Questions & Discussions