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2017

Making an appointment in NUS


This past August, two IMBA students and one IMBA alumnus embarked on their new journey at the RBS-NUS MSc Real Estate Double Degree Program (DDP) in Singapore. Officially launched on April 28, 2017, this is the first cohort for the DDP.


NUS-IRES Director Professor Deng Yongheng Conducted a Lecture on Real Estate Finance Innovation



SDE Greater Good Series 2017 Successful Community Ageing-in-Place

Population ageing is a global phenomenon in which the most sustainable form leverages on community-centric support for elderly residents in the neighbourhood. The three aspects of environment, health and social are active components integral to successful community ageing-in-place. This Greater Good Series event presents the key issues pertaining to our environment that promote active ageing in Singapore.


The launch of the Double Degree Programme MSc (Real Estate) – MBA Jointly offered by NUS and Renmin University of China



Building Resilient Neighbourhoods

To discuss how a neighbourhood can facilitate and build its resilience, researchers, policy-makers and professionals in the field of urban planning gathered for a workshop on 7 April titled “Building Resilient Neighbourhoods: The Convergence of Policies Research and Practice”. The one-day workshop was organised by the Institute of Policy Studies Social Lab and NUS Design and Environment’s Centre for Sustainable Asian Cities (CSAC).


Public Forum "Sino-Singapore Joint Governmental Projects"




2016

Suzhou International Finance Forum 2016 Sino-Singapore Cross-Border Financial Cooperation and Development

The NUS Institute of Real Estate Studies (IRES) Global Logistic Properties (GLP) Research Centre, in collaboration with the NUS (Suzhou) Research Institute and the Office of Finance of Suzhou City Government, organized a Suzhou International Finance Forum on 21st Nov 2016. This event was supported by the Suzhou Industrial Park Finance Management and Service Bureau.


China's New Urbanization Forum 2016 Innovations in the Transformation and Development of China's Urbanization


'China's New Urbanization Forum 2016' was held on the 20th of Nov at Jinling Guanyuan International Hotel Suzhou, China.


The Future of REITs: Challenges and Opportunities Faced by REITs in Asia ex-Japan

In conjunction with the Fortune Times REITs Pinnacle Award 2016, the NUS Institute of Real Estate Studies (IRES) assisted in co-organizing a Forum on "The Future of REITs: Challenges and Opportunities Faced by REITs in Asia ex-Japan" on the 18th of Nov 2016 at the Equarius Hotel, Resorts World Sentosa.


Changing the Game – The Internet of Things and Real Estate

The NUS Institute of Real Estate Studies (IRES) and the Urban Land Institute (ULI) jointly organized a Thought-Leadership Roundtable on 6 October 2016, Singapore. This Thought-Leadership event was the first in a series of an annual IRES-ULI Roundtable. This event provides a fitting platform for C-suite executives and leading academics to congregate and share, debate and dissect present-day issues as well as emerging challenges over the horizon.


MND Medallion Award


Congratulations! Professor Heng Chye Kiang, Lum Chang Professor in SDE, receives a MND Medallion for Distinguished Service from Minister Lawrence Wong in recognition and appreciation of his valuable contributions as Board Member of Building and Construction Authority.


MND Medallion Award


Congratulations! Assoc. Prof Yu Shi Ming receives a MND Medallion for Distinguished Service from Minister Lawrence Wong in recognition and appreciation of his valuable contributions as Chairman of Examination and Professional Development Committee and Member of the Council for Estate Agencies.


Full Professor in the Department of Real Estate


Congratulations to Assoc. Prof Joseph Ooi who has been promoted to Full Professor in recognition of his significant contributions in education, research and service in the field of real estate and beyond.


Secretary of the Asian Real Estate Society (AsRES)


Congratulations to IRES Deputy Director A/Prof Sing Tien Foo on his appointment as the Secretary of the Asian Real Estate Society (AsRES).


The Singapore Business Review List of Most Influential Business Professors Who Are 40-or-under


Congratulations to IRES Researcher A/P Qian Wenlan.


The Yin and Yang of Corporate Governance


Dr. Seek Ngee Huat, Chairman of IRES and Chairman of GLP (winner of Best Managed Board - Singapore Corporate Awards), says corporate governance is about setting a framework for managers to work within.


Device Gives the Bear Facts about Your Water Usage


Assoc. Prof Sing Tien Foo’s research study with PUB indicated that with real time information on water usage, it would help to cut down water consumption by 20%. Read More >>


World Cities Summit 2016:Thematic Track on 'Financing a Sustainable Urban Future'


The NUS Institute of Real Estate Studies co-hosted a thematic track in World Cities Summit 2016 on the 13th of July at Marina Bay Sands Singapore. This was organized in partnership with Singapore’s Centre for Liveable Cities and the Urban Redevelopment Authority.


The Role of Capital Markets and REITs in Real Estate Industry Transition

The NUS Institute of Real Estate Studies (IRES) hosted a closed-door C-suite-only Round Table Forum, titled “The Role of Capital Markets and REITs in Real Estate Industry Transition” in the evening of 16th June 2016 at the JingAn Shangri-La hotel in Shanghai, China. This by-invitation-only Forum saw the diverse participation of well-respected industry leaders and representatives comprising some of the very top minds in the real estate industry from both the private and public sectors.


Financial and Capital Management of REITs: A Strategic Perspective

The NUS Institute of Real Estate Studies (IRES) hosted an Industry Forum in the afternoon of 20th May, titled: "Financial and Capital Management of REITs: A Strategic Perspective". This Forum is the 3rd in the series of an initiative driven by NUS Real Estate’s Research Focus Group. There was overwhelming response to the event which saw the diversified participation of well-respected industry leaders and representatives from the private and public sectors. The participation of leading scholars from the academia also added to the vibrancy of discussions at the event.


Prof Sumit Agarwal Won Outstanding Researcher Award


Congratulations to Prof Sumit Agarwal on winning the Outstanding Researcher Award at the NUS University Awards 2016. The University Awards honour and recognise members of the NUS community who, through their consistently high performance and resolute commitment, set new benchmarks in the areas of education, research and service.


NUS Book Traces Progress of Real-Estate Sector


NUS Real Estate organized a book launch event on 9th March 2016 at The University Club, Shaw Foundation Alumni House.Jointly produced by the NUS Department of Real Estate and the NUS Institute of Real Estate Studies, the book: "Singapore's Real Estate: 50 Years of Transformation", was part of efforts in commemorating Singapore’s 50 years of nation building.


Winners of the Annual Teaching Excellence Award


Dr Masaki Mori and Dr Seah Kiat Ying won the Annual Teaching Excellence Award (ATEA) for AY2014/15. The ATEA recognises faculty members who have displayed a high level of commitment to their teaching. The Department congratulates them for winning this prestigious award.


REIT FORUM


NUS Real Estate kicked-off the new year with a REIT Forum on the 26th of January 2016. The event was organized by NUS Real Estate's Research Focus Group on Real Estate & Capital Markets. It aims to foster closer interaction between leading experts from the industry and the academia.


NUS Real Estate Career Seminar 2016


NUS Real Estate organized a Career Seminar on the 15th of January 2016. Mr Alan Miyasaki, Senior Managing Director of Blackstone, delivered the distinguished guest lecture on the topic "Something A Little Different - The Real Estate Private Equity Sector". The lecture was followed by a dialogue session with the students.


IRES Researcher Assistant Professor Cristian Badarinza Presented at AREUEA-AFA conference in San Francisco


The conference took place in San Francisco between 3-5 January 2016 and Dr Cristian Badarinza’s session was a joint session by the American Finance Association (AFA) and the American Real Estate and Urban Economics Association (AREUEA).


International Symposium on Housing and Financial Stability in China


IRES Director Prof. Deng Yongheng Presented at the International Symposium on Housing and Financial Stability in China on the Topic of "Understanding the Risk of China’s Local Government Debts and Its Linkage with Property Markets" on December 18th - 19th, 2015 in Shenzhen, China. This international forum was co-hosted by IMF, Princeton University, and Chinese University of Hong Kong.


Congratulations to Prof Sumit Agarwal! The following three research papers of his have been accepted for publication:

1."Access to Home Equity and Consumption: Evidence from a Policy Experiment" (with Qian, W), forthcoming, Review of Economics and Statistics 2."Systematic Mistakes of Borrowers in the Mortgage Markets" (with Ben-David, Z., and V. Yao), forthcoming, Journal of Finance Economics 3."Golf Buddies and Board Diversity" (Qian, W., D. Reeb and S. Tien-Foo), forthcoming, American Economic Review – Papers and Proceedings




2015

Research Project: Switching Volatility and Dynamic Interdependence in International Securitized Real Estate Markets by IRES Researcher Professor Liow Kim Hiang


This research aims to investigate the interdependence between major securitized real estate markets and assess a more efficient investment strategy on international portfolio diversification from a regime-switching volatility perspective.


Prof. Sumit Agarwal’s Papers Published in Acclaimed Journals


1."Policy Intervention in Debt Renegotiation: Evidence from Home Affordability Modification Program" (with Amromin, G., I. Ben-David, S. Chomsisengphet, A. Seru and T. Piskorski), forthcoming, Journal of Political Economy
2."Rushing into the American Dream? House Prices Growth and the Timing of Homeownership" (with Hu, L., and X. Huang), forthcoming Review of Finance
3."Why do Borrowers Make Mortgage Refinancing Mistakes?" (with Rosen, R., and V. Yao), forthcoming Management Science


NUS-IRES China Real Estate Entrepreneurs Executive Training Program


On 13th Nov 2015, IRES hosted and delivered a Real Estate Entrepreneurs Executive Training Program customized to the requirements of the China Index Academy and its delegates, comprising of real estate developers and property management companies. The China Index Academy is an independent property research organization which provides property/land data and generates key market insights for its customers. The China Index Academy forms part of publicly listed Soufun which operates a leading real estate Internet portal in China.


IRES-CLC Joint Public Lecture


The NUS Institute of Real Estate Studies (IRES) and the Centre for Liveable Cities (CLC) jointly organized a public lecture on 12th November, titled: “Lessons from 2008-2015: How Should Governments and Private Developers Manage Real Estate Cycles?” The lecture, held at Hotel Jen Tanglin, saw an overwhelming response of close to 300 attendees, comprising a good diverse mix of industry leaders, experts from the academia/think tanks, and policy makers from various government agencies.


Land Acquisition in India - A Panel Discussion Chaired by IRES Director Prof Deng Yongheng


IRES Director Prof Deng Yongheng was invited to ISAS’ 10th International Conference on Politics and Economics of Land in South Asia. The event was held over 2 days (29-30 Oct 2015) at the Grand Copthorne Waterfront Hotel, Singapore.


The Green Buildings Research Project by A/P Tu Yong & Prof Deng Yongheng


The NUS team led by A/P Tu Yong & Prof Deng Yongheng and the SSTEC team led by Ms Wang Ying, have worked together to produce an initial report on the performance of green office buildings in Sino-Singapore Tianjin Eco-City. The green buildings are designed to be energy saving, environmental friendly and indoor comfortable. The report is the first study that uses real building operational data to demonstrate that the greenest building outperforms other types of green buildings in energy consumption reduction, and green property management can substantially raise green buildings’ energy efficiency.


China's New Urbanization Forum Series


On the morning of October 10, 2015, The Inaugural Session of China's New Urbanization Forum Series, namely Innovations in China's New Urbanization: Opportunities and Challenges was held in Hangzhou, Zhejiang, Zhejiang University Zijingang Campus. This event was initiated by the Institute of Real Estate Studies (IRES) GLP Research Center, National University of Singapore and was jointly organized by the Zhejiang University and Soochow University.


Ecosperity Young Leaders’ Dialogue


The NUS School of Design and Environment (SDE) and the NUS Institute of Real Estate Studies (IRES) jointly collaborated in organizing the Young Leaders’ Dialogue (YLD). The YLD is a track organised under the broad umbrella of Ecosperity 2015, a global forum on ‘Urbanisation: Developing Cities for a Sustainable Future’. Ecosperity 2015 is organised by Temasek, who is also the sponsor of the YLD event.


Establishment of Lum Chang Professorship


IRES has established a new Professorship focusing on the sustainable built environment in honour of the late Mr Lum Chang of the Lum Chang Group and his many contributions to society. Named the Lum Chang Professorship, the endowment fund is supported by a generous pledged gift of $2 million by the Executive Chairman of Lum Chang Holdings Mr Raymond Lum, Managing Director Mr David Lum and the Group’s construction arm Lum Chang Building Contractors.


Aareal Award of Excellence in Real Estate Research, 16th EBS Real Estate Conference 2015


Professor Deng Yongheng 's paper, co-authored with with Erik Devos, Shofiqur Rahman and Desmond Tsang won the Aareal Award of Excellence in Real Estate Research in the 16th EBS Real Estate Conference, Germany. Read more about the paper. “The Role of Debt Covenants in the Investment Grade Bond Market – The REIT Experiment”


Best Paper Award, 3rd level, AsRES 2015 Annual Conference 2015


Associate Professor Sing Tien Foo won the Best Paper Award, 3rd level, AsRES 2015 Annual Conference 2015 with the paper--“Are Chinese House Buyers Superstitious? Evidence from Housing Transactions during Hungry Ghost Months in Singapore”.


Two papers published in American Economic Review


IRES researcher Low Tuck Kwong Professor, Prof Sumit Agarwal with coauthor Assistant Prof. Wenlan Qian have recently published two papers in American Economic Review.
"The Composition Effect of Consumption around Retirement: Evidence from Singapore"
"Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore"


Best Paper Awards, 3rd level, in the Global Real Estate Summit, AsRES 2015 Annual Conference


Associate Professor Tu Yong's paper, co-authored with Wang Yourong and Li Wenbin, entitled “Neighborhood Land-use Patterns and Housing Prices in Beijing” won the Best Paper Awards.


Establishment of BEMA & NUS Real Estate Scholarships

The Building and Estate Management Alumni (BEMA) 22nd Executive Committee has committed to make a $25,000 donation in support of the Department of Real Estate’s (DRE) scholarship initiative. To commemorate the establishment of this scholarship, the gift was officially presented to DRE at BEMA’s fundraising Golf Dinner and Prize Presentation Ceremony on the 24th of June at the Raffles Country Club.


NUS-IRES Policy Forum


NUS IRES organized a Policy Forum titled “Effectiveness of Property Market Policies in Singapore and Around the World” on 25th May 2015 at the Shangri-La Hotel, Singapore. This forum brought together leading experts from the industry and the academia to provide the business community with up-to-date insights and in-depth opinions on property market policies.


NUS-IRES Research Symposium 2015


The NUS Institute of Real Estate Studies (IRES) organized its sixth international symposium on May 22-23, 2015 in Singapore. The theme of this year’s symposium is “Lessons learnt, missed opportunities, history repeating itself: US housing crisis and implications for Asia”. This two-day symposium featured paper presentations and discussions on issues of real estate and housing markets and major policy shifts.


Funding from the Real Estate Research Institute (RERI)


Assoc. Prof Joseph Ooi and his PhD student, Xu Ruoran, together with Prof David Ling from the University of Florida, have been awarded research funding from the Real Estate Research Institute (RERI) for their research proposal “Asset Growth and Stock Performance: Evidence from REITs” in May 2015.


Outstanding Service Award


An illustrious alumnus lauded – Adjunct Prof Seek Ngee Huat received an Outstanding Service Award.



Best paper awards at the American Real Estate Society’s 31st Annual Meeting


Assoc. Prof Joseph Ooi won two best paper awards at the American Real Estate Society’s 31st Annual Meeting in Ft. Myers, Florida. Some 255 papers were presented at the conference. Each award comes with a prize money of US$1,000.


NUS-IRES Public Lecture - "What is behind the Disappointing Growth Worldwide After the Financial Crisis?"


Professor Kiyohiko G. Nishimura, Dean of the Graduate School of Economics and Chairman of the Faculty of Economics at the University of Tokyo will be giving public lecture on the causes of the disappointing growth worldwide after the financial crisis.


SDE Greater Good Series 2015


This year, the GGS forum was held on 13 March at the Marriott Hotel.The debate for this forum centred on the topic “Are Real Estate Price Indices Reliable?” Prof. Heng Chye Kiang kicked off the session by giving the opening address. This forum brought together a panel of distinguished speakers, Prof. Daniel McMillen, Mr Alan Cheong, Dr Lee Nai Jia and Dr Chua Yang Liang.


Forthcoming papers


7 forthcoming papers by Low Tuck Kwong Professor, Prof Sumit Agarwal since January 2015



5th Annual Conference of Real Estate Industry in China


IRES Director, Professor Deng Yongheng, was invited to give the keynote speech at the 5th Annual Conference of Real Estate Industry in China, held in Sanya City, Hainan Island, China.


AREUEA Presidential Speech


Singaporean universities contribute about 40% of recent rising trend of publications on Asian topics in the top-tier real estate finance and urban economics journals – said Professor Deng Yongheng at his AREUEA Presidential Speech in Boston on 4 Jan, 2015.




2014

Opening of Global Logistic Properties (GLP) Research Centre


A discussion forum on the role of logistics and infrastructure development in the urban Master Plan was organised by the NUS Institute of Real Estate Studies (IRES) to commemorate the official opening of its Global Logistic Properties (GLP) Research Centre in Suzhou, China. This forum was held on 27 Oct 2014 at the NUS Research Institute (NUSRI) in Suzhou, where the GLP Research Centre resides in.


DTZ Research Institute Award for Academic Innovation 2014


Prof Liow Kim Hiang's paper with Schindler, F entitled "Linkages and Volatility Spillover Effects Between Office Markets in Europe" had won the DTZ Research Institute Award for Academic Innovation 2014.


Launch Event of Chinese Residential Land Price Indexes(CRLPI)


The Institute of Real Estate Studies, National University of Singapore, Zell/Lurie Real Estate Center, Wharton School, University of Pennsylvania, and the Hang Lung Center for Real Estate of Tsinghua University jointly launched the NUS-Wharton-Tsinghua Chinese Residential Land Price Indexes (CRLPI) on 1 September 2014, in Beijing, China. More @ NUS News


American Economic Review Acceptance / Papers & Proceedings


“Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore” by Prof Sumit Agarwal & Asst Prof Qian Wen Lan.“The composition effect of consumption around retirement: Evidence from Singapore” by Prof Sumit Agarwal & Asst Prof Qian Wen Lan (with Pan, J.), forthcoming American Economic Review – Papers and Proceeding



Best Paper award in the 2014 China International Conference in Finance (CICF)


Professor Deng Yongheng 's paper, co-authored with Xin Liu and Shang-jin Wei, entitled “One Fundamental and two taxes: When does a Tobin Tax reduce financial price volatility?” won the best paper award in the 2014 China International Conference in Finance (CICF), held during 10-13 Jul in Chengdu, China.


Quarterly Journal of Economics Acceptance


Professor Sumit Agarwal's paper with Chomsisengphet, S., N. Mahoney and J. Stroebel entitled "Regulating Consumer Financial Products: Evidence from the Card Act" had been accepted at the Quarterly Journal of Economics (QJE).


Public Lecture


NUS Provost’s Chair Professor (Practice) Liew Mun Leong presented the first public lecture on “Globalisation of Real Estate - The CapitaLand Experience” in conjunction with the celebration of its 45th year anniversary of Department of Real Estate, NUS on 24 April 2014. He shared his experience in transforming real estate business of CapitaLand Group, what is traditionally local business, into a global business model that has asset values of nearly S$40 billion. The public lecture held at the NUSS Kent Ridge Guild House was attended by more than 150 participants including industry partners, alumni and students.”


Greater Good Series Lecture


Prof Wang Shi, Founding Chairman of Vanke Co, Ltd, was the distinguished speaker who spoke on green development in China at the GGS on 16 April at the Shangri-La Hotel. The GGS event also featured a panel session chaired by Dr Seek Ngee Huat, Chairman of the IRES Board. The panel comprising industry veterans and academics discussed on the topic “the evolution of the real estate industry over the 45 years: retrospective and prospective”



IRES Director elected President of American Real Estate and Urban Economics Association


Professor Deng Yongheng, Director of the NUS Institute of Real Estate Studies and Head of Department of Real Estate, has been elected as the 50th President of the American Real Estate and Urban Economics Association (AREUEA) at the AREUEA-ASSA Annual Conference 2014 in Philadelphia.



IRES-DRE Public Forum on “The Growth Story of Real Estate Investment Trusts (REITs)


Since the emergence of the first REIT in Singapore in 2002, Singapore’s REIT (S-REIT) market has grown rapidly over the years. Today, there are 37 listed REITs on Singapore Exchange with a cumulative market capitalization of approximately S$47billion. This public forum will facilitate the cross-sharing of ideas and knowledge between distinguished academics and industry experts on topics that are relevant to the global market today.



IRES Researcher, Assoc Prof Sumit Agarwal has been appointed as the Editor of Real Estate Economics


Real Estate Economics is the publication of the American Real Estate and Urban Economics Association (AREUEA). The journal started in 1973 and is the premier and oldest academic for the real estate industry. Prof Agarwalt is the first professor in Asia to be appointed for this prestigious position in the history of the journal.




2013

IRES and the Urban Land Institute (ULI) Asia Pacific Signed MOU in Shanghai, 6th Jun 2013


IRES signed an Memorandum of Understanding with the Urban Land Institute Asia Pacific on 6 Jun 2013 at the ULI Asia Pacific Summit in Shanghai, attended by about 400 industry leaders from Asia's real estate, financial sector and governmental organisations. This MOU strengthens the international collaboration between NUS IRES and ULI on future research, publications and international knowledge sharing events.


IRES Research Won Best Paper Award at the 2013 Asian Real Estate Society (AsRES) International Conference : Kyoto June 28 - July 1, 2013


IRES Researchers Asst Prof Wen-chi Liao and Assoc Prof Yuming Fu won the best paper award for their research on "What Drives the Geographic Concentration of College Graduates in the US: Evidence from Internal Migration".


IRES Research Won Best Paper Award at The 5th Global Chinese Real Estate Congress (GCREC) : July 5-7, 2013 in Beijing


IRES Director Prof Yongheng Deng, Tsinghua's Prof Wu Jing and Wharton's Prof Joseph Gyourko jointly won the best paper award for their research - "Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?"


NBER Digest, May 2013, Published IRES Researcher, Assoc Prof Sumit Agarwal's paper - "Did the Community Reinvestment Act Lead to Risky Lending?"


Researcher, Assoc Prof Sumit Agarwal's research work "Did the Community Reinvestment Act Lead to Risky Lending?" has been summarized in NBER Digest May 2013. The NBER Digest is a monthly publication that summarizes a very small number of recent and newsworthy NBER Working Papers for publication.


American Economic Review and American Economic Journal published IRES Researcher, Prof Sumit Agarwal's research reports


IRES Researcher Sumit Agarwal, research report, "The Spending and Debt Response to Minimum Wage Hikes" was the lead article in American Economic Review, Dec 2012. "Cognitive Abilities and Household Financial Decision Making," was featured in American Economic Journal: Applied Economics, Jan 2013, and "Learning in the Credit Card Market," was published in in the American Economic Review.


IRES Director, Prof Deng Yongheng, Spoke at the Monetary Authority of Singapore (MAS)'s "China Perspectives" Seminar on "How Risky is China's Housing Market", 14 May 2013


Prof Deng was invited to address MAS' officials at its "China Perspectives" seminar series. The series was conceived out of a need to gather new insights into the complex and perpetually evolving Chinese economy. At this seminar, Prof Deng shared IRES groundbreaking research that China underestimated house price increases in major cities, China's urban land system, the factors driving house price movement and government intervention impact on China's house prices, as well as issues of real estate and macroeconomic risks.


IRES Researchers, Assoc Prof Sumit Agarwal & Asst Prof Qian Wen Lan, Win NBER Household Finance Grant Award


The NBER Household Finance working group has selected the research proposal by IRES Researchers, Assoc Prof Sumit Agarwal and Asst Prof Qian Wenlan, to receive one of the research grants supported by the Sloan Foundation. They found it to be interesting and promising.

The proposal focuses on understanding household financial behavior using a unique and representative dataset of financial transactions in Singapore between 2008 and 2012 to investigate how households' spending and saving decisions respond to different shocks and incentives. The three projects included within the research proposal are:
1. Consumption and Debt Response to Fiscal Policy Shocks
2. Cross Border Shopping and Sales Taxes
3. Consumer Sentiment and Spending - Case of State Lotteries


IRES Research on "Land and House Price Measurement in China" Selected for Publication in US' National Bureau of Economic Research (NBER) Digest Feb 2013 Issue


IRES Director, Prof Deng Yongheng's joint research with Wharton's Prof Joseph Gyourko and Tsinghua's Prof Wu Jing on "Land and House Price Measurement in China" has been selected for publication in the NBER Digest Feb 2013 issue. The NBER Digest is a monthly publication that summarizes a very small number of recent and newsworthy NBER Working Papers.

Each month, the NBER publishes hundreds of NBER working papers by researchers from leading universities. Only 4-8 highly influential articles from these NBER working papers are selected to be summarized for publication in the NBER Digest. Professional journalists write these summaries for a non-technical audience. The Bureau sends nearly 12,000 copies of the NBER Digest each month to readers in government, business, universities, and the media.


IRES Director, Prof Deng Yongheng, Elected 1st Vice President of the American Real Estate and Urban Economics Association (AREUEA) in Jan 2013


Prof Deng Yongheng, Provost's Chair Professor and Director of NUS Institute of Real Estate Studies (IRES), has been elected 1st Vice President of the American Real Estate and Urban Economics Association (AREUEA) in Jan 2013.

AREUEA is the world's leading academic association in the field of real estate finance and urban economics. Typically, the 1st VP of the AREUEA will become the President of the Association the following year.

With this latest appointment, Prof Deng is the first Asian to hold the position in the 49 years of AREUEA history. This election reflects the growing awareness and emerging trend of Asia as a new global economic centre, and also recognizes NUS' leading role in real estate education, finance and urban economics research.


IRES Affiliated Researcher, Prof Liow Kim Hiang, Awarded the EMERALD Gerald Brown Memorial Prize


Prof Liow Kim Hiang was awarded the EMERALD Gerald Brown Memorial Prize for the Best Paper on Real Estate Markets and Forecasting - "Volatility Interdependence in European Real Estate Securities Markets: Who is the Most Influential?" His paper investigates the interdependence of daily conditional volatility in seven FTSE-NAREIT-EPRA European developed real estate securities markets - the United Kingdom, France, Germany, Netherlands, Italy, Sweden and Switzerland, from January 1990 to December 2011. Since international investors incorporate into their portfolio selections not only the return correlation structure but also the market volatility interaction, the results of this study can shed light on the extent to which investors can benefit from international real estate securities diversification in the European developed countries. The paper will be published in a future issue of The Journal of European Real Estate Research (JERER).


Inaugural IRES-ULI Forum 2012 Discussed Future Trends and Prospects for Asian Real Estate Markets


As investors worldwide try to assess the depth and duration of China's economic slowdown, more than 200 real estate industry leaders focused on the prospects for ongoing investment in emerging markets at a forum sponsored by ULI and the National University of Singapore's Institute of Real Estate Studies.


IRES Research Ranks No.1 & 2 Most Downloaded in ScienceDirect


IRES research, published in the prestigious Regional Science and Urban Economics Journal, topped the most downloaded list from SciVerse ScienceDirect in the last 90 days. ScienceDirect is a leading full-text scientific database offering journal articles and book chapters from more than 2,500 peer-reviewed journals and more than 11,000 books. The top 2 most downloaded articles by IRES researchers and co-authors from the Wharton School and UCLA were:

1. Evaluating conditions in major Chinese housing markets, May 2012
Authors: Jing Wu | Joseph Gyourko | Yongheng Deng
Abstract: High and rising prices in Chinese housing markets have attracted global attention. Using data from the local land auction market in Beijing, IRES researchers produced a constant quality land price index for that city. Real, constant quality land values have increased by nearly 800% since the first quarter of 2003, with half that rise occurring over the past two years. State-owned enterprises controlled by the central government have played an important role in this increase.

2. Labor migration, human capital agglomeration and regional development in China, May 2012
Authors: Yuming Fu | Stuart A. Gabriel
Abstract: IRES research estimates a skill-based directional migration model to assess the effects of regional human capital agglomeration on labor migration in China. The research findings suggest the importance of human capital agglomeration benefits to disparate regional growth trajectories in China.


IRES Director, Prof Deng Yongheng, Speaks at the World Economic Forum (WEF) 2012


IRES Director, Prof Deng Yongheng was invited to speak at the World Economic Forum (WEF) at Davos during Jan 24-29, 2012 and for his work as Chairperson of the WEF Global Agenda Council (GAC) on Real Estate 2011/12.

He spoke on the panel debating China's Economic Outlook, where the penal spent more than 45 minutes on housing and real estate related issues, and its implications on macro stability. This panel was moderated by John Micklethwait, Editor-in-Chief of the Economist, UK and other panelists included Hu Shuli, Editor-in-Chief of Caixin Media, China; Li Daokui, Member of the China's Central Bank Monetary Policy Committee; Stephen Roach, Senior Research Fellow from Yale University, former Chairman of Morgan Stanley Asia; and Zhang Weiying, former Dean of Guanghua School of Management at Peking University.

At the WEF GAC Governors' meeting, Prof Deng posed as challenger to debate with Markus Brunnermeier, Edwards S. Sanford Professor of Economics from Princeton University and Nouriel Roubini, Professor of Economics and International Business from Stern School of Business, New York University, on issues of Reinvigorating Capital Markets for Infrastructure and Real Estate. Participants of that meeting include Michael Froman, Deputy Assistant to the US President; Bob Corker, US Senator from Tennessee; Motohisa Furukawa, Minister for National Policy, Economic and Fiscal policy, Science and Technology Policy of Japan; Erdem Basci, Governor of the Central Bank of Turkey; among other public figures and academic scholars.

Prof Deng was also a participant at the GAC meeting on Transformational Models for Infrastructure and Urban Development; BAC Boardroom Brainstorming discussion and other sessions as well, taking the opportunity to network and raise the international profile of NUS and IRES.


IRES Director Elected As First Asian Vice President of the American Real Estate and Urban Economics Association (AREUEA)


Professor Deng Yongheng, Director of NUS Institute of Real Estate Studies (IRES), has been elected 2nd Vice President of the American Real Estate and Urban Economics Association (AREUEA). AREUEA is the world's leading academic association in the field of real estate finance and urban economics. The announcement was made at the Allied Social Science Association (ASSA) Annual conference in Chicago during January 5-8, 2012. AREUEA is a member of ASSA.

With this appointment, Professor Deng becomes the first person outside of Northern America to hold the position in the 48 years of AREUEA history. This election reflects the growing awareness and emerging trend of Asia as a new global economic center as well as a recognition of NUS's leading role in the real estate education, finance and urban economics research.




2012

IRES Mgmt Board Chairman, Dr Seek Ngee Huat, Gave the Cambridge University Land Society's Annual Alastair Ross Goobey Lecture


In a rare public speaking appearance in the UK, Dr Seek Ngee Huat, who recently retired as President of GIC Real Estate, gave the above-mentioned lecture on 20 September 2011. He captured the attention of a packed audience on his reflections of over 30 years of investing in real estate around the world and commented on what might be some of the themes for the future.


IRES joins Maastricht University and UC Berkeley Haas School of Business to be the Founding Partners of FSinsight


FSinsight is a global platform where top scholars, policy makers and members of the business community can share knowledge of and experience with finance and sustainability. Recent FSinsight issue reports "substantial economic returns" on Singapore's green housing, according to a research by Deng, Li and Quigley.


IRES PhD Candidate Li Zhiliang Selected to Attend UNPRI Young Scholars Finance Academy in Switzerland


IRES PhD candidate Li Zhiliang is one of the 15 admitted PhD students and Post-docs this year from 10 countries, and among the rare few who received full travel grant for the fourth annual international Young Scholars Finance Academy on February 5-10, 2012 in Gais, Switzerland, convened by The United Nations-Backed Principles for Responsible Investment (PRI) and Oikos foundation.

The Academy provides a platform to develop emerging researchers. Exceptional graduate students and young faculty are at the center of the programme and they will have exposure to leading academics and practitioners who provide feedback on their work and share advice about careers in the field of responsible investment. The event includes paper development workshops, professional development roundtables, guest speeches and outdoor activities in the picturesque Swiss Alps.


PhD Candidate Li Zhiliang's research among 6 winning proposals for The Initiative for Responsible Investment (IRI) conference at Harvard Kennedy School


PhD candidate Li Zhiliang's research paper has been selected among 6 winning proposals by The Initiative for Responsible Investment (IRI) program at the Kennedy School, Harvard University to be presented at the conference - "the Societal Function of Investment Asset Classes: Implications for Responsible Investment" on 4 Oct, 2012. This conference will break new ground in the investment and economics fields by focusing attention on the relationship between the societal functions of asset classes and the theory and practice of responsible investment. Former president of the American Finance Association, Harvard Professor of Economics Jeremy Stein will be the keynote speaker at this conference.




2011

Professor Deng Yongheng, Director of IRES, participates at the World Economic Forum's Summit in Abu Dhabi


Professor Deng chaired the recent Global Agenda Council at the World Economic Forum (WFE)'s Annual Summit in Abu Dhabi (United Arab Emirates) on 9-11 October 2011. He led the Council's discussions on new models for future real estate development focusing on the linkages between the real estate sector, financial markets and global macro-economic stability. New models on proactive risk management in response to real estate cycles were explored as well as new sustainable real estate development models in response to resource scarcity, shifting socioeconomic and demographic trends.

In September, Professor Deng also participated in the WEF's "Summer Davos" in Asia - Annual Meeting of the New Champions 2011 in Dalian, China. The theme of this year's Summer Davos meeting was "Mastering Quality Growth", where Professor Deng chaired two sessions on "Insights from Emerging Markets: Urban Development" and "New Urban Development Business Models for Greater Economic Impact."


IRES Co-Hosted 2011 Pre-WFA Summer Real Estate Symposium


The National University of Singapore (NUS) joined UC Berkeley, UCLA, Columbia, Cornell, UT-Austin, Wharton and Wisconsin to host the Pre-WFA Summer Real Estate Symposium 18-19 June 2011 in Santa Fe, New Mexico. The WFA (Western Finance Association Annual Conference) is a major international finance conference.


2011 NUS-IRES Symposium on Information, Institution and Governance in Real Estate Markets (20 & 21 May 2011)


The theme for this year symposium is "Information, Institution and Governance in Real Estate Markets" which is an inclusive one that gives the opportunity for top notched scholars and thought leaders to cross-fertilize ideas on cutting-edge research and debate current issues and challenges faced in the finance and economics fields.


Awards Recognition at the Global Chinese Real Estate Congress (GCREC) 2011


At this recent event on 3rd April 2011 in Hangzhou, China, Prof Deng Yongheng, Dr. Wu Jing and Dr. Liu Xueliang from the NUS IRES was awarded the first prize for Best Paper for their research on "population impact, marriage and housing market"

Assoc Professor Sing Tien Foo (IRES affiliated researcher) and Dr Lee Nai Jia from the NUS Department of Real Estate won the second prize for Best Paper - 2nd Prize for their research paper, "Inter and Intra generation consumption of housing good: Did my parents own a larger house?"




2010

IRES Affiliated Researcher, Asst Professor Zsuzsa Huszár wins 2010 Fama-DFA prize


Assistant Professor Zsuzsa Huszár (Dept of Finance) has won the 2010 Fama-DFA prize for her paper, "The Good News In Short Interest", which examined if the absence of short selling in actively traded stocks is indicative about future returns. This paper was published in the Journal of Financial Economics (JFE) in April 2010.


The NUS Institute of Real Estate Studies (IRES) Forum:
16 September 2010


The NUS Institute of Real Estate Studies (IRES) organised an industry forum on 16 September 2010 which provided an excellent platform for eminent scholars, international experts and industry leaders to come together and consider issues surrounding the question "In 2011, Will Asian Property Markets Crash Economic Recovery?"


IRES Real Estate Industry Luncheon : Launch of the NUS Singapore Residential Price Index (SRPI) : 24 March 2010


An IRES industry event comprising real estate business leaders and members of the financial community with Senior Minister-of-State for National Development and Education, Ms Grace Fu as the Guest-of-Honour and Mr. Simon Cheong, President REDAS as the Keynote Speaker.




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