Emerging Market Real Estate Investment: Investingin China, India, and Brazil
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More About This Title Emerging Market Real Estate Investment: Investingin China, India, and Brazil


“This book is a comprehensive and insightful overview of international real estate focusing on three of the BRICs: China, India and Brazil. I was pleasantly surprised to find useful market data and industry profiles for each of the countries that were very consistent with my first hand experience. The book has a wealth of information for the real estate investment analyst and practitioner and will be very useful to those seeking guidance on what to expect in emerging markets.”
—Joseph F. Azrack, Managing Partner, Real Estate, Apollo Global Management

“David Lynn has set the bar with respect to real estate investment in the most compelling emerging markets. Lynn provides a framework for thinking about highly dynamic markets characterized by youthful populations, extraordinary demand, capital inefficiency and, most importantly, aspiration. This book will enlighten institutional investors and entrepreneurs alike.  I look forward to another work by David Lynn addressing the frontier markets.”
—Gary R. Garrabrant, CEO & Co-Founder, Equity International

An informed look at investing in emerging market real estate

Focusing primarily on private equity real estate investment in China, India, and Brazil this reliable resource develops a general approach to commercial real estate investment in emerging markets, and illustrates some common strategies and analytical methods that can be implemented within this arena.

Filled with in-depth insights and expert advice, Emerging Market Real Estate Investment focuses on broad investment themes and strategies as well as economic and legal/institutional factors, rather than the minute details of local market analyses. Opening with two informative chapters that provide an overview of the fundamentals of commercial and international real estate investment, this practical guide then moves on to the country-specific chapters of China, India, and Brazil.

  • Outlines various real estate investment options and strategies for emerging markets such as China, India, and Brazil
  • Discusses the main features of each real estate market, including real estate foreign direct investment (FDI)
  • Analyzes several primary real estate sectors in each country: office, retail, residential, industrial, and hotel where applicable

Written with both institutional and private investors in mind, Emerging Market Real Estate Investment will put you in a better position to excel in emerging real estate markets.

Praise for Emerging Market Real Estate Investment:

Emerging Market Real Estate Investment is written with a top down strategic orientation. It presents an excellent overview for US institutional investors planning to invest in offshore real estate in general and emerging markets and China, India and Brazil specifically. It covers all the key points my firm had to address before investing in China. I wish it had been available then.”
—Robert H. Zerbst, Former Chairman & CEO, CB Richard Ellis Investors

“This book does for international real estate what Samuelson’s primary Economics text did for economics students—it finally provides a new discipline with its first Bible. As cross-border real estate capital flows are on the rise, and investors increasingly seek compelling risk-adjusted returns in emerging markets, this book couldn’t have come at a better time in the market cycle. It is rich in content and filled with practical insights”
—Kenneth A. Munkacy, Senior Managing Director, GID International Group/GID Investment Advisers, LLC

“With American real estate in the doldrums, more investors will be looking abroad. David and Tim's analysis of international real estate investment, focused on three of the world’s most dynamic economies, provides exceptionally detailed knowledge concerning what real estate markets are really like in China, India, and Brazil. It is essential reading for investors considering those markets.”
—Anthony Downs, Senior Fellow, the Brookings Institution

“David Lynn and Tim Wang have written the 'must read' book for all real estate investors in emerging Brazil, China and India. They comprehensively cover the landscape of issues—economic, policy, legal, markets, sectors, entry, exit and strategies. Of noted value is their sanguine assessment of the risks and opportunities of alternative strategies in each country. The first outlay for all should be their book.”
—Dr. Raymond G Torto, CRE, Global Chief Economist, CB Richard Ellis

"Emerging Market Real Estate Investment is a powerful tool for those engaged in foreign investment generally, as well as in China, India and Brazil in particular. It combines a broad general view of competitive strategy with local detail on costs and legal aspects. The book is an intelligent and practical guide to foreign real estate investment."
—Bowen H. McCoy, CRE, Formerly Partner and Managing Director, Morgan Stanley


DAVID J. LYNN, PHD, is an institutional real estate investor, strategist, and portfolio manager with extensive experience in national and international markets. Currently, he is Managing Director, Head of the Research and Investment Strategy Group, and Generalist Portfolio Manager at ING Clarion Partners. In this capacity, he directs the firm's strategic and tactical investment decisions regarding investment portfolios. He is also a member of the Investment and Operating Committees, where he makes decisions on billions of dollars of new investments, portfolios, fund strategies, and dispositions. Lynn's theoretical work has yielded new approaches and analytical techniques in the areas of active portfolio management, market forecasting, financial distress, and emerging markets. He has published widely on the subjects of real estate investment, development, economics, and land use. Lynn has written or coauthored over seventy articles, internal investment and strategy papers, and three major books, including Active Private Equity Real Estate Strategy. He writes a highly regarded column called "Capital Trends" in National Real Estate Investor magazine and is frequently cited in the media for his views on the economy and the real estate industry. Lynn earned his PhD in financial economics from the London School of Economics, where he also earned a master of science specializing in finance. He holds an MBA from MIT's Sloan School of Management.

TIM WANG, PHD, is Senior Vice-President and Senior Investment Strategist with the Research and Investment Strategy Group at ING Clarion Partners. Dr. Wang joined ING Clarion Partners in 2006 and has authored more than fifty internal and external real estate investment strategy and market research articles and book chapters. He is a frequent speaker at industrial conferences. Tim holds an MBA from New York University and a PhD from the University of Georgia.


Preface vii

Characterizing Emerging Market Real Estate x

China, India and Brazil x

Outline of the Book xvi

Note xvi

Disclaimer xvii

Acknowledgments xix

CHAPTER 1 Fundamentals of Real Estate Investment 1

Investing by Property Sector 3

Investing by Style 7

Investing by Phase 9

Asset Allocation 10

Notes 10

CHAPTER 2 Investing in International Real Estate 13

Why Invest in International Real Estate? 13

Risks in International Real Estate 22

Mitigating Country Risks 23

Notes 26

CHAPTER 3 China 27

Introduction 27

Overview of the Market Environment 29

The Real Estate Market 48

Property Sectors 56

Primary Markets 66

Secondary Markets 80

Investment Strategies 84

Notes 98

CHAPTER 4 India 101

Introduction 101

Overview of the Market Environment 102

The Real Estate Market 111

Property Sectors 115

Primary Markets 128

Secondary Markets 136

Investment Strategies 140

Notes 152

CHAPTER 5 Brazil 153

Introduction 153

Overview of the Market Environment 153

The Real Estate Market 171

Property Sectors 174

Primary Markets 200

Investment Strategies 203

Notes 209

APPENDIX A Country Risk 211

APPENDIX B Property Market Practice in China 213

Bibliography 217

About the Authors 219

Index 221