Alternative Investment

Alternative Assets - Part 10 (2023)


This eCourse consists of two modules. Module 1 describes the fundamentals of real estate and distinguishes between the residential and commercial real estate sectors (and subsectors). The characteristics of real estate as an asset class are discussed in detail, including a comparison with other asset classes. This module also looks at the phenomenon of real estate cycles and the features of such cycles.

Module 2 looks at the market for real estate investment trusts (REITs), describing their different types, how investors invest in them, and how the different methods used in their valuation.


On completion of this course, you will be able to:
- Identify the characteristics of real estate and the role of the key players in real estate markets
- Distinguish between the two real estate sectors – residential and commercial – and their subsectors
- Recognise the main features of real estate as an asset class
- Recognise the size and nature of the REIT market
- List the key types of REIT, namely, equity REITs, mortgage REITs, and hybrid REITs
- Recognise the main considerations for investors looking to invest directly in physical properties
- Identify the methods used to value REITs, namely the NAV, fund of funds, (adjusted) funds from operations, dividend yield, and dividend cash flow models.


Module 1: Real Estate - An Introduction
Topic 1: Overview Of Real Estate
Topic 2: Residential Real Estate
Topic 3: Commercial Real Estate
Topic 4: Real Estate Income & Growth
Topic 5: Real Estate Investment & Valuation
Topic 6: Real Estate Risks & Cycles

Module 2: REITs
Topic 1: Overview of REITs
Topic 2: Types of REIT
Topic 3: Investing in REITs
Topic 4: Valuation of REITs


Relevant Subject
Type 9 - Asset management
SFC:1.50, PWMA:1.50
Chinese Securities Association of Hong Kong (HKCSA): HK$470
Staff of Corporate Member: HK$450
Non-Member: HK$675
All Member: HK$450