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1	Real Estate Analysis: Rationalizing the Irrational Stephen Chung, Managing Director, Zeppelin Real Estate Analysis Limited HKIS-QSD-CPD, 07 Nov 2007
2	Real Estate Analysis: Rationalizing the Irrational What is Real Estate Analysis? Facility Managers, Property Managers, Asset Managers, Portfolio Managers, Fund Managers, Investment Managers etc all need and use it to varying degree…
3	Real Estate Analysis: Rationalizing the Irrational Is it all numbers, numbers, and numbers? NO…
4	Real Estate Analysis: Rationalizing the Irrational Is it Rocket Science? Certainly Not! Maybe someday when neuroscience advances even further, for now it remains more a humanities than a science A sure-win investment Holy Grail? Haven’t found it yet, but why charge only a fee if I do?
5	Real Estate Analysis: Rationalizing the Irrational
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12	Real Estate Analysis: Rationalizing the Irrational
13	Real Estate Analysis: Rationalizing the Irrational
14	Real Estate Analysis: Rationalizing the Irrational
15	Real Estate Analysis: Rationalizing the Irrational
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17	Real Estate Analysis: Rationalizing the Irrational
18	Real Estate Analysis: Rationalizing the Irrational
19	Real Estate Analysis: Rationalizing the Irrational
20	Real Estate Analysis: Rationalizing the Irrational
21	Real Estate Analysis: Rationalizing the Irrational
22	Real Estate Analysis: Rationalizing the Irrational
23	Real Estate Analysis: Rationalizing the Irrational
24	Real Estate Analysis: Rationalizing the Irrational
25	Real Estate Analysis: Rationalizing the Irrational
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28	Real Estate Analysis: Rationalizing the Irrational Application Sample 1: 2003 down prices not as irrational as 1997 up prices = get less carried away when times are bad than when times are good?
29	Real Estate Analysis: Rationalizing the Irrational Application Sample 1a: 03-06 better return & lower risk than 94-97 = why the fear for bad times when good times could bring less return and more risk?
30	Real Estate Analysis: Rationalizing the Irrational Application Sample 2: USA nominal home prices are around 52 times higher than what they were in 1890 = reason to be happy?
31	Real Estate Analysis: Rationalizing the Irrational Application Sample 2a: USA real home prices are only around twice of what they were in 1890 = and most of the rise occurred after late 1990s = a concern?
32	Real Estate Analysis: Rationalizing the Irrational Application Sample 3: prices-rates correlate recently ONLY!
33	Real Estate Analysis: Rationalizing the Irrational Applications Sample 4: China residential markets offer different return-risk profiles, not all will win as much!
34	Real Estate Analysis: Rationalizing the Irrational
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38	Real Estate Analysis: Rationalizing the Irrational Thank you Stephen Chung Managing Director Zeppelin Real Estate Analysis Limited www.real-estate-tech.com
39	Real Estate Analysis: Rationalizing the Irrational