■  Real Estate Development and Construction

  ■ Real Estate Finance and Investment

The Real Estate Finance and Investment concentration covers theoretical and practical issues involved in project funding, fund management (both private and public), and investment decision-making analysis in the field of real estate business. Students will learn about methods of decision-making under uncertainty and various exotic financial market products including real estate derivatives, effective methods of valuation and risk management with respect to both residential and commercial mortgage products, and their securitization up to asset-backed securitization (ABS) and commercial real estate collateralized debt obligation (CRECDO)-the latter of which has became notorious in virtue of the recent subprime mortgage crisis in the US.
Together with improving their understanding of real estate securitization, including such recent developments as real estate funds and REITs, which have attracted intense interest in recent times, students will also study related market microstructures and legal institutions. Students will also be engaged in in-depth discussions of the structure and valuation methods that pertain to project financing utilized as a means of funding for real estate development projects.
Furthermore, students will examine portfolio management techniques for the efficient operation of investment portfolios consisting of stock, fixed-income assets, and real estate from the viewpoint of institutional investors. They will also study how to assist extremely wealthy people and manage their wealth accounts as a specific application of general portfolio management theory.
specific issues will be supplemented by seminars led by industry leaders and adjunct professors with long-term experience in the real business world.

   ■ International Real Estate Business

The International Real Estate Business concentration aspires to produce real estate professionals with the training they will need to become leaders in a real estate sector that transcends continental boundaries. This concentration will equip students with the professional knowledge and global insight they will need to be able to efficiently manage changes in the real estate business environment such as rapid globalization, market integration, and geographic market coupling. That is why we have designed the curriculum in this concentration to focus on both the present and preparation for the near future.
This concentration offers lectures covering various real estate market locations such as the US, Japan, and China, with carefully tailored emphasis on location-specific market institutions and trends. Typically, graduates from this concentration are able to forecast specific overseas market trends with eye-popping precision. Global networking is growing significantly through affiliation with overseas universities and their alumni networks. We also pursue international accreditations and we are already accredited by the Certified Commercial Investment Member (CCIM) Institute as the University Fast Track Program participant. Graduates of the masterÕs degree program are therefore exempt from three out of the five core courses required for CCIM designation.
We also provide courses that are required for qualification as certified real estate brokers in the state of California, with the help of US institutions. Topics in this sub-concentration include finance, law, management, brokerage practices, and appraisals as they apply to the state of California.
Most graduates rank the analysis of foreign exchange (forex or fx) markets and its derivatives as one of the toughest courses they will take during their school residency.