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___ __________ 200__.

____________

2008


1.

1.1

1.2

2.

2.1

2.2

3.


.

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1.

1.1

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2.

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NYSE (New York Stock Exchnge - , 17 1792 .) 1999 . NYSE 3086 , 259 . 12 . .;

NASDAQ-AMEX, NASDAQ AMEX (American Stock Exchange).

:

LSE (London Stock Exchange);

TSE (Tokyo Stock Exchange);

SEHK (Stock Exchange Hong Kong);

OSE (Osaka Stock Exchange).

:

& GLOBEX (Chicago Mercantile Exchange GLOBEX);

& Project A (Chicago Board of Trade Project ).

3 6 .

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:

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;

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IPE ;

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:

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:

FOREX ;

CME (IMM) & GLOBEX IMM, GLOBEX.

FOREX , . . . .

. . , , , .

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. . , , - , .

. , , . , Fleming Family & Partners, EPH, Meinl Austria, GE Asset Management, the Raven Group, Quinn Properties, Morgan Stanly Real Estate, London & Regional Properties and AIG Global Real Estate Investment. 7 . Cushman & Wakefield, , . Noble Gibbons, 90% .

. " 2006 1,9 . , 2005 0,7 . ", - &W/S&R . , , , . , , .

Praedium , . : , -, , . Morgan Stanley Real Estates Special Situations Fund III 10% "".


3.

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3.1:

3.1

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100

50

50

10

5

5

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100

25

25

25

25

25

25

120 150

100 . . . 50 . . , 25 . . , 2 , 4 . , , .

. , . , . , , , () () :

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, , .. = 120 / 100 * 100 % = 120 %, = 150 / 100 * 100 % = 150 %.

: . , . . , .

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3. () (). ():

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, :

n- ;

j- .

: , , 360 . . , 200 . ., -160 120. 10%. , 10%. ? , .

1 . r=10 %:

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3.2

, . . , . .
0 (360) 1,0 (360)
1 200 0,909 181,8
2 160 0,826 132,16
3 120 0,751 90,12
404,08

: 404,08 360 = 44,08 . .

. , 10 %. 404 . . 360 . ., , .. , 10 %.

.

:

, (3.5)


, .

3.3:

3.3

5 10%
500 150 568,5 1,14
300 85 322,0 1,07
800 220 833,8 1,04

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, . , , .

Cushman & Wakefield, 2006 3 . , 2005 , 1,2 . .

7 .

, Cushman & Wakefield, , .

. , Fleming Family & Partners, EPH, Meinl Austria, GE Asset Management, the Raven Group, Quinn Properties, London & Regional Properties and AIG Global Real Estate Investment.

, , , . , , .


1.         . ., . , 1,2002

2.         . 100 // .- 2001

3.         / . .. - .: , 2002

4.         M. // .- 2003

5.         . : // . 2000

6.         . - ., . , 7, 2001

7.         . , . . , , . . . - .: - 2002

8.         .. // .- 2001

9.         ., .. . . .- .: -, 2005

10.      .., .. - / .. .. . -.: - , 2001

11.      .., .. . / . - ., .: 2006

12.      .. . /.. // 2006

: : :

 

 

 

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