Our core curriculum provides students with solid knowledge and skills in real estate development, asset management, market analysis, financing, valuation, and investment. With a business focus ingrained throughout the curriculum, you will be equipped with the skills to manage strategic issues from a global perspective.
To complete the programme, you will need to attain a total of 30 credits of coursework, comprising of 8 core courses and 2 elective courses worth 3 credits each.
- Full-time programme (1 year)
1st TRIMESTER | September-December
4 core courses
2nd TRIMESTER | December-March
3 core courses
3rd TRIMESTER | March-June
1 core course + 2 elective courses
- Courses are subject to change.
- Elective courses may be offered as intensive courses every alternate year or in the summer term.
Real Estate FinanceThe turmoil in real estate market, which is one of the largest and most important components of the financial system, could bring a negative impact to the world financial markets. The participants in the real estate market should understand how to evaluate the risk and return concerning various ways of financing. This course exposes students to concepts, theories and industry practice in real estate finance. Topics related to real estate finance, including legal foundation of real estate finance, mortgage loans, secondary mortgage market, mortgage-backed securities and financial leverage, will be discussed. Different alternative real estate financing vehicles, such as real estate investment trust (REIT), will also be examined. The primary goal of this course is to help students develop the conceptual knowledge and analytical skills of real estate finance, including those related to the institutions and instruments used to finance residential and commercial real estate. After taking this course, the students are expected to understand the importance of different financing methods and be able to make informed real estate finance decisions.
Property Development and InvestmentThis course provides fundamental knowledge of and analytical tools for property development and investment. The course links space market and asset market in a dynamic real estate system and focuses on topics such as principles of commercial property investment analysis, cash flow analysis, real estate project investment analysis, etc. We will also discuss issues related to development project investment analysis, including definition and measurement of risk and return, valuation of land and multiple-phase development projects based on real option theory, financial modelling for real estate investment, feasibility studies, financial evaluation procedure based on net present value (NPV), and estimation of operational leverage and opportunity capital cost (OCC) for development investment. Various global case studies will be used to guide theoretical learning and class discussion.
Capstone Research ProjectThe objectives of this course are: (1) to supplement the study of theoretical perspectives with empirical research evidence, (2) to guide students in conducting empirical research, and (3) to nurture an academic mind and enable students to study the intimate relationship between theory and practice. Students will identify relevant industry issues and provide policy recommendations. These recommendations are grounded in academic literature and supported by empirical evidence. Students are expected to conduct a behavioral research project on an issue related to the hospitality and real estate industry.
Strategy and Competitive AdvantageThe course is designed to offer students with an integrative framework for planning and executing corporate-, business- and function-level strategies that help hospitality and tourism companies achieve sustainable competitive advantage. It introduces a wide variety of contemporary strategic analysis tools. Topics includes strategic decisions as formulating competitive strategies, diversification, internal resources / capabilities, external environments assessment, stakeholder relationships, strategic alliances, organizational structure and control mechanisms in hospitality and tourism industries. Critical issues related to ethical decision making and corporate social responsibilities will also be addressed.
Real Estate ValuationThis course introduces concept and application of valuation of real estate. Important concepts and techniques of real estate valuation will be covered to demonstrate how these can be applied to a range of property types or for a range of purposes. Topics related to real estate valuation will be covered including the economic forces driving the real estate value in the market, the needs for valuation, valuation methods and their application, investment appraisal and development appraisal. After taking this course, the students are expected to have in-depth understanding of the concept and technique of valuation and demonstrate practical competence in undertaking different type of real estate valuation.
Facilities Development and ManagementFacilities management is the total management of all services that support the core business of an organization. It is a process of providing and coordinating effective and efficient services that can be applied holistically to enhance the performance of an organization. Good facilities management does not only benefit an organization, but also its stakeholders such as, among others, staff, clients, and tenants. Strategic facilities development and management emphasizes providing safe, healthy, reliable and productive work environment in a strategic manner to ensure the core business to achieve organizational objectives. This course is designed with a focus on Hong Kong's real estate market. As Hong Kong has an increasing demand for both facilities management and property management professionals, many facilities managers become involved with property management issues or are responsible for managing an organization’s property portfolio. Thus, this course will introduce real estate knowledge, business analysis skills and special techniques on both facilities management and property management professionalism. The course aims to ensure students to 1) understand the role of strategic facilities management in the real estate life cycle; 2) to develop critical thinking about all facets of facilities management services; 3) master the knowledge of operational level management, including real estate leasing, liabilities and legal issues, maintenance, landlord and tenant relationships, service charges, etc.
Real Estate EconomicsReal estate, governing one-third of the world’s assets, plays an important role in the capital markets. It is thus crucial to understand how the real estate system works and what economic forces drive the real estate value. In the real estate system, there are two markets (space market and asset market) and one industry (development industry). Space market is essential to the overall real estate system as it governs rents. Changes in rent promptly influence the demand for real estate asset market, and development industry at a later date. This course introduces urban and real estate economics. Urban economics is the primary branch of economics for studying the space market. Topics related to urban economics and real estate space-market analysis will be covered, including four-quadrant model, central place theory, residual theory of land value, the concept of rent, bid-rent analysis, neighborhood life cycle, property life cycle, and demand and supply for real estate space market. After taking this course, students are expected to have in-depth understanding of factors that trigger the functioning of real estate space markets.
Behavioral Decision MakingMaking decisions, from the trivial to the fundamental, is part of the everyday life of every manager and investor. For the last 30 years, psychologists — and more recently also economists — have studied how people process information and make decisions. This research program has provided an insightful understanding of how people's decisions deviate from "optimal" ones, and the consequences of such biases in financial and personal terms. This course is devoted to understanding the nature, causes and managerial implications of these limitations. It will help the students discover a series of serious yet often overlooked mistakes that most people would commit in a variety of decision contexts, including investment decisions, hiring decisions, purchase decisions and even marital decisions. At the same time, this course will also teach them how to correct these mistakes and how to reach optimal solutions. Instead of overwhelming the students with mathematic models or academic theories, this course will use many in-class exercises and questionnaires to convey the concepts.
Global Real Estate Asset ManagementReal estate is largely known as an alternative investment in a portfolio. It is primarily viewed as return-enhancing and risk-reducing portfolio investments. It is thus important to understand the performance of real estate in an investment portfolio. This course provides theoretical foundation for real estate asset allocation with applications to private and public real estate investments globally. Topics include real estate as an alternative investment, private real estate investments, publicly traded real estate securities, private equity funds, different types of asset allocation, capital asset pricing model (CAPM) and modern portfolio theory (MPT). To take this course, students are required to complete the relevant prerequisite courses in real estate finance and investment. After taking this course, students will be able to choose the best performance assets in the investment portfolio.
Shopping Mall Development and ManagementShopping mall is a dynamic business and has been one of the important assets in the investment portfolio. Unlike other real estate assets focusing only on the rental income paid by the tenants, the shopping mall predominantly concerns about the business of the tenants and how to increase their revenue. The shopping mall business thus requires thorough management to attract more customers and to increase the traffic flow. Despite the significance of site selection and financial feasibility, other important factors determining the success of a shopping mall include tenant mix, marketing and promotion, operation and maintenance, as well as asset enhancement. This course introduces theoretical knowledge and concept affecting the development and management of the shopping mall. After taking this course, students should have a good understanding of the shopping mall business and allow them to work in the shopping mall development and management field.
Real Estate Financial Reporting and AnalysisReal estate entities that construct, manage and hold real properties encounter various financial reporting issues that could affect their performance measurement. In real estate industry, the financial reporting is in fact unique and complex. While the industry has its own specific standards, it is mandatory that these entities also need to follow the statutory reporting requirements. This course covers the financial reporting practices adopted in the real estate industry and applies the financial statement analysis techniques in the performance measurement and valuation of real estate entities. Topics include fundamental accounting techniques and practices, relevant financial reporting standards for the real estate industry, subsequent measurement of investment property, as well as real estate financing and tax considerations. After taking this course, students are expected to have an in-depth understanding of the financial reporting standards required and to be able to apply these standards in the valuation of real estate entities.
Other elective courses
You may take up to 3-credits-worth of courses from other programmes within CUHK Business School, subject to approval from Programme Directors. Examples include Mergers and Acquisitions, Financial Analysis and Security Trading, and Organisational Marketing.
Enhancing academic life
At our Executive Speaker Series events, you can discuss the challenges, trends and opportunities of the industry with thought leaders as they share strategic insights from their first-hand experience.
In Hong Kong, leveraging upon the locational advantage as the Asia’s capital of real estate and hospitality, you can visit a wide variety of landmark sites in Hong Kong and the surrounding cities, from commercial and industrial real estate properties to entertainment venues.
Outside of the classroom, our skill-building activities help you hone your interpersonal skills and professional resilience while having fun. You can choose from a wide range of workshops, such as dining etiquette and cake decorating, and build a well-rounded portfolio of skills.
Before the programme begins, you will have a team-building orientation to help you get to know each other better and develop the kind of soft skills employers are looking for.
Your performance is assessed based on exams and assignments, according to CUHK’s grading system.
To graduate, you must complete the prescribed coursework and achieve a cumulative grade-point average (GPA) of at least 2.50.
Students who obtain a cumulative GPA below 2.50 in the term assessment will be put on academic probation. If the probation is not lifted after two consecutive terms, the student will be required to discontinue his or her studies.
Students who receive a grade D+ or below in a course must repeat the course or take an approved substitute course.
Students in the top 20 percentile who achieve a cumulative GPA of 3.60 or above are eligible to be on the Dean’s List. These students will be issued a Dean’s List Certificate and the honour will be recorded on their academic transcripts.
Check out our latest brochure now to learn more about the programme!