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 7 core courses and 3 elective courses worth 3 credits each.

The programme structure is subject to change without prior notice.

Programme schedule

  • Full-time programme (1 year)

    1st TRIMESTER | September-December
    3 core courses

    2nd TRIMESTER | December-March
    4 core courses

    3rd TRIMESTER | March-June
    3 elective courses

Please note:

  • Courses are subject to change.
  • Elective courses may be offered as intensive courses every alternate year or in the summer term.

Course list

Core courses

  • Real Estate Finance

    The 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 Investment

    This 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 Project

    The 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 Advantage

    The 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 Valuation

    This 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.
  • Real Estate Economics

    Real 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.
  • Real Estate Financial Reporting and Analysis

    Real 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.

Elective courses

  • Global Real Estate Asset Management

    Real 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 Management

    Shopping 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.
  • Revitalisation of Historic Buildings

    Historic buildings bear witness to the development of a city and they are valuable and unique assets of urban community. In recent years, people have grown increasingly aware of the issue of the demolition and redevelopment of historic buildings. New generations are shouldering the responsibilities of inheriting and maintaining the culture of the city in a sustainable manner. This course focuses on historic buildings and sites in relations to their settings and aims to introduce the revitalisation theories, revitalisation policies and revitalisation process. Case studies are used to illustrate revitalisation projects in Hong Kong, Mainland China, Macau and Singapore.
  • Selected Topics in Real Estate

    This course is designed to investigate and to discuss selected topics of current interests in the area of real estate.
  • Topical Studies in Urbanism(Special elective course offered by the School of Architecture, offering in 2024-25 subject to change)

    These elective courses investigate topics and issues in the specific field of urban design. Each specific elective is designed to allow the students to gain in-depth knowledge and ability to discourse or execute the theory and practice of the particular field. Each semester, there will be different sections of electives offered with specific course descriptions for students to choose from.

Other elective courses

You may take up to 3-credits-worth of courses from other programmes within CUHK Business School or ARCH5731 offered by the School of Architecture, subject to approval from Programme Directors.

Enhancing academic life

Guest lecturers

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.

Field trips

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.

Graduation requirements

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.

Dean’s List

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.

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