The Research of Leisure Real Estate Operate by Timesharing─Example of Promised Land Resort Operate by Timesharing

• Main Authors: Chou, Chai-Hua, 周再發
• Other Authors: Ph.D. Lin, Gin-Chung
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/61458920941563839594

碩士 === 淡江大學 === 商管學院高階主管管理碩士學程 === 90 === Financial-asset securitization and real estate securitization have emerged as the trends of the liberalization, internationalization and securitization of global financial development. For the real estate market in leisure industry, real estate securitization serves as an profit-generating alternative, and “Time Sharing Model” is a phenomenal trend. There has not been a successful project of time sharing leisure lodging in Taiwan. Though attractive to real estate investors, it is still in its evaluation stage. The development project of time sharing leisure lodging involves macroenvironmental factors of politics, economics, society, transportation infrastructure, income per capita and leisure population. Individual factors affecting are personal leisure time, expenditures on leisure activities, hobbies. Furthermore, the features, facilities, quality and capacity of amusement parks also play an important role. All these factors contribute to the unpredictability of its financial forecast. The purpose of this paper is to study its financial forecast by adopting Net Present Value (NPV) and Internal Rate of Return (IRR) methods to compare the differences between traditional operation and time sharing model. This research finds that time sharing model presents better NPV and IRR figures. The success of Time Sharing Lodging depends on its price attractiveness (appeal?) and profitability, but its governing laws would be a vital factor. This paper attempts to urge for the establishment of the governing law for real estate securitization and time sharing model.