Zhodnocení finanční situace společnosti Country Garden Holdings Company Limited

The goal of the thesis is to evaluate the financial performance of the Country Garden Holdings Company Limited by analyzing the annual reports for period 2012 – 2016. This thesis will introduce different methods and financial ratios, and then use them to analyze the financial situation and development trend of Country garden in the past five years. At the same time, it will also reflect the current situation of China's real estate industry.The goal of the thesis is to evaluate the financial performance of the Country Garden Holdings Company Limited by analyzing the annual reports for period 2012 – 2016. This thesis will introduce different methods and financial ratios, and then use them to analyze the financial situation and development trend of Country garden in the past five years. At the same time, it will also reflect the current situation of China's real estate industry.154 - Katedra financívelmi dobř

Aggregating Impact: A Funder's Guide to Mission Investment Intermediaries

This report provides a guide to mission investment intermediaries, organizations that collect capital from multiple sources and reinvest it in people and enterprises, whether nonprofit or for-profit, that deliver both social impact and financial returns. A growing number of foundations and other funders are beginning to use such intermediaries versus making mission investments directly. This is due to a number of advantages that intermediaries can provide, such as ease of investment, reduced risk, lower transaction costs, specialized expertise, performance reporting, and an expanded deal flow. Yet research disclosed that many funders are unaware of the wide range of mission investment intermediaries that are available and of the advantages they can offer. The authors provide an overview of mission investment intermediaries and how foundations use them, the benefits and challenges of investing in intermediaries, and an analysis of available intermediaries that address economic development, housing and the environment

Solutions for Impact Investors: From Strategy to Implementation

In writing this monograph, our main goal is to provide impact investors with tools to tighten the link between their investment decisions and impact creation. Our intent is threefold: to attract more capital to impact investing; to assist impact investors as they move from organizational change to executing and refining their impact investment decision-making process; and to narrow the gap within foundations between program professionals and investment professionals thereby contributing to a mutual understanding and implementation of a portfolio approach to impact investing.Additionally, we intend to help break down the barriers making it difficult to identify opportunities in impact investing. To this end, we provide examples throughout the monograph and at www.rockpa.org/impactinvesting of impact investment opportunities in most major asset classes.While we understand the important role that impact investors can play in providing financial capital, we also want to acknowledge the wide range of non-financial resources needed to address the world's problems. Our intent with this monograph is not to provide a comprehensive list of investments across asset classes nor any type of investment advice with regard to the selected profiles. We strongly encourage the reader to conduct their own assessment and evaluation for risk and suitability before considering any investment

Blended Value Investing: Innovations in Real Estate

In March 2006, The World Economic Forum published Blended Value Investing: Capital Opportunities for Social and Environmental Impact. That paper, written by Jed Emerson and Joshua Spitzer, presented and explored the notion that between market-rate financial investments and philanthropy lie investment opportunities that intentionally create both financial returns and environmental and social value. These investment instruments seek not simply to balance extra-financial value with financial value, to avoid doing harm, or to add token social responsibility to financial investing (as is true of many 'double bottom line' funds); rather they pursue a sustained blending of value creation -- in financial, environmental and other dimensions. That paper presented 12 case studies of funds and investment instruments in this blended value investing category with a focus on global economic and social value creation more than environmental value creation.In the autumn of 2006, The William and Flora Hewlett Foundation funded a new exploration of blended value, this time focused more specifically on the area of environmental and conservation finance. Many innovations are advancing the field of environmental finance, many of these strategies have been well documented in a variety of articles, books and websites. Nevertheless, for many asset owners and managers, creating blended financial and environmental returns still remains a difficult goal to attain. These actors continue to ask questions regarding the types of investment option before them, the degree (if any) to which they carry a financial penalty, and the nature of the environmental value created (among other questions). Accordingly, this paper offers a broad overview of various real estate-based investment instruments and funds that are structured to generate financial returns while simultaneously advancing environmental value. The specific audience for this paper includes foundation executives seeking to move beyond traditional grantmaking, as well as high-net-worth individuals and other asset trustees working to understand options for pursuing full, blended value investments -- namely, those that create a defined level of economic value combined with environmental impact.This inquiry introduces frameworks for approaching blended value investments, and it raises a series of questions potential investors will probably ask. While the authors believe these investments will ultimately prove viable and efficient, this inquiry stops short of comparing these blended value investments to more traditional alternatives. In the absence of further data, the authors cannot assert that these investments are superior to traditional strategies. The inquiry's conclusion suggests future studies that might bring more data to the ongoing discussion

Organizational Capital: A New Approach to Lending in Nonprofit Affordable Housing

In spite of a diminishing supply of public resources, many nonprofit housing developers are expanding their roles and their portfolios to address an increasing need for decent affordable housing. But as nonprofit housing organizations mature, the traditional project-by-project funding system fails to support their broader development goals. This paper stresses the urgent need for equity, or "organizational capital," to help nonprofit housing organizations build their capacity and their impact. Unlike conventional financing, organizational capital is underwritten against a borrower's balance sheet, or its organizational ability to repay. Whereas project-based loans are tied to one particular project, organizational loans can be a source of liquidity whenever an organization needs it: on the front end of a deal, for general business operations or during periods of organizational expansion. Despite its many advantages, there is an extremely limited supply of organizational capital in nonprofit affordable housing. This research outlines the practical challenges to organizational investing and uncovers the underlying barriers that have prevented a nonprofit organizational capital market from emerging. These findings lead us to explore nonprofit housing organizations in a "closed system" of standardized reporting and rational decision-making. The study concludes that while a new nonprofit reporting system would greatly encourage organizational investing in housing, the private markets alone will not bring organizational lending to scale. The final sections of the paper discuss the public policy implications of a closed nonprofit capital system and highlight some innovative approaches taken by lenders to overcome the obstacles of organizational investing and advance a new model of lending in nonprofit affordable housing

China’s “Great Wall” of Debt Chinese Debts and their Macroeconomic Implications. Bertelsmann Stiftung GED Focus Paper

The figures of the Chinese debts are subject to ongoing discussion among economists. The question whether the enormous rise in Chinese corporate and private debt over the past decade will lead to another global financial crisis or will be managed by the Chinese government is one of vital importance to the global economy: if China’s debt management fails, the macroeconomic effects are expected to overshadow the catastrophic effects of the 2008 financial and economic crises by large. The Economist (7 May 2016) even goes as far as to state the question not if, but when China’s debt bubble will burst. The term “China’s Great Wall of Debt” coined by Dinny McMahon (2018) to emphasize the connection between recent Chinese growth and corresponding debt seems therefore very well put

Redevelopment after the Abruzzo event

Natural disasters raise quite a number of interdisciplinary issues concerning regional economic growth and local development, as well as public finance and sustainability, to mention only a few of them. These issues deserve special attention in our globalized world, given the expectation of a growing impact of climate-related disasters: no surprise that disaster management stands as a new discipline aimed at bridging the gap between theory and practice, so as to prevent natural disasters in the first place; afterwards, considerable efforts are required to accelerate business recovery, quickly restore vital energies, and hopefully carry out specific improvement projects as a sort of compensation for the (both personal and economic) losses suffered. Interesting lessons can be learned from natural disasters and can be shared as a payback to those who helped upon their occurrence. Actually, cooperation calls for cross-cultural activities that are likely to benefit from direct experience made by impacted scholars and practitioners: a case in point has to do with the earthquake that devastated L’Aquila and its environs on April 6, 2009 causing more than 300 deaths, apart from extensive damage in the Abruzzo region, in Central Italy; the Abruzzo event – as this natural disaster is currently referred to – fuels the debate on redevelopment problems to be faced under similar circumstances, that may obliterate the economic environment and attractiveness of an area in a few moments. Due to the huge amount of money needed to undertake appropriate strategies, finance plays a key role and useful insights can be gained by exploring the process of financial innovation. A supporting argument deals with the recourse to micro-finance in order to make the business and economic scenario revive after a natural disaster: micro-credit might be resorted to even within the framework of new financial engineering instruments, such as Urban Development Funds, recently promoted by the European Investment Bank; they include JESSICA (Joint European Support for Sustainable Investment in City Areas) and JEREMIE (Joint European Resources for Micro to Medium Enterprises), to be properly considered as strategic tools in sight of redeveloping L’Aquila and its surrounding boroughs.

Constrains in Real Estate Investments in Greece

It is generally considered that property is by far the largest store of wealth, and development economics suggests that property markets are the bedrock for economic development. Countries make efforts to promote national and international real estate investors and enterprises. Real estate markets are mainly organized by the State through institutional frameworks and practices. In this paper, we focus on the reasons for real estate market low transparency and effects on tourism investments in Greece through a systemic analysis of the property development process. National or international real estate investors encounter an unfamiliar environment in which they find themselves in a difficult position due to low real estate transparency. Specifically: - Absence of financial benchmarks; - Lack of historical or current market statistics; - Financial statements of listed vehicles that are neither detailed nor standardized according to International Accounting Standards; - Urban, regional and environmental planning procedures and codes that are not clear; - Situations where local assistance or under-the-table payments are required to navigate the investment/development/management process; - Lack of title insurance; - Environment in which government or public utilities change urban development status and regulations, introducing risk. Tourism is considered by the Greek State as the most promising economic sector of the country. Tourism Development Co., created in 1998, is a state-owned company that has undertaken to develop and revitalize the assets owned by the Hellenic Tourism Organization located in the most privileged sites of the country (large land plots for development, casinos, marinas, hotels, health clubs, etc.) by the mobilization both of international and national funds. Tourism Development Co, as a State-owned company, is a relevant case to study State transparency, real estate market transparency and international investors’ attitudes and practices, through examining specific projects of property development and privatization.

Networks of micro and small enterprise banks : a contribution to financial sector development :[Version January 2004]

The paper is a follow-up to an article published in Technique Financière et Developpement in 2000 (see the appendix to the hardcopy version), which portrayed the first results of a new strategy in the field of development finance implemented in South-East Europe. This strategy consists in creating microfinance banks as greenfield investments, that is, of building up new banks which specialise in providing credit and other financial services to micro and small enterprises, instead of transforming existing credit-granting NGOs into formal banks, which had been the dominant approach in the 1990s. The present paper shows that this strategy has, in the course of the last five years, led to the emergence of a network of microfinance banks operating in several parts of the world. After discussing why financial sector development is a crucial determinant of general social and economic development and contrasting the new strategy to former approaches in the area of development finance, the paper provides information about the shareholder composition and the investment portfolio of what is at present the world's largest and most successful network of microfinance banks. This network is a good example of a well-functioning "private public partnership". The paper then provides performance figures and discusses why the creation of such a network seems to be a particularly promising approach to the creation of financially self-sustaining financial institutions with a clear developmental objective