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SANTRAUKA

UZSIENIO INVESTICIJOS IR BRAZILIJOS NEKILNOJAMOJO TURTO RINKA

Joao da Rocha LIMA Jr., Claudio Tavares de ALENCAR

Siame straipsnyje aptariami pagrindiniai Brazilijos nekilnojamojo turto rinkos aspektai, siekiant nustatyti, ar tipinis Amerikos nekilnojamojo turto investuotojas noretu isigyti Brazilijos biuryl pastatu portfelj. Straipsnyje akcentuojama: 1--kontroles ribos, lyginant investavima, kai paskolos paverciamos vertybiniais popieriais, budingoje Amerikos nekilnojamojo turto fondo (REIT) strukturoje su Brazilijos sprendimu pagal Fundo de Investimento Imobiliario (FII); 2--investiciju kokybes bruozai Brazilijos rinkoje pagal biuru pastato prototipa; 3--investiciju j Brazilijos rinkel per FII (rizikos ir pelningumo) lyginimas sugretinus su veikiancia REIT (biuru sektorius) JAV rinkoje. Darome isvada, kad investiciniai doleriai, FII iskeisti i realus (Brazilijos valiuta) su, Triple A" biuru pastato portfeliu, San Paulo rinkoje duos metines pajamas ir papildomol graza, didesne uz Amerikos REIT investicija. Kai scenarijus itin agresyvus ir vyraujantis kursas atskiriamas nuo rinkos kainu bendrojo indekso (IGP-M) svyravimu, pajamos generuojamos nestabiliai, ir imama 300 tasku rizikos lygio Brazilijoje marza, matome, kad musu analizuotame segmente investicijos Brazilijos rinkoje duoda geresnius rezultatus nei analogiska investicija Amerikos rinkoje.

(1) Using the current exchange rate of 1 US$ = 1.95 Reais (R$)--source: Brazil Central Bank (www.bcb.gov.br)

(2) In a simplified way, by dividing the EMC for the number of the REITs, only to give a idea of the Brazilian market size in relation to the American one.

(3) By using a Monte Carlo simulation approach and considering the lowest confidence interval border of the sample.

(4) For the proposals of this study, we assumed that the Monte Carlo simulation is sufficient to evaluate risks.

(5) This rate is even higher than the superior border of the con. dence interval obtained in a Monte Carlo approach when applied to the Of. ce REITs historic performance.

(6) Obtained by a Monte Carlo approach, considering the lowest confidence interval border of the sample of both, yield and rate of return, when fluctuations are made to income generation and exchange rate in each building of the portfolio.

Jodo da Rocha LIMA Jr. (1) and Claudio Tavares de ALENCAR (2)

(1) Department of Civil Construction and Engineering, Polytechnic School--University of Sdo Paulo, Av. Prof. Almeida Prado, travessa 2 n. 83. Cidade Universitaria--05508-900.

Sao Paulo, Brasil

E-mail: rocha.lima@poli.usp.br

(2) Department of Civil Construction and Engineering, Polytechnic School--University of Sdo Paulo, Av. Prof. Almeida Prado, travessa 2 n. 83. Cidade Universitaria--05508-900.

Sao Paulo, Brasil

E-mail: claudio.alencar@poli.usp.br