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Discusses the performance of equities, direct property and property
shares and provides a background for comparing the advantages and
disadvantages of these two distinct types of property investments.
Highlights the similarities and differences between property shares and
direct property. Concludes that within a multi‐asset portfolio both make
valuable contributions to the structure of the portfolio, but that
property shares are more applicable to smaller ones and are useful for
shifting investment weightings quickly.

Assesses the likely success of various proposed property investment
vehicles and property derivatives that are being introduced in the
marketplace. Discusses single property investments, authorised property
unit trusts and convertible and participating mortgages. Concludes that
there are still many problems associated with these products and such
problems will inhibit the growth and capacity of these new markets.

Discusses the distinctions between property investment/development
companies and property developer/trading companies, and notes the
differences in valuation methodology. Explains that the valuation of
property investment/development company shares is based on estimated net
asset value (NAV), and the process by which the shares may be traded on
the stock market at a discount or a premium to this. Identifies the
factors which influence the discount or premium to NAV and suggests a
framework whereby the shares may be evaluated in a more explicit manner.

Summarizes the regulatory environment and practices for providing a
property company with a public listing. Furthermore, reports evidence of
the direct and implied costs of undertaking a property initial public
offering. The results indicate that choice of issue method and timing
are key decisions to be made by property company financial managers.