Invisible ties. The international network of real estate investments and their impact on housing markets

看不见的联系。

• 批准号: 529232873
• 负责人: Dr. Jakob Miethe
• 金额: --
• 依托单位: Center for Economic Studies (CES)
• 依托单位国家: 德国
• 项目类别: Research Grants
• 资助国家: 德国
• 项目状态: 未结题
• 来源: https://gepris.dfg.de/gepris/projekt/529232873?language=en
• 关键词: Invisible; ties.; international; network; real

Real estate has become an international investment asset that is oftentimes funnelled through anonymous tax haven companies. Anecdotal evidence has identified the Jordanian King, religious orders, Russian oligarchs and the president of the United Arab Emirates as the beneficial owners of such investments. But do these qualitative examples hold up to quantitative scrutiny? Who is ultimately behind real estate investments from tax haven companies? How is the international ownership network structured? What are its impacts on host cities, for instance on property prices, rent levels, and vacancies? Does real estate investment through tax havens lead to a construction response that focuses on high-end properties instead of the needs of the local population? The project „Invisible Ties. The International Network of Real Estate Investments and their Impact on Housing Markets” provides answers to these questions. For this purpose, an international team of researchers who are active in the emerging literature on international real estate investments team up to illuminate the international real estate market as a whole and from a cross-country perspective. The project consists of three packages. First, we quantify international real estate investment from tax havens in five home countries for which we have data access: France, Germany, Britain, Norway, and the U.S. We then provide a global estimate of real estate wealth in tax havens based on leaks from tax havens and global interpolations (Package 1, Quantification). Second, we describe the structure of international real estate investment. We create data on the corporate ownership chains behind these investments and describe the resulting international network to explain how it hides (de-)centralization of ownership (Package 2, Structure). Third, we turn to the impact of international real estate investment on the host economies. We provide causal evidence of its impact on real estate prices and rent levels. We also provide causal evidence of the investments’ impacts on vacancy rates and test how construction responds to this foreign capital and in what market segments additional supply is created (Package 3, Impacts). The project will provide policy relevant evidence on the size of the real estate market held through invisible structures, its importance across different host economies, as well as its growth over time. We will also show how international real estate investment interacts with policy goals and housing objectives of the host city. The analyses will be published in academic papers and disseminated through several venues. We will organize a public workshop on international real estate investments as well as seminars in Paris and Munich and disseminate results through the channels of the EU Tax Observatory.

真实的房地产已成为一种国际投资资产，通常通过匿名避税公司进行转移。传闻证据表明，约旦国王、宗教团体、俄罗斯寡头和阿拉伯联合酋长国总统是这些投资的受益所有人。但这些定性的例子经得起定量的检验吗？谁是避税天堂公司真实的房地产投资的最终幕后黑手？国际所有权网络是如何构成的？它对主办城市的影响是什么，例如对房地产价格、租金水平和空置率的影响？通过避税天堂进行的真实的房地产投资是否会导致建筑反应集中在高端物业上，而不是当地居民的需求？《看不见的纽带》（Invisible Ties）真实的房地产投资及其对住房市场的影响国际网络”为这些问题提供了答案。为此，一个活跃在国际真实的房地产投资新兴文献中的国际研究人员团队合作，从跨国角度阐明整个国际真实的房地产市场。该项目包括三个包。首先，我们量化了来自五个国家的避税天堂的国际真实的房地产投资，我们可以访问这些国家的数据：法国、德国、英国、挪威和美国。然后，我们根据避税天堂的泄漏和全球插值（包1，量化），提供了对避税天堂真实的房地产财富的全球估计。其次，我们描述了国际真实的房地产投资的结构。我们创建了这些投资背后的企业所有权链的数据，并描述了由此产生的国际网络，以解释它如何隐藏（去）集中化的所有权（包2，结构）。第三，我们转向国际真实的房地产投资对东道国经济的影响。我们提供的因果关系的证据，它对真实的房地产价格和租金水平的影响。我们还提供了投资对空置率影响的因果证据，并测试了建筑业如何应对这种外国资本，以及在哪些细分市场中创造了额外的供应（第3包，影响）。该项目将提供与政策相关的证据，说明通过无形结构持有的真实的房地产市场的规模、其在不同东道国经济体中的重要性以及其随时间的增长情况。我们还将展示国际真实的房地产投资如何与主办城市的政策目标和住房目标相互作用。这些分析将在学术论文中发表，并通过若干渠道传播。我们将组织一次关于国际真实的房地产投资的公共研讨会以及在巴黎和慕尼黑举行的研讨会，并通过欧盟税务观察站的渠道传播结果。