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This article aims to determine the level and trend of the impact of the educational level of CEOs and CFOs on the profitability of real estate and construction companies in Vietnam. Because Vietnam is an emerging economy, insights into the profitability of this market will be lessons learned for other economies with similar characteristics. This quantitative study is based on secondary data collected from audited financial statements, annual reports of 123 Vietnamese real estate and construction companies, and macroeconomic data. Pool OLS, Fixed effect and Random effect regression models and the Hausman test are used to find the appropriate model. The study uses GLS regression to overcome heteroscedasticity and autocorrelation and uses the generalized method of moments (GMM) to overcome endogeneity. We find that the profitability of listed construction and real estate companies with highly educated CEOs is no higher than that of other companies. Furthermore, companies whose CFOs have master's or doctorate degrees are less likely to be profitable. Other findings confirm the heterogeneous effects of operating efficiency, economic growth rate, and financial leverage on different profitability measures. The study also proves that company age, firm size, net working capital, liquidity ratio and inflation rate do not affect profitability.

The COVID-19 pandemic is the biggest global health crisis in years. China is the first market primarily affected by the COVID-19 pandemic, with unprecedented lockdown measures bringing real estate and other economic activities to a standstill. This study has two objectives: (1) to identify the risks critical to the risk management of commercial real estate (CRE) development projects based on the project life cycle stages and (2) to identify the stages most affected by the COVID-19 pandemic and the risk factors at different stages. Three rounds of the Delphi study were conducted with nine experts involved in the construction project. The findings indicate that the construction, lease and sale phases are prone to significant risks. Additionally, the analytic hierarchy process (AHP) identified 'health and safety risk' as the most critical risk factor during the construction phase and 'marketing and payback risk' as the most critical risk factor during the lease and sale phase. This study enhanced the effectiveness of risk management practices for implementing CRE development projects in China. [ABSTRACT FROM AUTHOR]

Taxpayers have to document their income and expenses in the calculation of the basis of assessment and determination of their earnings. For this reason, it is necessary to bind all works and transactions made by taxpayers to a document. In principle, taxpayers have to prove all their purchases of goods and services with a document called an invoice. In this context, taxpayers issue an expense note in order to prove the value of the goods or services they provide from non-taxpayers. The scope of application of the expense note has been expanded over time with the regulatory acts of the tax administration. However, with the recent regulation, this situation was made a legal provision. In the study, the possible effects of issuing expense note, which are expanded in scope and become as a legal rule, on the construction and real estate sectors are examined. According to the study, it is aimed to contribute to the making of regulations to reduce the possible negative effects of the expense note in practice and to resolve its disputes. [ABSTRACT FROM AUTHOR]

The subject of the study is the processes of the current state and the main trends in the real estate market of Ukraine. Methodology. The research was conducted using general scientific methods, in particular: theoretical generalization, methods of positive and normative analysis, statistical analysis. The goal is to analyze the processes of the current state and the main trends in the real estate market of Ukraine. Research conclusion. The main trends in the real estate market of Ukraine are highlighted. The legal features ensuring the real estate industry are determined: restrictions and simplifications concerning the functioning of the real estate market. Trends in the formation of real estate prices on the primary and secondary market are highlighted. The structure of the primary and secondary market by types of real estate planning and by types of housing was analyzed. It is emphasized that the buyers, as before the war, need compact quarters or mixed type of buildings of different floors, in which, in addition to housing, all necessary infrastructure is provided (grocery stores, cafes, pharmacies, schools, kindergartens, playgrounds, recreation areas, offices, etc.). However, due to the war, specific requirements are added to the standard ones, such as the safety of the complex, for example, the presence of underground parking adapted for bomb shelters, etc. The price of apartments has already increased, especially in hryvnia equivalent. The average price per square meter is higher than in February, 2022. The growth trend will continue in the post-war period. After all, the price is directly affected by the buying mood of customers, the weakening of the hryvnia against the dollar, the pace of construction recovery, and the remoteness of the region from hostilities. Taking into account the rising cost of construction materials and complicated logistics, the price per square meter for new construction projects will increase significantly. In addition, new players are entering the real estate market, such as temporarily displaced persons who have adapted and plan to stay, workers who have moved due to company relocations, and investors who have decided to protect their investments. The significant slowdown in the pace of construction, the lack of new facilities, despite weak demand, will lead to a certain shortage of high quality residential projects and, consequently, a shortage of comfortable and liquid residential properties on the market. Ukraine expects a decrease in the purchasing power of the population and, accordingly, a decrease in the opportunities to purchase real estate. The way to avoid these complications is the intervention of the state and local self-government bodies, for example, communal housing, which will belong to the community, can be rented on a long-term basis to vulnerable sections of the population, immigrants and those groups of people who need it but cannot afford to buy it.

With COP27 being held in Egypt, a non-Western country, poorer and adversely impacted societies will demand a stronger say in negotiations. There is increased pressure on the rich to dramatically reduce their emissions, provide reparation for past damage and exploitation, and assist poorer nations to improve social livelihoods. Such a new world order will require that global inequity in resource consumption be placed in the spotlight, with fair shares demanded for all. Calling for drastic and urgent action and a paradigm shift to contain warming to 1.5°C, the 2022 IPCC report 'Climate Change 2022' emphasised the need for ‘sufficiency’ to avoid demand for resources while providing wellbeing for all within planetary limits. However, responses to date have been grossly inadequate, amid continued economic growth and policies based upon resource efficiency, renewables and a circular economy. This is most evident in the construction and property sectors, where high rates of new construction continue in both the Global North and South, while claiming this is green and carbon neutral. Bolder, more ambitious policies are proposed that seek to rebalance construction to suit needs, not wants, and especially to restrain the excesses of the property industry driven by financialisation. 'Policy relevance' Current policies and approaches are inadequate to make the required savings in carbon and resource consumption. While embodied carbon is increasingly recognised, this largely applies at the materials level and to carbon intensity metrics, which may lead to around 50–60% reduction. However, building less ('e.g.' by adapting existing stock) or not building at all lead to significantly greater savings of greenhouse gases and resources. To meet climate and other targets, policies and approaches are required that question the global demand for new construction within high- and medium-income societies, rebalance such construction and resource consumption, restrain building size and floor area, and invoke ‘sufficiency’ metrics. Maximum carbon reduction and improved resource allocation may be achieved by carbon budgets and (radically) questioning the need for certain building types, especially when digitalisation enables work from home. Means of diverting investment for social purposes, while integrating such policies in the planning system, are examined.