Case Study (Real Estate and Urban Development Policy)


KANEMOTO, Yoshitsugu / ZUSHI, Chishu / MUGISHIMA, Takeshi

Credits / Language / Semester

2Credits / English / Winter


The course introduces, to prospective policy professionals, some of the important aspects of urban development and real estate development. Topics covered are (1) urban transportation and land use development, (2) real estate development and finance, (3) public-private relationship in urban development.
Students form groups to conduct case study projects. Typically, a case study in this course outlines a business plan for a real-world urban development project, in the hope of providing a creative solution to many existing difficulties in developing countries. For example, a business plan must find a way to ensure economic feasibility and overcome political difficulties.


Urban development, Real estate, Infrastructure, Finance, Public policy


Tentative, Subject to change
The classes contain the following subjects and activities. The detailed schedule will be decided later.
Real Estate Development and Finance
Transportation Investment and Land Development
Team project discussions
Team Project Presentation

Teaching Methods

Lectures, class discussions, case study reports and presentations


Based on: Exercises, Case study reports and presentation, Class participation

Required Text


Reference Books

Real Estate Finance
William J. Poorvu, The Real Estate Challenge: Capitalizing on Change, South-Western Pub, (1995).
William J Poorvu and Jeffrey L. Cruikshank, The Real Estate Game: The Intelligent Guide To Decisionmaking and Investment, Free Press, (1999).
Transportation Investment
Saito, T., Japanese Private Railway Companies and Their Business Diversification, Japan Railway & Transport Review, January 1977, pp. 2-9.
Saito, T., Private Railway Industry, Koyo Shobo, 1993, (in Japanese). The translation of Chapter 5 is available.
Fukui, K. Japanese national railways privatization study : the experience of Japan and lessons for developing countries, Volume 1, World Bank Discussion Papers No. 172, (1992).
Infrastructure Finance
Sammis B. White, Richard D. Bingham, Edward W. Hill (Eds), Financing Economic Development in the 21st Century, M E Sharpe Inc; New edition, (2003).
ADB, Financing Urban Development in the People’s Republic of China, November 2010.
ADB, Public-Private Partnership (PPP) Handbook (2008).
Urban Development
Glaeser, E., Triumph of the City, Penguin Press, New York (2011).
Spatial Monopoly and Regulation
Kanemoto, Y. and K. Kiyono, "Investment, Pricing, and Regulation in Urban Transportation and Spatial Development," in H. Kohno and P. Nijkamp (eds.) Potentials and Bottlenecks of Spatial Economics Development, 30-44, Springer-Verlag, (1993).
Kanemoto, Y. and K. Kiyono, "Regulation of Commuter Railways and Spatial Development," Regional Science and Urban Economics 25, 377-394, (1995).
Microeconomics textbook on monopoly (e.g. Mankiw, Microeconomics, ch. 15)
Jose A. Gomez-Ibanez, Regulating Private Infrastructure: Monopoly, Contracts, and Discretion (Harvard University Press, 2003), chapters 1-3.

Notes on Taking the Course

This course requires good understanding of basic economics and statistics but does not pursue sophisticated economic analysis. Prerequisites are
(1) Microeconomics for public policy
(2) Statistical Method
or their equivalents.

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