| As a trade providing the living spaces and the substance carriers for the human social activities, the real estate is a pillar industry and leading industry in the national economy, functions as a guide,push and brace for the development of national economy, especially for that of urban economy. The comprehensive exploitation,self estabishing,transfer,lease,interchange,mortgage,trust,inherit and presenting of real estate, and the maintenance,consultation,management and trade administrative management of real estate are included in the real estate. As an effective way of spreading risk, the reasearches on the portfolio management of realty have become the focus of attention for people in theory circles and business circles. But the portfolio management of realty has been affected by many aspects including the static ones and the dynamic ones. However, more of the researches in China rested on the static phase.The definition and measurement methods was discussed in this paper. Meanwhile, systematic risks and nonsystematic risks were analyzed from the viewpoint of system, and the risk factors in every phase and every housing types were also analyzed. Time variation factors was considered in the portfolio management of realty for the first time. This paper established a dynamic model of real estate investment dynamic model with variance as the risky measure indexes.ACO is a new distributed intelligent biologically-inspired algorithm simulated evolution,and is widely used for solving various combinatorial optimization problems. The simulation results showed that this method is better than genetic algorith in the iterations and results. So ant system algorithm with variance as the risky measure indexes is better than basic ACO and genetic algorith in real estate portfolio.The investigated results provide a practical solution for the real estate project management investment, which has a crucial practical significance for promoting the decision of real estate investment. |
PDF Full Text Request