The role of rural land in mixed asset investment portfolios

Rural land has not always been considered as a major long-term investment with both institutional investors and absentee owners in countries such as U.K. and Australia. Although rural land is included in both single asset and mixed asset portfolios in the U.S, it is not at the same levels as either commercial or industrial property. Rural land occupies over 50% of the total area of Australia, and comprises over 115,000 economic farm properties (excludes rural residential, hobby farms and rural lifestyle blocks. However, less than 1.6% of the total economic farm numbers are actually owned by corporate or institutional investors. This low level of corporate involvement in the Australian rural property market has limited both the investment performance research and inclusion of this rural land type in both property and mixed asset investment portfolios. In the U.S. rural land is also the most extensive real estate type based on total area occupied. The United States Department of Agriculture statistics (1998) show that in 1997 there were 2.06 million farms in the U.S., covering 968 million acres, with a total value of $912 billion and generating an annual income of $202 billion. The level of corporate ownership of farms in the U.S. is also higher than the level of corporate farm ownership in Australia. This high level of institutional ownership in rural land in U.S has provided the opportunity for the rural property asset class to be analysed in relation to it’s investment performance and possible role in a mixed asset or mixed property investment portfolio.

Legislating for sustainability: a framework for managing statutory rights obligations and restrictions affecting private land

The ad hoc growth of administrative controls on land use has produced an information management problem. Land registries face growing demands to record on the Torrens register particulars of rights, obligations and restrictions created under public law statutes, in order to reduce information costs, promote compliance and inform planning. As sustainable management of land and natural resources will require more legislative regulation, this paper proposes a framework of principles for the more coherent and consistent management of public law controls on private land use.

Assessing the long term viability of leasehold rural land in Queensland

Rural land holdings in a number of states in Australia can be freehold or leasehold. The actual type and tenure of the leasehold varies according to each state, but the underlying principles of ownership, transferability and farming and grazing rights are reasonably similar. There are rural areas that are all leasehold title such as the western lands in NSW, while rural land in some states and areas can be a mix of both freehold and lease hold rural property. Over the years many rural farming areas that were originally developed or granted as leasehold land have been converted to freehold title. In many instances the cost of purchasing perpetual leasehold property is similar to the equivalent freehold property despite the fact that an additional rental charge is applied to this form of ownership. Many of the current leasehold rural holdings are located in the more arid regions of the state and the prevailing agricultural farming system is either cattle or sheep grazing.

A study of governance arrangements for land use and natural resource management planning in Cape York Peninsula

Complex intersecting social, economic and environmental dilemmas in Australia's Cape York Peninsula present a number of challenges for planners seeking to develop and implement land use and natural resource management (NRM) plans. There have been five different attempts at land use and NRM planning in Cape York Peninsula over the last 20 years. These processes have (to greater or lesser extents) failed to deliver community-owned and government-supported plans to guide development and/or the management of the region's natural resources. The region is remote, sparsely populated, and home to a significant Indigenous population. Much of the contestation within the region surrounds the access, use and ownership of the region's internationally valuable natural resources. This paper reviews, from the literature, the relevancy and applicability of criteria for best practice planning and governance. A range of identified best practice governance and planning principles are applied to assess the governance arrangements for planning in the Peninsula. The paper finds that decision-making arrangements for land use and NRM planning in the Peninsula are still in their infancy and are inadequate to support effective outcomes. The paper concludes that broader attention to best practice principles in governance for planning is needed to improve planning outcomes.

Contested Lands: Land Disputes in Semi-Arid Parts of Northern Tanzania : Case Studies of the Loliondo and Sale Divisions

This study Contested Lands: Land disputes in semi-arid parts of northern Tanzania. Case Studies of the Loliondo and Sale Division in the Ngorongoro District concentrates on describing the specific land disputes which took place in the 1990s in the Loliondo and Sale Divisions of the Ngorongoro District in northern Tanzania. The study shows the territorial and historical transformation of territories and property and their relation to the land disputes of the 1990s'. It was assumed that land disputes have been firstly linked to changing spatiality due to the zoning policies of the State territoriality and, secondly, they can be related to the State control of property where the ownership of land property has been redefined through statutory laws. In the analysis of the land disputes issues such as use of territoriality, boundary construction and property claims, in geographical space, are highlighted. Generally, from the 1980s onwards, increases in human population within both Divisions have put pressure on land/resources. This has led to the increased control of land/resource, to the construction of boundaries and finally to formalized land rights on village lands of the Loliondo Division. The land disputes have thus been linked to the use of legal power and to the re-creation of the boundary (informal or formal) either by the Maasai or the Sonjo on the Loliondo and Sale village lands. In Loliondo Division land disputes have been resource-based and related to multiple allocations of land or game resource concessions. Land disputes became clearly political and legal struggles with an ecological reference.Land disputes were stimulated when the common land/resource rights on village lands of the Maasai pastoralists became regulated and insecure. The analysis of past land disputes showed that space-place tensions on village lands can be presented as a platform on which spatial and property issues with complex power relations have been debated. The reduction of future land disputes will succeed only when/if local property rights to land and resources are acknowledged, especially in rural lands of the Tanzanian State.

Joint ownership and beneficial entitlement: Stack v Dowden.

Explores the issue of the share of beneficial entitlement to the family home where the legal title is jointly owned, but where there has not been an express declaration of a beneficial joint tenancy. Discusses the House of Lords judgment in Stack v Dowden which addressed this point. Explains how the judges moved the focus away from the court imposing its own sense of fairness on the parties or imputing an intention based on the circumstances to one where the concentration will be on the parties' relevant conduct. Outlines three other points of interest referred to in the judgment: (1) whether an indirect financial contribution could support a constructive trust; (2) whether proprietary estoppel and common intention constructive trusts should be assimilated; and (3) whether a mortgage liability is equivalent to a financial contribution.

The effect of ownership structure, country governance, and financial development on the capital structure of unlisted eastern European firms

This paper investigates the determinants of capital structure for a sample of 20,713 unlisted firms from 11 eastern European countries over the period 1994-2004. We employ usual firm-specific financial variables as well as country-specific variables that describe the degrees of governance structure and financial development of each country. Using regression analysis, our results indicate that firm ownership concentration and country governance structure are insignificant explanatory variables to the degree of leverage of the firms in our sample. On the other hand, indicators of country financial development are robust determinants of capital structure. However, the marginal explanatory power of country-specific variables is small. We conclude that firm-specific characteristics are decisive in capital structure.

Becoming private property: custom, law, and the geographies of ‘ownership’ in 18th- and 19th-century England

The making private of hitherto public goods is a central tenet of neoliberalism. From land in Africa, Asia, and South America to the assertion of property rights over genes and cells by corporations, the process(es) of making private property matters more than ever. And yet, despite this importance, we know remarkably little about the spatial plays through which things become private property. In this paper I seek to address this imbalance by focusing upon the formative context of 18th- and early-19th-century England. The specific lens is wood, that most critical of all ‘natural’ things other than land in the transition to market-driven economies. It is shown that the interplay between custom, law, and local practices rendered stable and aspatial definitions of property impossible. Whilst law was the key technology through which property was mediated, the cadence of particular places gave these mediations distinctive forms. I conclude that not only must we take property seriously, but we must also take the conditions and contexts of its making seriously too.

Taking as Giving, Appropriation as Access: Transfers of Land Development Rights and China’s Recent Experiments

Economic development at both the domestic and global levels is associated with increasing tensions which are inextricably linked to the meaning and allocation of property rights, which has a great impact on appropriation of resources and may lead to different paths of development. “Taking”-- the appropriation of private land for public needs -- is a typical example that exhibits those tensions, posing a challenge to the conventional conception of property as individualistic and exclusive rights of possession, use, and disposition and to the associated neoliberal model of development. Should the individual landowner be left to bear the cost of a regulatory intervention which endures to the wider benefit of the whole community? How to mitigate the tensions between private ownership and public regulation? If we take the liberal concept of property, then private property seems to be in constant conflict with public interests and wider social concerns. Meanwhile, community, situating between the state and the individuals, and community’s relationship to development rights, have not provoked enough discussion. The paper explores the different ways land development rights might be seen both in Western, essentially common law systems, and in China, especially now and in view of two case studies. An empirical example in Wugang, China reveals the importance of integrating the “community lens” proposed by Roger Cotterrell into studies of the transfer of land development rights. Reading through the community lens, taking could be giving and appropriation could also be access. This approach provides a new perspective to re-evaluate the relationship between legal appropriation and development.

'All Good Things Must Come to an End': Terminating Co-Ownership Under the 'Old' Partition and Sale Rules

Despite its benefits, co-ownership of land creates problems where relations between the parties
have soured, or one person simply wants to extricate themselves from this arrangement. The
remedies of compulsory partition and sale allow one joint tenant or tenant in common to terminate
co-ownership against the wishes of the others, by seeking a court order to this effect. Throughout
parts of the common law world, this has be en based on nineteenth century English legislation namely
the Partition Act 1868, the key elements of which remain in force in Western Australia,
South Australia, Tasmania and the Australian Capital Territory. This article provides an up-to-date
analysis of the law on compulsory partition and sale as derived from the 1868 Act and analogous
provisions, drawing not only on Australian cases, but on frequently overlooked decisions from
courts in both parts of Ireland and in parts of Canada, as well as ‘old’ English judgments on the
1868 Act.

Dynamics of Land Use in Recently Settled Forest Areas: a Case Study of Attappady , Kerala

The present study on the dynamics of land use in recently settled forest areas. In the course of events, tribals lost their land; the demographic structure of Attappady changed; the cropping pattern got diversified; traditional techniques of production were ruined; new crops and new techniques of cultivation came to stay; and the entire cost and return structure of production underwent radical change. Migration to Attappady is essentially a continuation of the Malabar migration process from Travancore, through, some people from Tamil Nadu also had migrated to this region earlier. The demographic structure, along with land structure, has changed in favour of the settlers within a short span of time. Lack of security of ownership has acted as a strong reason for wanton exploitation of land resources. The major influencing factors on crop choices among settlers were labour endowment, date of settlement and education. Attappady is an unique ecosystem in Kerala characterized by many interdependables. The latest hand of environmental degradation is a grave danger especially on sloppy terrains,which are under cultivation of tapioca and dry annual crops like groundnuts, cotton, grams etc. Soil erosion as a result of the unplanned cultivation of these crops has resulted in dramatic decline in soil fertility and hence low crop productivity. This calls for a watershed management approach for the sustainable development of the region. A progressive agrarian transformation is warranted to maintain the homegarden as a sustainable production system in ecological and socio-economic terms.

Impact of land reforms on scheduled castes in kerala - a case study

Perhaps the most characteristic feature of our timesis that economic development has become the goal and ambition of people. The needs which this desire creates are immense they are of course urgent everywhere and they cannot be postponded. Consequently there was a frantic search for formulae of rapid economic development. It was claimed that agrarian reform is the indispensable condition for the development of productive forces and industrialization of the state.A key element in the land reform policy is the provision for ownership of land .Measures taken include redistribution of large estates ,assistance to tenants or labourers to acquire holdings and settlement schemes to establish new farming units on reclaimed or developed lands.In this thesis an attempt is made to evaluate the impact of these reforms on the agrarian structure in general and the scheduled caste in particular.

Ownership rights in performance-based contracting: A case study of English law

Clients and contractors need to be aware of the project’s legal environment because the viability of a procurement strategy can be vitiated by legal rules. This is particularly true regarding Performance-Based Contracting (PBC) whose viability may be threatened by rules of property law: while the PBC concept does not require that the contractor transfers the ownership in the building materials used to the client, the rules of property law often lead to an automatic transfer of ownership. But does the legal environment really render PBC unfeasible? In particular, is PBC unfeasible because contractors lose their materials as assets? These questions need to be answered with respect to the applicable property law. As a case study, English property law has been chosen. Under English law, the rule which governs the automatic transfer of ownership is called quicquid plantatur solo, solo credit (whatever is fixed to the soil belongs to the soil). An analysis of this rule reveals that not all materials which are affixed to land become part of the land. This fate only occurs in relation to materials which have been affixed with the intention of permanently improving the land. Five fictitious PBC cases have been considered in terms of the legal status of the materials involved, and several subsequent legal questions have been addressed. The results suggest that English law does actually threaten the feasibility of PBC in some cases. However, it is also shown that the law provides means to circumvent the unwanted results which flow from the rules of property law. In particular, contractors who are interested in keeping their materials as assets can insist on agreeing a property right in the client’s land, i.e. a contractor’s lien. Therefore, the outcome is that English property law does not render the implementation of the PBC concept unfeasible. At a broader level, the results contribute to the theoretical framework of PBC as an increasingly used procurement strategy.

Who owned Earls Colne in 1798....or how to squeeze more from the Land Tax

In this important article Richard Hoyle, one of the country’s leading historians of the early modern period, introduces new perspectives on the Land Tax and its use in the analysis of local communities in the late eighteenth and early nineteenth centuries. He uses as his case study the parish of Earls Colne in Essex, on which he has already written extensively with Professor Henry French. The article begins with an overview of the tax itself, explaining its history and the procedures for the collection of revenues – including the numerous changes which took place. The sizeable problems confronting any would-be analyst of the data are clearly identified, and Hoyle observes that because of these apparently insoluble difficulties the potential of the tax returns has never been fully realised. He then considers the surviving documentation in The National Archives, providing an accessible introduction to the sources and their arrangement, and describing the particularly important question o f the redemption of the tax by payment of a lump sum. The extent of redemption (in the years around 1800-1804) is discussed. Hoyle draws attention to the potential for linking the tax returns themselves with the redemption certificates (which have never been subjected to historical analysis and thereby proposes new ways of exploiting the evidence of the taxation as a whole. The article then discusses in detail the specific case of Earls Colne, with tabulated data showing the research potential. Topics analysed include the ownership of property ranked by size of payment, and calculations whereby the amount paid may be used to determine the worth of land and the structure of individual estates. The important question of absentee owners is investigated, and there is a very valuable consideration of the potential for looking at portfolio estate ownership, whereby owners held land in varying proportions in a number of parishes. It is suggested that such studies will allow us to be more aware of the entirety of property ownership, which a focus on a single community does not permit. In the concluding paragraph it is argued that using these sources we may see the rise and fall of estates, gain new information on landownership, landholding and farm size, and even approach the challenging topic of the distribution of wealth.

International investment, ownership and risk in the City of London office market: an analysis of trends 1972-1997

Office returns in the City of London are more volatile than in other UK markets. This volatility may reflect fluctuations in capital flows associated with changing patterns of ownership and the growing linkage between real estate and financial markets in the City. Using current and historical data, patterns of ownership in the City are investigated. They reveal that overseas ownership has grown markedly since 1985, that owners are predominantly FIRE sector firms and that there are strong links between ownership and occupation. This raises concerns about future volatility and systemic risk.