Sale before Completion of Development: Pricing and Strategy
研究了亚洲城市流行的预售制度，发现开发商通过预售分担破产和营销风险，但这也提高了新开发商进入市场的门槛，导致市场被大开发商垄断。
The paper examines the risk‐and‐return characteristics of a popular development strategy, the presale system (or sale before completion), used in many Asian cities. We model a presale decision in a real‐options framework and suggest that the use of presale is primarily for a risk‐sharing purpose. That is, developers can reduce bankruptcy and marketing risks by selling (or leasing) their projects before their completion dates. Our model also indicates that, because of the presale system, there is a barrier for new developers to enter into a market, which helps explain the anecdotal observation that most real estate markets in Asian cities are oligopolistic in nature and dominated by large developers.