Project financing commonly found in Indonesia is conventional project financing, namely financing with own capital and long-term loans with a certain composition. The use of conventional financing often produces an un-optimal and unprofitable cost of capital. Real Estate Investment Trust (REIT) is one of alternative financing that can be applied in global property projects, but the use of this strategy is needed to be further analyzed to be used as a project financing option in Surabaya. The developer companies tend to agree with the development of REIT in Surabaya and also the benefits obtained from the implementation of REIT. However, they are still having doubts about implementing it. The purpose of this study is to examine using REIT as a method of real estate financing for developers. This research is focused on finding the consequences of using REIT from the developer side. Therefore, the literature review method will be carried out.

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Instagram is a social media that has a shopping feature. Instagram can be used for digital advertising, and among them is paid promotion. Paid promotion is a service to promote goods/services on social media. This service offers advantages such as a broad market segment, low cost, and easy technical implementation. Many online shops are willing to spend a lot of money to be promoted. Unfortunately, online shop owners usually do not know how Instagram users respond when they see a paid promotion. Therefore, the purpose of this study is to find out how Instagram users respond to the paid promotion on Instagram. User response data was taken from a questionnaire, then analyzed using the CRI method with the AISAS concept by using 4 models: AISAS, AISS, AIAS, and AIS. As the result, four models showed the CRI is below 50% (AISAS: 2,8%; AIAS: 3%; AISS: 4,5%; AIS: 8,4%). Considering the result, the respondents do not give a good response to the paid promotion service.