Download or read book A Critical Evaluation for the Performance of REIT Retails Portfolio in Hong Kong written by 王頌怡 and published by . This book was released on 2012 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Critical Evaluation for the Performance of Reit Retails Portfolio Inhong Kong written by Chung-Yi Wong and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "A Critical Evaluation for the Performance of REIT Retails Portfolio InHong Kong" by Chung-yi, Wong, 王頌怡, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: The purpose of this study is to access the development of The Link REIT as a kind of REITs in Hong Kong. By evaluating the performance of The Link REIT, its shopping centres and the customer satisfaction, implication of The Link's management to the REIT, the shopping centres and even the society were identified. In this research, the evaluation for performance of The Link REIT would be divided into three scopes. Firstly, the performance of REIT would be evaluated by analyzing the indices. Secondly, the attributes of The Link's shopping centres would be evaluated by analyzing the determinants of rental income. Last but not least, customer satisfaction would be evaluated by measuring the service quality based on SERVQUAL instrument. The first two scopes of evaluation would be mainly based on the secondary data. Primary data obtained by questionnaire survey would be collected for the evaluation of customer satisfaction. After collecting and analyzing all data, position impacts of The Link's management was identified to the performance of REIT and the attributes of its shopping centres. In contrary on the first two evaluations, customers including both of the visitors and tenants were found dissatisfied to the empathy attributes of The Link's shopping centres. The customer expectation valued greater than the customer perception. In other words, The Link failed to understanding or providing what customers need. Upon conducting the regressive analysis of the secondary data, contradiction between the development of The Link and public expectation was finally concluded. The Link aimed at maximizing the interest or benefits for the shareholders while visitors or tenants requested The Link to ensure the low price of products and low rental charge. In considering the historical responsibility of HKHA, The Link was being over-expected in performing its social responsibility. To be a responsible asset manager and also a social company, recommendation or suggestions were made based on the analysis. DOI: 10.5353/th_b4834355 Subjects: Real estate investment trusts - China - Hong Kong Shopping centers - China - Hong Kong - Management
Download or read book The Reits Real Estate Investment Trusts written by Kim Hin David Ho and published by Partridge Publishing Singapore. This book was released on 2021-11-26 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 examines the significance of ‘green’ buildings on the operational and financial performance of REITs. The Chapter covers different direct real estate sectors, namely office, retail and residential, for the REITS concerned to evaluate the consistency of the results. Chapter 2 looks at the risk neutral and non-risk neutral pricing of real estate investment trusts in Singapore (S-REITs), via comparing the average of the individual ratios (of deviation between expected and observed closing price/observed closing price), with the ratio (of standard deviation/mean) for closing prices, via the binomial options pricing tree model. Chapter3 highlights that while the Markowitz portfolio theory (MPT) is popular in modern finance to model portfolios with maximum total returns (TRs) for a given systematic risk, the more flexible multivariate copula model is introduced that enables investors and portfolio managers to obtain the optimal portfolio. Chapter 4 looks at a value investing framework, in which a REIT and real estate comany investment operation is deemed to be one, where a “thorough analysis”, should promise the safety of a principal and an adequate total return. Chapter 5 examines the market reactions of Malaysia’s listed property trusts and property common stocks to corporate restructuring activities – direct real estate asset acquisitions and new listings. Chapter 6 reports the Monetary Authority of Singapore (MAS) consultations with the Inland Revenue Authority of Singapore (IRAS) and the Ministry of Finance (MOF), to introduce the Income Tax Act (ITA) amendments, and a new temporary relief measure for real estate investment trusts (REITs) in Singapore. The Chapter also looks at the proposal by the Asian Public Real Estate Association (APREA) to the MAS, to create a private REIT structure Chapter 7 looks at the key issues and notes on the valuation of the public real estate investment trusts (REITs) and the real estate companies, adopting several valuation metrics to value REITs on a stand-alone and a relative basis. Chapter 8 looks at the unique Asian REIT institutional environment, pertaining to the S-REIT, while cross referencing it to that of the CapitaMall Trust (S-CMT) and the Hong Kong HK- Link REIT. Chapter 9 summarises the book’s findings and highlights the contributions and recommendations made.
Download or read book Analysis of Hong Kong Real Estate Investment Trusts on Asset Portfolio Performance written by Weiya Zhang and published by . This book was released on 2011 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Performance of REITS as an Investment Medium written by Ronald J. Tankiewicz and published by . This book was released on 1978 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International REITs How to invest overseas and build an international portfolio written by Kaiwen Leong and published by Marshall Cavendish International Asia Pte Ltd. This book was released on 2014-09-15 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dream of buying an apartment or landed property? What about a luxury shopping mall, office block or five-star hotel? Such dreams are completely possible and at not too expensive or far-fetched. With Real Estate Investment Trusts (REITs), you’ll be able to invest in properties you never thought you could own. REITs derive income from top-notch properties around the world across various industries so buying into a REIT makes you an indirect landlord of their properties. If the REIT soars, you soar — and you don’t have to be a millionaire to invest and to sweeten the deal, most REITs enjoy tax-free income. But to invest, you’ve got to know which REIT to pick. This book will equip you with the tools to evaluate any REIT you come across and simultaneously guide you through the major global markets. To seal the deal, the book will also reveal true stories from the investing world, so you can learn from the best and avoid the pitfalls.
Download or read book An Analysis of Hong Kong REIT written by King Man Chow and published by . This book was released on 2011 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate investment trust (REIT) is a valuable investment alternative for investors in many markets. Being home to a handful of world-class property developers, Hong Kong, the Asia financial hub, seemed to have met all the criteria to grow a REIT market rapidly. Yet, since the enactment of the Hong Kong REIT Code in 2003, the H-REIT (acronym for Hong Kong REIT) market saw only eight H-REITs being launched, lagging the growth of other REIT markets in the region. This thesis paper seeks to uncover the present investment values in H-REITs and determine what likely would shape the future of the market hence the potential value it could bring to investors, through examining the local real estate capital markets, the regulations, and the supply and demand dynamics, and conducting comparative analysis with stocks of local property companies. The study finds that the H-REITs are significantly less risky than local property stocks and offer dividend yields that in most cases are greater than the earning yields of those stocks. H-REIT offers real estate exposure, yet provides diversification effect to a portfolio of local property stocks given its low correlations with these stocks. Hurdles to market growth persist as abundance of liquidity, low yields offered by prime properties, poor reception of yield enhancement mechanisms in REITs, agency problems and questionable corporate governance of the H-REITs all contributed to suppressing both the supply and demand for local asset-backed H-REITs. Moreover, the small size of the city seems to indicate that the H-REIT market was destined to depend on cross-border deals. Thanks to the close-tie to China, Yuan-denominated cross-border REITs backed by Mainland China assets appear to be the future of the H-REIT market. While this type of deal clears some of the hurdles to grow the market, it still remains in the hands of the sponsors to add transparencies in H-REIT management structure to gain the much needed trust from investors to build a functioning market.
Download or read book The Effect of Corporate Governance on the Performance of Reits written by Xiangliang Bai and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Effect of Corporate Governance on the Performance of REITs: the Evidence From Hong Kong and Singapore" by Xiangliang, Bai, 白相良, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: The Asian REIT market has been developing quickly in recent years and gradually attracted attention of international investors. However, compared with other developed markets such as the US and Australia, very little is known about the Asian REIT market. This research examines the impact of the quality of corporate governance on the performance of two major and similar REIT markets - Hong Kong and Singapore. In this research, the quality of corporate governance is measured by a scoring system that is based on the APREA Corporate Governance Scoring Framework (APREA CGSF) developed by Lecomte and Ooi (2012) for Singapore REITs but modified to suit the characteristics and regulatory requirements of both Hong Kong and Singapore REIT markets. Firm performance is measured by Tobin's Q. The empirical analysis is based on panel data during 2007-2011 from Hong Kong and Singapore REIT markets. The empirical results show that the quality of corporate governance (as measured by the Integrated Corporate Governance Index or ICGI) has a significant and positive impact on firm performance, holding other factors constant. However, closer examination shows that only about 20% of all the governance provisions included in the ICGI have significant impact on firm performance. This research also finds that REITs with corporate governance that takes into consideration of the interests of other stakeholders in addition to those of the shareholders (such as provision for corporate social responsibility) do not perform better. Incidentally, the empirical results strongly suggest that Singapore REITs perform better than Hong Kong REITs after controlling for all known factors including the quality of corporate governance. This result calls for a deeper explanation. A more detailed study from a new institutional economics perspective may shed light on this issue. DOI: 10.5353/th_b5194755 Subjects: Real estate investment trusts - China - Hong Kong Corporate governance - China - Hong Kong Real estate investment trusts - Singapore Corporate governance - Singapore
Download or read book The Routledge REITs Research Handbook written by David Parker and published by Routledge. This book was released on 2018-10-10 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge REITs Research Handbook presents a cutting-edge examination of the research into this key global investment vehicle. Edited by internationally respected academic and REIT expert Professor David Parker, the book will set the research agenda for years to come. The handbook is divided into two parts, the first of which provides the global context and a thematic review covering: asset allocation, performance, trading, sustainability, Islamic REITs, emerging sectors and behavioural finance. Part II presents a regional review of the issues with high level case studies from a diverse range of countries including the US, UK, Brazil, India, Australia, China, Singapore, Israel and Russia, to name just a few. This handbook redefines existing areas within the context of international REITs research, highlights emerging areas and future trends and provides postgraduates, professionals and researchers with ideas and encouragement for future research. It is essential reading for all those interested in real estate, international investment, global finance and asset management.
Download or read book Performance of Property Companies in Hong Kong A Style Analysis Approach written by K.W Chau and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Return-based style analysis is applied to identify the style benchmarks of 12 property companies in Hong Kong from 1984 through 2001, and their performance is then assessed. Unlike style analysis of mutual funds, the cash component is not constrained to be non-negative so as to reflect their debt-financed capital structures. The other feature of style analysis of property companies is the inclusion of direct property returns in the implied portfolio. This is achieved by transaction-based monthly property price indices over the period of observation. Our results suggest that the implied portfolio is able to explain an important part of the variation in the property companies' returns. Although non-property investment has been the major component of the implied portfolio, the proportion of direct properties has increased over time. Therefore, property companies are becoming a closer substitute for direct property investment. One of the implications of the results is that investors can avoid the high transaction costs of direct property investment, but at the same time enjoy the liquidity and diversification benefits through investing in the shares of property companies. Our results also suggest that the performance of most property companies is not significantly different from the performance of the underlying implied portfolio before transaction cost is taken into account. This implies that the overall performance of a property company is mainly attributable to investment style characterized by the implied portfolio rather than management skills.
Download or read book Portfolio Performance of M REITs Before During and After the Global Financial Crisis written by Hong Jong Lee and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Adjusted Pure play Portfolio Real Estate Investment Trust Equity Index written by Dongwook Kim (S.M.) and published by . This book was released on 2007 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: (Cont.) As a proxy for the returns of debts held by REITs, Gilberto-Levy Historical Mortgage Rate will be used as a proxy for the returns of debts held by REITs. Sector-Mix Adjustment according to NCREIF sector weights. REIT index investment cost proxied by Vanguard REIT fund expense (95-05) will be deducted from adjusted REIT equity index. In this thesis, private real estate equity investment performance is represented by the MIT Transaction Based Index (TBI) and NCREIF Property Index (NPI). Both TBI and NPI returns are deducted by asset management fees estimated by the NFI-ODCE index (NCREIF) over the same time period. Purpose of these adjustments is to improve evaluation of publicly and privately held commercial real estate asset investment performances relative to one another. Preliminary comparison between NAREIT equity REIT index and NPI quarterly returns from 1995-2005 was conducted to collect the mean return difference. Then the difference after the treatments was compared to observe the effects of the author's method. The results demonstrate that at the aggregate level the difference between REIT and NPI returns reduced from 1.08% to 0.74%, and the difference between REIT and TBI returns reduced from 1.64% to 0.18%.
Download or read book Real Estate Investment Trusts in Europe written by Ramón Sotelo and published by Springer Science & Business Media. This book was released on 2013-12-11 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country.
Download or read book Europe Real Estate Yearbook 2007 written by Marinus Dijkman and published by Real Estate Publishers BV. This book was released on 2007-03 with total page 866 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Urban Land Rent written by Anne Haila and published by John Wiley & Sons. This book was released on 2015-12-14 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Urban Land Rent, Anne Haila uses Singapore as a case study to develop an original theory of urban land rent with important implications for urban studies and urban theory. Provides a comprehensive analysis of land, rent theory, and the modern city Examines the question of land from a variety of perspectives: as a resource, ideologies, interventions in the land market, actors in the land market, the global scope of land markets, and investments in land Details the Asian development state model, historical and contemporary land regimes, public housing models, and the development industry for Singapore and several other cities Incorporates discussion of the modern real estate market, with reference to real estate investment trusts, sovereign wealth funds investing in real estate, and the fusion between sophisticated financial instruments and real estate
Download or read book Risk Analysis and Portfolio Modelling written by Elisa Luciano and published by MDPI. This book was released on 2019-10-16 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Risk Measurement is a challenging task, because both the types of risk and the techniques evolve very quickly. This book collects a number of novel contributions to the measurement of financial risk, which address either non-fully explored risks or risk takers, and does so in a wide variety of empirical contexts.
Download or read book The Investment Checklist written by Michael Shearn and published by John Wiley & Sons. This book was released on 2011-09-20 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to making more informed investment decisions Investors often buy or sell stocks too quickly. When you base your purchase decisions on isolated facts and don't take the time to thoroughly understand the businesses you are buying, stock-price swings and third-party opinion can lead to costly investment mistakes. Your decision making at this point becomes dangerous because it is dominated by emotions. The Investment Checklist has been designed to help you develop an in-depth research process, from generating and researching investment ideas to assessing the quality of a business and its management team. The purpose of The Investment Checklist is to help you implement a principled investing strategy through a series of checklists. In it, a thorough and comprehensive research process is made simpler through the use of straightforward checklists that will allow you to identify quality investment opportunities. Each chapter contains detailed demonstrations of how and where to find the information necessary to answer fundamental questions about investment opportunities. Real-world examples of how investment managers and CEOs apply these universal principles are also included and help bring the concepts to life. These checklists will help you consider a fuller range of possibilities in your investment strategy, enhance your ability to value your investments by giving you a holistic view of the business and each of its moving parts, identify the risks you are taking, and much more. Offers valuable insights into one of the most important aspects of successful investing, in-depth research Written in an accessible style that allows aspiring investors to easily understand and apply the concepts covered Discusses how to think through your investment decisions more carefully With The Investment Checklist, you'll quickly be able to ascertain how well you understand your investments by the questions you are able to answer, or not answer, without making the costly mistakes that usually hinder other investors.
