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 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 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 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 Emerge of Reit written by Kwok-Kin Lee 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 Emerge of REIT: a Case Study of the Link REIT and Its Impact on the Link Managed Shopping Centre" by Kwok-kin, Lee, 李國健, 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. DOI: 10.5353/th_b4544252 Subjects: Real estate investment trusts - China - Hong Kong Shopping centers - China - Hong Kong - Management

Download or read book Developing Hong Kong as a Capital Formation Centre for Real Estate Investment Trusts written by Hong Kong Financial Services Development Council and published by . This book was released on 2013 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Victims of Privatization written by Sophia Lok Yee So and published by . This book was released on 2010 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Is China Ready for REITs written by Tianjin Luo and published by . This book was released on 2008 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the current absence of a REIT-styled vehicle in China, this thesis examines the potential opportunities and obstacles pertaining to the future introduction of REITs in China. The thesis provides a comparative analysis on major REIT regimes around the world, in terms of formation, structuring and operation guidelines, to identify their level of similarity and variance. The thesis then shifts its focus to China, examining the development background of China's real estate sector and analyzing China's market fundamentals and regulatory environment. Lastly, the thesis provides a closer look at the REIT sector in Singapore and Hong Kong and discusses their operational experience of the assets in China. The thesis finds that REITs are regulated differently among countries. However, a number of core criteria must be maintained to ensure the success of REITs in China. Commercial real estate, although accounts for a small share of the real estate market currently, has grown rapidly in recent years and is at the beginning of a boom as China continues to grow and mature as a market economy. On the capital side, the Chinese real estate companies are heavily dependant on bank loans to finance their development projects and there is a strong need for alternative and diversified financing vehicles for future growth. However, China also proves to be a complex market with a unique state-owned land system, with many social issues to confront as a developing country and with a constantly changing and evolving regulatory framework. All of these pose numerous challenges to the adoption of REITs in China. It is clear that a REIT-styled investment vehicle fits the current and future needs of the Chinese real estate sector. Although China is not yet ready to adopt REITs by international standards, China must pursue the experiment of such practice amid of the challenges. China's growth path in the past thirty years with its remarkable economic reform has just proved this point.

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 306 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 The Effects of Rental Growth Expectation on Real Estate Return written by Yishuang Xu and published by Open Dissertation Press. This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Effects of Rental Growth Expectation on Real Estate Return: a Term Structure Model and an Empirical Test in Hong Kong" by Yishuang, Xu, 徐怡爽, 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 investor's expectation is instinctively to be linked to the asset's return by the finance experts and analysts. However why and how it affects the return are poorly understood and explained. Can the investor's expectation really move the market? How much the influence does it have? This study looks at this well-known puzzle between real estate returns and investors' expectations on rental income growth of real estate assets. Based on the theoretical model in this study, the questions whether, why and how the investors' expected rental income growth has effects on the real estate returns are answered. The study focuses on both private and public real estate (REITs) returns and examines whether they can be explained by the facts in Hong Kong. The theoretical model is derived from the Gordon Growth Model. The novelty of the model is to define the term structure of interest rate on the expected rental income. Empirically, the linkage between the two markets is identified through the REIT's dividend, which is specified to be distributed from 90% of the real estate asset's income. Under this specification, strong evidence is found for expected rental income growth predictive power. In this study, the relationship between the monthly end-of-period REIT's return and monthly expected rental income growth of corresponded real estate asset is tested by panel model, which does the superb job in fitting both cross-sectional and time-varied return patterns of REITs. As the REITs in Hong Kong had just launched since the end of year 2005, the sample period of this study is from November, 2005 to April, 2010. Unlike the standard asset pricing model, this study adds the investor's expectation as one of the factors which determine the REIT's return to adjust the out-performance tendency of certain asset. The study also confirms the hypothesis in private real estate market by finding that investors' expectation on rental growth imposes a positive and significant impact on the real estate return in Hong Kong. The quarterly data series of macro-economic factors, such as Gross Domestic Production, Inflation rate, Interest rate, Employment rate are tested to confirm their effects on the real estate return together with the investor's expectations on both future rental income and inflation. All four real estate sectors, including residential, office, retail and industrial property sectors, are inclusively tested in this study. For both private and public real estate markets in Hong Kong, the investor's expectation has positive effects on the corresponding asset's return. The evidence in this study shows that the change of investor's expectation would cause positive change of REIT's return. It reveals that the investors' expectation plays a vital role in the movement of both private and public real estate markets. When most investors expect a tendency of increasing earning, the real estate return tends to rise with controlling of other economic factors. Though the conclusion of this study is well-known and frequently used to explain or predict the movement of real estate market, the theory behind it is commonly ignored. This study looks deeper into it by improving Gordon Growth Model to capture the investor's expected rental income growth without econometric forecasting or questionnaire investigation. The series...

Download or read book The Financial Markets of Hong Kong written by Andrew F. Freris and published by Routledge. This book was released on 2018-10-26 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial markets of Hong Kong have a reputation for volatility, but careful analysis of past behaviour reveals consistent trends and coherent actions. This study, first published in 1991, at a time of uncertainty before Hong Kong’s transfer to China in 1997, analyses each of the financial markets in the colony, and explains the activities of banks, deposit-taking companies, the stock exchange, and markets in capital, gold, futures, unit trusts, and foreign exchange. Examining these in terms of structure, regulation and in competition, it constitutes not just a description but a thorough analysis of the characteristic dynamics of each market.

Download or read book Guide to Global Real Estate Investment Trusts written by Stefano Simontacchi and published by Kluwer Law International B.V.. This book was released on 2021-04-07 with total page 721 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global listed property sector has been characterized by a variety of noteworthy developments in recent times, the proliferation of real estate investment trust-type structures in countries around the world key among them. Despite an uncertain economic environment, REITs have proven their ability to promote institutional real estate investments in global financial markets. This highly practical book features a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in a variety of the world’s most significant jurisdictions. With regard to the legal framework, the structure and functioning of a REIT is carefully investigated and explained. In terms of tax issues, the book focuses on such key issues as: REIT formation, operation and liquidation; mergers, acquisitions and dispositions; as well as planning for public and private REIT offerings and re-securitizations. REITs are inherently complex and their interplay with tax treaties further compounds the complexity. This highly accessible yet authoritative work is the perfect decision-making tool for any professional looking for perspective and guidance on the challenges and opportunities REITs engender.

Download or read book An Analysis of the Hong Kong Office Property Market written by Sik-Kin Simon Wong and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book To Evaluate the Social and Economic Impacts of Privatization on the Shopping Centres of Hong Kong Housing Authority written by Wai-Ho Lau and published by . This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Playing the REITs Game written by Dominic Whiting and published by John Wiley & Sons. This book was released on 2007 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Playing the REITs GAME. Asia's New real Estate Investment Trusts. A comprehensive guide to the history as well as detailing a thorough portrait of the fundamentals of the evolving REITs market in Asia. A wealth of information, this book highlights some of the winners, the losers, the shortfalls and the opportunities of this exciting and rewarding sector. It also provides an insight into the various regional markets and lists the REIT products available today. —Danny Mohr, Executive Director, REITs Asia, CB Richard Ellis REITs are fast becoming a growing force in Asia and this book explains what any investor needs to look for. Together with its well researched background to the evolution of REITs in Asia, it is also a fascinating read of industry professionals. —Guy Hollis, International Director, International Capital Group, Jones Lang LaSalle, Hong Kong A must-read for anyone interested in playing the REITs game in Asia. Well written, easy to read, comprehensive and yet concise. Case studies add color and flavor to the development of REITs in various Asian Countries. —Wen Khai Meng, Chief Executive Officer CapitaLand Commercial Limited CapitaLand Financial Limited The rapid growth of REITs has brought efficiency, liquidity and transparency to Asia's real estate markets. Dominic Whiting's book manages to capture the mood of investors and practitioners during this exciting period of change and gives a detailed blow-by-blow account of the story so far. Playing the REITs Game examines the sector from a wide variety of perspectives and will help introduce the sector to a wider audience. —Chris Reilly, CFA, Director of Property, Asia, Henderson Global Investors

Download or read book The Performance of Property Companies in Hong Kong written by Siu-Kei Wong and published by . This book was released on 2017-01-28 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Performance of Property Companies in Hong Kong: a Style Analysis Approach" by Siu-kei, Wong, 黃紹基, 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: Abstract of thesis entitled The Performance of Property Companies in Hong Kong: A Style Analysis Approach Submitted by Wong Siu Kei for the degree of Doctor of Philosophy at The University of Hong Kong in January 2003 Style analysis has become a popular tool for evaluating the performance of investment funds as a result of increasingly specialized investment styles. This study applies the returns-based approach to identifying the investment styles and assessing the performance of property companies in Hong Kong from 1984 through 2001. The original style model has been modified to take into account the differences between mutual funds and listed property companies. The modifications include the addition of direct property asset classes and the relaxation of no-leverage constraint. The former is achieved by developing an age-adjusted repeat-sales model to construct monthly transaction-based property price indices. Two style models were built: a non-property model (without direct property asset classes) and a property model (with direct property asset classes). The results from the non-property model showed that although the implied non-property asset mix was able to explain an important part (75%) of the variation in the property companies' returns, a small pure property component was found in the company returns. This component can be realized through hedging the indirect property index by its implied non-property asset mix. The results from the property model indicate that property company returns reflect residential and industrial performance better than retail and office performance. Moreover, the proportion of direct property has increased over time, indicating that property companies are becoming a closer substitute for direct property investment. The implication 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. There are, however, some inconsistencies between implied and actual property asset mixes which may be due to high correlation between some asset classes. The results of the style analysis of the major listed property companies in Hong Kong do not support the presence of active management skill over time, and thus the market is efficient. This implies that the overall performance of a property company is mainly attributable to investment style characterized by the implied portfolio rather than management skill. The variation in the selection returns of a larger sample of property companies is much more significant and can be partially explained by a number of company characteristics including company size, gearing ratio, liquidity, dividends issued, directors' stakes, and directors' fees. DOI: 10.5353/th_b2672040 Subjects: Real estate business - Finance - China - Hong Kong Real estate investment - China - Hong Kong - Econometric models