Download or read book Corporate Investment Strategy of Property Developers in Hong Kong written by King-wai Leung (William) and published by . This book was released on 1992 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Investment Strategy of Property Developers in Hong Kong written by King-Wai William Leung 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 An Analysis of the Investment Strategies of Three Major Developers in Hong Kong written by Yuen-Pik Lam 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, "An Analysis of the Investment Strategies of Three Major Developers in Hong Kong" by Yuen-pik, Lam, 林婉碧, 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_b4500864 Subjects: Real estate development - China - Hong Kong Real estate investment - China - Hong Kong
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
Download or read book Hong Kong Real Estate Issues for Responsible Investors Executive Summary Chinese written by and published by Responsible Research. This book was released on with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Analysis of the Investment Strategies of Three Major Developers in Hong Kong written by Yuen-pik Lam and published by . This book was released on 2006 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Development Strategies of Property Firms in Hong Kong written by Shing-Yue Samuel 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, "Development Strategies of Property Firms in Hong Kong: Case Study of Sino Group" by Shing-yue, Samuel, Wong, 黃承裕, 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_b3126686 Subjects: Real estate business - China - Hong Kong - Case studies Real estate developers - China - Hong Kong - Case studies
Download or read book Land Developers in Hong Kong written by Source Wikipedia and published by University-Press.org. This book was released on 2013-09 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 26. Chapters: MTR Corporation, Sun Hung Kai Properties, Henderson Land Development, Cheung Kong Holdings, China Motor Bus, Jack Edwards, Hongkong and Yaumati Ferry, New World Development, Lai Sun Development, HKR International, Sino Land, Ng Chee Siong Robert, Tsim Sha Tsui Properties Limited, Hopewell Holdings, China Overseas Land and Investment Limited, Sino Group, The Wharf, Hong Kong Ferry, Carrian Group, AsiaXPAT, Hutchison Whampoa Property, Hang Lung Properties, Wheelock Properties, Kerry Properties, Great Eagle Holdings, K. Wah International, S E A Holdings, Harbour Centre Development, Hang Lung Group, Nan Fung Group, Chinachem Group. Excerpt: MTR Corporation Limited is a company listed on the Hong Kong Exchange (SEHK: 0066) and included in the Hang Seng Index. MTR owns and runs the Hong Kong MTR metro system, and is also a major property developer and landlord in Hong Kong. It also invests in railways in different parts in the world, and has obtained contracts to operate rapid-transit systems in London, Stockholm, Beijing, Shenzhen, and Melbourne. The Mass Transit Railway Corporation (Chinese: ) was established in 1975 as a government-owned statutory corporation in order to oversee the initial construction of the Hong Kong Mass Transport System, and later to run and manage the functioning transport system. On 30 June 2000 the MTRC was succeeded by the MTR Corporation Limited (MTRCL, Chinese: ). As with the MTRC, the MTRCL's principal business is to operate the mass transit railway system. Following a successful initial public offering, the MTRCL was listed on the Hong Kong Stock Exchange on 5 October 2000, however the government maintains a majority stake in the MTRCL. On 2 December 2007, the company started operating the original KCRC railway system, which the plan is commonly known as the MTRCL-KCRC...
Download or read book STRATEGIC PROPOSALS TO ADDRESS written by 戚務誠 and published by Open Dissertation Press. This book was released on 2017-01-28 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Strategic Proposals to Address Problems in the Hong Kong Property Industry in 1997: the Wisdom of Revised Strategy in a Remade Hong Kong of 2000" by 戚務誠, Wuh-cherng, Daniel, Chi, 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_b3125677 Subjects: Real estate business - China - Hong Kong Real estate investment - China - Hong Kong Housing policy - China - Hong Kong
Download or read book The Effect of Land Supply Restriction on the Risk of Hong Kong Indirect Real Estate written by Ervi Liusman and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Effect of Land Supply Restriction on the Risk of Hong Kong Indirect Real Estate" by Ervi, Liusman, 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 Effect of Land Supply Restriction on the Risk of Hong Kong Indirect Real Estate Submitted by LIUSMAN ERVI for the degree of Doctor of Philosophy at the University of Hong Kong in September 2007 From 1984 to 1997, the Hong Kong Government was restricted, under Annex III of the Sino British Joint Declaration, to granting new developable land of no more than 50 hectares per year. This artificial constraint provides an excellent opportunity to test how restricting the supply of new developable land, which is free of pre-development risk, affects the risks faced by listed real estate companies, the most common form of indirect real estate in Hong Kong. I have used quarterly data from the second quarter of 1978 through the fourth quarter of 2005 to estimate the multifactor variance decomposition models. The models allowed us to examine the relative contribution of local common stocks, direct real estate, interest rates, global stocks, and idiosyncratic (unexplained) factors to the observed volatility or risk of indirect real estate for the entire observation period and sub-periods during which new land supplies were restricted (1984- 1997) and not restricted (1978-1984 and 1997-2005). My empirical results showed that there was a significant increase in idiosyncratic risk for all indirect real estate from 1984 to 1997. This supported my prediction that new land supply restrictions will result in an increase in the idiosyncratic risk of indirect real estate. Restrictions of new land supplies forced developers to look for alternative sources of land for development, such as redeveloping or changing the use of land and other development constraints. To assemble land for redevelopment and to obtain approval from various authorities to develop these alternative sources of land is a dubious task, and the outcomes are unpredictable. Such uncertainty is priced in the indirect real estate market and manifests itself as a source of volatility not explained by the factors in the variance decomposition model. Another implication of my theoretical analysis is that real estate companies that are more involved in real estate development (as oppose to real estate investment) experienced a larger increase in idiosyncratic risk from 1984 to 1997. My empirical results, which were based on an analysis of all the real estate companies that were listed throughout the entire observation period (the second quarter of 1978 through the fourth quarter of 2005) in Hong Kong, are consistent with this implication. The findings of this study are applicable to situations in which there is a change in the ratio of new developable land (free of pre-development risk) to all sources of land for development (some of which may have incurred pre-development risk), whether due to a change in policy/legislation, physical constraints, or other reasons. When this ratio declines, the idiosyncratic risk of real estate development companies will increase, but the same has no effect on that of companies that are involved purely in real estate investment. This finding has important implications for policy makers, investors and decision makers of real estate companies. ii DOI: 10.5353/th_b3943371 Subjects: Real estate development - China - Hong Kong Land use, Urban - Government policy - China - Hong Kong Real estate in
Download or read book China Investment Environment Strategies written by Joe Y. Eng and published by iUniverse. This book was released on 2005 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Doing business in China requires attention to a broad range of issues. While many executives focus on local conditions, others train their eyes on regional and national developments. By painting a picture of the entire Chinese landscape, this book provides western corporate decision makers with tools for crafting a sustainable China business strategy. The comprehensive analyses presented herein will not only enable business executives to rationalize their China investment but also help them communicate their China business plan to stakeholders, building corporate consensus and support. China Investment Environment & Strategies could be used to: Identify strategic options for the China market. Conduct comprehensive site selection analysis. Evaluate the viability of a China strategy. Convince skeptics of a China operation. Secure stakeholders' commitment to China business. Improve communications with Chinese partners and consumers. Companies owned by Chinese in Hong Kong, Taiwan and the U.S. capitalize on cultural and historical affinity with China to build successful businesses there. By understanding the rules of engagement that these overseas Chinese follow, the odds of success for western companies in the China market will be improved.
Download or read book Corporate Governance and Investment Management written by Roger M. Barker and published by Edward Elgar Publishing. This book was released on 2017-12-29 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder engagement with publicly listed companies is often seen as a key means to monitor corporate malpractices. In this book, the authors examine the corporate governance roles of key institutional investors in UK corporate equity, including pension funds, insurance companies, collective investment funds, hedge and private equity funds and sovereign wealth funds. They argue that institutions’ corporate governance roles are an instrument ultimately shaped by private interests and market forces, as well as law and regulatory obligations, and that policy-makers should not readily make assumptions regarding their effectiveness, or their alignment with public interest or social good.
Download or read book Markets at Work written by Bertrand Renaud and published by Hong Kong University Press. This book was released on 1997-07-28 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The real estate economy of Hong Kong is one of the most dynamic and sophisticated in the world, and has contributed greatly to the spectacular development of this vibrant city. More importantly, at a time of rapid globalization of the world economy, it is possibly the best model of the behaviour of an advanced real estate industry operating in an open economy. Hong Kong is thereforeof interest to analysts and policymakers everywhere, not least because of Hong Kong's political reintegration with China in 1997. With this in mind, the authors have managed to capture the key economic features of the private residential real estate market in Hong Kong in this compact volume. They have identified and highlighted critical institutions that contribute to the success and economic factors which shape the dynamics of all sectors of the real estate industry in Hong Kong. This book is essential reading for market analysts, policymakers, students and international readers with an interest in comparative analysis of real estate markets and institutions.' Professor Anthony Walker, Centre for Real Estate and Urban Economics,The University of Hong Kong.
Download or read book Development Appraisal of Land in Hong Kong written by Ling-hin Li and published by . This book was released on 1997 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Development Appraisal of Land in Hong Kong provides the market and the profession an overall view of the land management system in Hong Kong. This book provides a combination of both factual account of the system and practice as well as some academic and theoretical discussion of the application of development appraisal models. It is therefore suitable for both professional in practice as well as academic researchers in this field. The author discusses various basic appraisal models and provides his views on the future development of cash flow model to be applied in land. This is useful not only for investors investing in Hong Kong, but also serves as an important reference for development appraisal taking place in a similar land market mainland China.
Download or read book Modeling the Investment Strategy of Commercial Real Estate in China written by 黃坤泰 and published by . This book was released on 2012 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Routledge Companion to Real Estate Investment written by Bryan D. MacGregor and published by Routledge. This book was released on 2018-12-07 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate represents an increasingly significant global asset class and its distinctive characteristics must be understood by investors and researchers. The Routledge Companion to Real Estate Investment provides an authoritative overview of the real estate asset class. The Companion focuses on the current academic research and its relevance for practical applications. The book is divided into four parts, each containing specially written chapters by international experts in the relevant field. The contributors cover the institutional context for real estate investment, the main players in real estate investment, real estate appraisal and performance measurement, and real estate portfolios and risk management. This Companion provides a comprehensive reference for students, academics and professionals studying, researching and working in real estate investment, finance and economics.
