Download or read book Housing Price Gradient Changes between Macau and Hong Kong written by Edward Chung Yim Yiu and published by . This book was released on 2008 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies a two-workplace residential location choice model to study the housing price gradient changes between Macau and Hong Kong. The classical land market model assumes a one-workplace scenario. However, with the globalization trend, travel between two workplaces is becoming more and more common. This paper found that housing price gradient from Macau to Hong Kong is flattened when more non-resident workers traveled from Hong Kong to Macau, ceteris paribus. The results have important implications on polycentric city models, and provide a novel method to study neighboring city effects on housing price.

Download or read book Challenges of the Housing Economy written by Colin Jones and published by John Wiley & Sons. This book was released on 2012-03-05 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book addresses key challenges faced by policy makers and the house-building industry in a post-credit crunch world. It examines the implications for households, the housing market, the economy, as well as for government's policy choices. Challenges of the Housing Economy: an international perspective brings together experts from around the world to examine recent housing market trends. The contributions reveal common long-term trends in housing markets worldwide. Despite differences in supply conditions and the role of planning, there is a trend toward rising house prices that has created significant barriers to home ownership for young households while increasing the wealth of older generations. The financial crisis had a differential impact on housing markets but in many countries where mortgage finance became severely constrained, house prices fell and there was a dramatic fall in housing construction. The falls in house prices in these countries have ostensibly improved affordability but the housing markets have been dominated by the lowering of loan to values applicable to new mortgages which has further raised the hurdles to potential first-time purchasers. At the same time as young households are increasingly rationed out of owner-occupation, public sector expenditure cut-backs in many countries result in limited new social housing. Instead, value for money imperatives will mean new funding models for affordable housing that require greater use of public-private partnerships. The private rented sector could potentially meet the demand for the new generation of long-term renters. However, there are doubts - in the UK at least - that this sector will be able to expand significantly or provide an appropriate type and standard of housing. This is an essential advanced text for students and researchers of land economy and land management; property and real estate; housing policy; and urban studies.

Download or read book Gaming Governance and Public Policy in Macao written by Newman M. K. Lam and published by Hong Kong University Press. This book was released on 2011-08-01 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: The small city of Macao--formerly a Portuguese colony, now a Special Administrative Region of China--liberalized its gaming industry in 2002. Since then a score of new casinos have been built and millions of gamblers have flooded in from mainland China. Per capita income has more than doubled in five years and the gaming operators have outstripped their Las Vegas counterparts in revenue and profits. But rapid economic growth has also brought social and political problems. In this structured survey of modern Macao, 15 experts examine the effects of massive foreign investment, the problems of governance, and increasing public policy challenges in a time of rapid change and potential social instability. Newman M. K. Lamis professor of public administration at the University of Macau.Ian Scottis emeritus professor and fellow of the Asia Research Centre at Murdoch University and adjunct professor of public and social administration at the City University of Hong Kong.

Download or read book Research on Housing Price Factors of Zhuhai City written by Wen Tsao Pan and published by . This book was released on 2019 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The completion and opening of the Hongkong-Zhuhai-Macao Bridge not only strengthened the links between different cities in the Pearl River Delta region but also greatly promoted economic exchanges between Hong Kong and Macao and the Mainland. In theory, the facilitation of traffic conditions can drive economic development around it, especially in the area of real estate, which may have a regional housing price convergence effect. Taking Zhuhai real estate industry as the research object, this paper selects 39 communities in Xiangzhou District (including Hengqin New District) as samples, based on the Hedonic model. And through the method of Equal Part Linear Regression Model to establish the functional relationship between the housing price of Zhuhai and the location factors, neighborhood factors and other influencing factors, to find out the main factors affecting Zhuhai housing prices after the opening of the Hong Kong-Zhuhai-Macao Bridge. The results show that for the Xiangzhou District of Zhuhai, the distance from the sea is an important factor affecting housing prices, showing a significant negative correlation. However,other general factors affecting house prices play a relatively small role.

Download or read book The Impact of Expected Improvement in Public Transportation on the Housing Price Gradient written by Lai-no Choy (Lina) and published by . This book was released on 2004 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Price Movements of Large and Small Housing Units in Hong Kong written by WENTING. HUANG 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, "Price Movements of Large and Small Housing Units in Hong Kong: an Empirical Investigation" by Wenting, Huang, 黄文婷, 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: Housing is a dual commodity, which means it is not only a consumption, but an investment, good as well. Investors prefer larger units to smaller ones because larger units with higher ratios of the land-to-property-value will experience higher appreciation rates during a boom and enjoy higher liquidity. Therefore, changes in investment demand have a greater impact on the prices of larger units than on smaller units. Meanwhile, observations have revealed that buyers of smaller units are mostly prospective owner-occupiers driven by consumption demand. Thus, changes in consumption demand have a greater impact on the prices of smaller units than on larger ones. The aim of this study is to investigate the reasons for variations in the price movements of larger and smaller units. If the theory of the investment and consumption submarket holds true, the price differentials between larger and smaller units should capture the changes in investment and consumption demand. The changes in investment demand are measured by capital flows (the proxy of which is the LIBOR-to-HIBOR ratio) and the investment sentiment of the stock market (proxy: Hang Seng Index), whereas changes in consumption demand are measured by unemployment (proxy: unemployment rates). Three hypotheses are derived from the theory of the investment and consumption submarket: 1) The influx of large venture capital into Hong Kong should enlarge the price differentials, while the outflow of large venture capital should narrow them; 2) there is a positive relationship between investment market sentiment and the price differentials; and 3) the unemployment rate should positively affect the price differentials. In the empirical analysis, the price differentials between larger and smaller units are regressed on the variables of the LIBOR-to-HIBOR ratio, the Hang Seng Index, the unemployment rates, and other control variables. Quarterly data from 1985 to 2009 in Hong Kong is employed. The results of the ordinary least squares (OLS) method confirm the three hypotheses of capital flows, investment market sentiment, and unemployment. The empirical results of this study have potentially important practical and policy implications. The findings on the different effects of investment and consumption demand on the prices of larger units versus those on smaller units will offer homebuyers guidance on what to buy and when to buy it. Besides, studies on housing price should distinguish the price movements of larger and smaller units when different investment and consumption demands are concerned. Meanwhile, this study should shed light on investment activities. Other than conventional investment indicators, investors can predict price changes in larger units by tracking the influx or outflow of large amounts of capital to and from Hong Kong, respectively. The findings of this study should also help the government take action to influence the prices of larger units without affecting the smaller unit market, and vice versa. DOI: 10.5353/th_b5108684 Subjects: Housing - Prices - China - Hong Kong

Download or read book The Impact of Expected Improvement in Public Transportation on the Housing Price Gradient written by Lai-No Lina Choy 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 Determinants of Housing Transaction Prices in Hong Kong and Macau written by and published by . This book was released on 2014 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Effect of Improvement in Transport Infrastructure on Residential Price Gradient in Hong Kong written by Keung Hong 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 Improvement in Transport Infrastructure on Residential Price Gradient in Hong Kong" by Keung, Hong, 康強, 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_b3196911 Subjects: Real property - Prices - China - Hong Kong Railroads - China - Hong Kong Real property - Prices - Kwai Chung Real property - Prices - Tsing Yi Railroads - Kwai Chung Railroads - Tsing Yi

Download or read book Land Supply and Housing Prices written by Qiongqiong Zheng 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, "Land Supply and Housing Prices: Empirical Studies of Hong Kong and Guangzhou" by Qiongqiong, Zheng, 郑琼琼, 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: It is widely accepted that land supply plays an important role in restricting housing supply and adjusting housing price level. This study aims to explore the dynamic relationship and causality between land supply and housing price with the cases of Hong Kong and Guangzhou, which are two close relative Chinese cities under the framework of 'One country, two systems'. This study employs the vector auto-regression (VAR), Vector Error Correction Model (VECM) and Granger Causality test to disentangle the complicated relationship, long-run and short-run, between land supply and housing price. Besides, the dynamic analysis of VAR and VECM are conducted using innovation accounting methods such as impulse response function (IRF) and variance decomposition (VDC). The empirical results show that the land supply and housing price are co-integrated in Hong Kong during the sample period between 2001 and 2011, and a long-run unilateral causality is confirmed from housing price to land supply for Hong Kong. Regarding Guangzhou, although there is no co-integration between land supply and housing price during 2001 and 2011, Granger causality from land supply to housing price shows a time lag of 10 quarters. These findings imply the relative efficient market economy in the Hong Kong housing market compared to Guangzhou, which is also consistent with the differences in land leasing systems and housing markets in Hong Kong and Guangzhou. This study not only sheds light on the discrepancies of land leasing systems and housing market mechanism between capitalism and socialism, but also provides implications for policy makers in formulating strategy to improve housing affordability. DOI: 10.5353/th_b5108692 Subjects: Housing - Prices - China - Hong Kong Land use - China - Guangzhou Housing - Prices - China - Guangzhou Land use - China - Hong Kong

Download or read book Property Prices and Speculative Bubbles written by Sanjay Kalra and published by . This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book PRICE VOLUME RELATIONSHIP IN H written by Man-Suen Ho and published by Open Dissertation Press. This book was released on 2017-01-27 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Price-volume Relationship in Hong Kong's Residential Market" by Man-suen, Ho, 何敏璇, 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 Titled The Price-Volume Relationship in Hong Kong's Residential Market Submitted by Ho Man Suen For the degree of Doctor of Philosophy At The University of Hong Kong in August 2004 This thesis examines the relationship between transaction price and transaction volume in Hong Kong's residential market. The rational expectation hypothesis suggests that there should be no relationship between price and volume in the capital market. However, there is sufficient empirical evidence to suggest otherwise, particularly in the more developed real estate market. Both positive contemporaneous and lead-lag relationships have been reported. Nevertheless, these relationships were observed using dubious data, such as valuation-based real estate price indices, over a relatively short time horizon. This thesis investigates the nature of the price-volume relationship using a high frequency repeat sales index over a relatively long time horizon. Hong Kong's residential market, which is dominated by high-rise apartments, is sufficiently active for us to construct a monthly residential price index over a 33-year period from 1970 to 2003. This index is sufficiently long and also of a very high frequency for us to examine the nature of the price-volume relationship in the residential market and test alternative theories under different test conditions. There are three main theories that explain the price-volume relationship. They are the Rational Expectation Theory, the Information Asymmetric Theory, and the Market Imperfection Theory. Each theory implies a different price-volume relationship. The Rational Expectation Theory suggests that there should be no relationship between price and volume. The Information Asymmetric Theory recognizes investors' heterogeneity. The better-informed group takes advantage of the others and initiates trading activities before major price changes occur. The Market Imperfection Theory implies that price leads volume due mainly to down payment constraints. These theories are not mutually exclusive, since the test conditions were different. The residential market in Hong Kong has undergone a number of major changes that has led to the prevalence of different test conditions. This study makes use of these changes and tests alternative theories under different test conditions. Before 1984, the residential market in Hong Kong had yet to develop, and information costs were high. All market participants were equally informed and uninformed. Prices could then reflect the limited information from the property market instantly. The price-volume relationship should be consistent with the Rational Expectation Theory. Negotiations between the British and Chinese Governments over the tenure of land in Hong Kong started in 1982, and were settled with the signing of the Joint Sino-British Agreement in 1984. Many people were then not confident in the future of Hong Kong and decided to sell their homes in Hong Kong before migrating to other countries. This led to a panic selling of residential units, but at the same time also attracted more rational traders who took advantage of it. They analyzed market information and bought and sold undervalued residential units to make short term profits. A group of professional speculators who are more informed than the average end users/owners emerged, and this led to information asymmetry. Information asymmetry implies that transac

Download or read book Rental Adjustment and Housing Prices written by Honglin Wang and published by . This book was released on 2013 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Effect of Improvement in Transport Infrastructure on Residential Price Gradient in Hong Kong written by Keung Hong and published by . This book was released on 2002 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Vector Autoregression Var Model of Housing Starts and Housing Price in Hong Kong written by Kin-Man Wong 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, "A Vector Autoregression (VAR) Model of Housing Starts and Housing Price in Hong Kong" by Kin-man, Wong, 黃健文, 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: It is observed that there are many different models about housing price. Yet, this is relatively smaller number of studies about housing starts. This thesis is an empirical study to work out the relationship between housing starts, housing price and other economic and policy instrumental factors. To achieve this objective, a Vector Autoregression (VAR) model is built since there is inter-relationship between housing starts and housing price. By applying previous models filled with the research gaps, a new VAR model about the housing starts and housing price in Hong Kong is built. Four hypotheses are tested in the thesis. The first and second hypotheses are if housing starts and housing price are affected by the given exogenous variables. The third hypothesis is if the past movement of economic variables reliable in predicting future values of that variable. The last hypothesis is to test if the "high-land-price" policy really pushes up the housing price. The empirical results found in this thesis are a little bit different to previous studies in Hong Kong and overseas. Factors which are frequently proved to be statistically significant are not significant in this study (e.g. interest rate and tender price index). Developers in Hong Kong are found to care more about the future market rather than the current market conditions. Many factors do not exert an influence directly on housing starts but indirectly through their impact to the change of the change of the housing price. It is interesting to know that housing starts react negatively to a change in housing price. An increase in the change of housing price is a bullish signal for the developers. They will hold the land for a while until they expect the peak is coming upon the completion of a project. Therefore, the empirical results suggest the government has to introduce some policies which will lead to a fall in housing price in case that she wants to increase the supply of new private residential housing. Developers will accelerate the applications to commence construction when they expect there will be a downward trend in the housing price (which is shown by a negative change of the housing price.. DOI: 10.5353/th_b5137965 Subjects: Housing - Prices - China - Hong Kong - Econometric models

Download or read book Housing Price Hikes by Negative Real Interest Rate A Differencing Model Test on the Housing Markets of Hong Kong and Macau written by Edward Chung Yim Yiu and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to test the effect of real interest rate on housing return, by using the differencing model for eliminating the effects of other factors. Even though the relationship has been tested before, but it is hard to eliminate other factors when studying the effect of real interest rate on housing return, especially the supply factor and the trading volume factor. This is the first attempt by using the differencing method to eliminate other factors to find the net effect of real interest rate on housing return, by using a two-city comparison, of Hong Kong and Macau from 2007Q1 to 2013Q4. The result shows that real interest rate imposes a negative effect on housing return, but not the housing supply, ceteris paribus.

Download or read book Hong Kong and Macau written by Jules Brown and published by . This book was released on 1999 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: The listings and maps in the fourth edition have been updated, and the guide contains a new section on SoHo.