Download or read book Performance Analysis of Hong Kong Property written by Jones, Lang, Wootton Research (Hong Kong) and published by . This book was released on 1994 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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:

Download or read book The Performance of Property Companies in Hong Kong written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: (Uncorrected OCR) Abstract of thesis entitled The Performance of Property Companies in Hong Kong: A Style Analysis Approach Submitted by Wong Sill 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 sh.

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 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 Hong Kong Property written by Colin Munday and published by . This book was released on 1982 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Valuer Land Economist written by and published by . This book was released on 1996 with total page 792 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Public Real Estate Markets and Investments written by H. Kent Baker and published by Oxford University Press. This book was released on 2014-08-07 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate is typically classified as an alternative to more traditional investments such as stocks and bonds. Real estate investing involves the purchase, ownership, management, rental, or sale of real estate for profit. Real estate investments can be both income producing and non-income producing. Although real estate can produce income like a bond and appreciate like a stock, this tangible asset has several unique characteristics as well as advantages and disadvantages relative to other investment alternatives. Benefits of including real estate in a portfolio include diversification, yield enhancement, risk reduction, tax management, and inflation hedging. Unlike traditional investments, investors in real estate have the ability to influence performance. Real estate has drawbacks in that it requires management, is costly and difficult to buy, sell, and operate, and sometimes has lower liquidity. Additionally, measuring the relative performance of real estate can be challenging. The purpose of this 14-chapter book is to provide an overview and synthesis of public real estate markets and investments in a global context. The book discusses the major types and the latest trends within public real estate markets and presents the results of research studies in a straightforward manner. It has three sections: (1) foundations of public real estate, (2) public debt markets and investments, and (3) public equity markets and investments. The book should be interest to various groups including academics, practitioners, investors, and students. Readers should gain a greater appreciation of what is needed for success when investing in public real estate markets. For more information about private real estate, read Private Real Estate Markets and Investments.

Download or read book An Analysis of the Hong Kong Residential Property Market with Reference to the Government s Housing Policy written by How-Man Helen Ng 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 The Investment Performance of Hong Kong Real Estate and Property Stocks written by Chun-Mo Lam and published by . This book was released on 2006 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Analysis of the Hong Kong Office Property Market written by Sik-kin Wong (Simon) and published by . This book was released on 1997 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market written by Huimin Yao 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, "Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market" by Huimin, Yao, 姚惠敏, 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: Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market Huimin YAO Department of Real Estate and Construction, The University of Hong Kong August 2005 Abstract Hong Kong has been using the leasehold system of land management rather than freehold since its colonial era. This system controlled and presently still controls use of leased land through leasehold conditions. Many leases granted decades ago thus require formal modifications to lease conditions to formalize proposed changes in land use; or to realize the actual present economic value of the land, usually following a land valuation process and payment to government of a "premium" intended to reflect the value of the land in its revised use, usually determined by standard discounted cash flow methodology. From a real options analysis perspective, such land use conversions and analysis of real options associated therewith are significantly more complex than typical stylized land development real options encountered in academic literature and research. There is thus considerable interest in obtaining empirical evidence of the performance of real options valuation in land development applications, where options associated with land development rights are substantially constrained due to regulatory influences. A review of institutional framework in Hong Kong demonstrates that developers essentially own only one type of flexibility in practice that follows typical real options analysis literature, i.e., time flexibility, while other flexibilities are rather constrained due to regulatory influence. The aim of this paper is to outline major factors in operationalizing academic real options research for practical application in a particular land market with significant regulatory constraints, and then test two hypotheses derived from real options literature using actual residential real estate development projects in Hong Kong which require leasehold land use conversions as data. The two hypotheses are: (1) there is a significant and positive difference between the land conversion premium calculated by option pricing theory and the land conversion premium calculated by the authorities (based on DCF principles); and (2) developers are expected to delay the development of land to the point predicted by the real options model. To address these two hypotheses, applied research methodology was adopted and regulatory documentation and case studies were identified to frame the design of the applied work to address institutional complexities, and to facilitate identification of critical lease covenants for real option pricing. The perpetual American call option pricing model was chosen for individual case analysis since multiple time extensions were allowed. It was demonstrated that hypothesis 1 was supported. It was further found that hypothesis 2 was also supported, which means that options were generally optimally exercised. The importance of this research is that it finds empirical support for real options theory in a sample of actual heterogeneous development projects under substantial regulatory constraints and also finds evidence for optimal exercise of real options. From a public policy perspective, these findings imply that the Hong Kong government has systematically undervalued development land in the lease modification cases. DOI: 10.5353/th_b3617334 Subjects: Real

Download or read book The Performance of Direct and Indirect Property Investment in Hong Kong written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: (Uncorrected OCR) ii Abstract: Modern portfolio theory (MPT) advocates a process where investor| capital will be allocated among various asset classes based on quantitative and analytical approach taking into consideration of their possible rate of returns vis-|vis objectives and/or risk tolerances. Using Mean Variance Optimisation concept, this dissertation examines the performance and diversification potential of Direct and indirect property in a mixed asset portfolio in Hong Kong for the period from1984 to 2003. Unlike most studies which have concentrated on how much to include of real estate by measuring the risk effect of increase of real estate in portfolio composition at isolated points, this dissertation completely takes another angle by constructing full efficient frontiers and assessing the diversification effects of real estate inclusion at different risk return levels. The results for the study period indicate that, though the property market had some ups and downs, both direct property and indirect property offer diversification benefits depending on one| risk preference. Indirect property offered higher returns than the direct property but were also more risky, and therefore capable to offer a diversification benefits to people of high risk preference while direct property in spite of their relatively low returns could offer diversification benefits to low and moderate risk preference people in a mixed asset portfolio. On a more positive note, the findings do suggest that almost all investors benefit to some extent by holding some direct and indirect property.

Download or read book Econometric Analyses of International Housing Markets written by Rita Yi Man Li and published by Routledge. This book was released on 2016-03-31 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores how econometric modelling can be used to provide valuable insight into international housing markets. Initially describing the role of econometrics modelling in real estate market research and how it has developed in recent years, the book goes on to compare and contrast the impact of various macroeconomic factors on developed and developing housing markets. Explaining the similarities and differences in the impact of financial crises on housing markets around the world, the author's econometric analysis of housing markets across the world provides a broad and nuanced perspective on the impact of both international financial markets and local macro economy on housing markets. With discussion of countries such as China, Germany, UK, US and South Africa, the lessons learned will be of interest to scholars of Real Estate economics around the world.

Download or read book The Application of Technical Analysis to the Study of Hong Kong s Property Market written by Yin-ching Tse (Raymond) and published by . This book was released on 1994 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Homeownership in Hong Kong written by Chung-kin Tsang and published by Routledge. This book was released on 2021-05-24 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the cultural framework of the connections between homeownership and social stability in Hong Kong. In the post-war period, homeownership became the most preferable housing choice in developed societies, such as Australia, Britain, Japan, Spain, and the United States. In the financialization era, its proliferation aggregated enormous wealth and debt in the housing and mortgage markets, affecting social stability by creating inequality and housing unaffordability. Hong Kong is the most extreme example of this among developed societies – in recent years, the city has made international headlines both for its housing problem and its social instability. By studying the history of homeownership in Hong Kong over a period of four decades, Chung-kin Tsang proposes that homeownership is inseparable from the social imagination of the future, conceptualizing this framework as "hope mechanism". This perspective helps trace the connections between ‘House Buying’ as a hope mechanism – one which is central to subject formation, life goals, and temporal mapping for socially shared life planning – and social stability. Given its unique approach, specifically its use of "hope" as an analytical category, this book will prove to be a useful resource for scholars in economic culture and financialization, and Asian Studies, especially those working on the cultural, sociopolitical, and economic history of Hong Kong.