Download or read book Risk Analysis of Hong Kong s Real Estate Market Towards 1997 and Beyond written by Man-fong Ho (Christabel) and published by . This book was released on 1996 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk Analysis of Hong Kong s Real Estate Market Towards 1997 and Beyond written by 何曼芳 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, "Risk Analysis of Hong Kong's Real Estate Market Towards 1997 and Beyond" by 何曼芳, Man-fong, Christabel, Ho, 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_b3125145 Subjects: Real estate investment - China - Hong Kong Risk management - China - Hong Kong Hong Kong (China) - History - Transfer of Sovereignty from GreatBritain, 1997
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 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 Law Economics and Finance of the Real Estate Market written by Rita Yi Man Li and published by Springer Science & Business Media. This book was released on 2014-03-10 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The symbiosis between the law, economics and finance is evidenced in our daily lives. This book elucidates the relationship between these factors in Singapore and Hong Kong in direct and indirect real estate market. In Singapore, for example, there is an inseparable relationship between law, economics, finance and the HDB market. The book also showcases the concept of invitation to treat and offer, monetary compensation for environmental externalities under the lens of institutional economics. It also sheds light on the relationship between financial crisis, regulations, housing prices and indirect real estate market.
Download or read book Assessing China s Residential Real Estate Market written by Ding Ding and published by International Monetary Fund. This book was released on 2017-11-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market.
Download or read book World Cities Beyond the West written by Josef Gugler and published by Cambridge University Press. This book was released on 2004-10-14 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study was the first systematically to cover those cities beyond the core that most clearly can be considered world cities: Bangkok, Cairo, Hong Kong, Jakarta, Johannesburg, Mexico City, Moscow, Mumbai, Sao Paulo, Seoul, Shanghai, and Singapore. Fourteen leading authorities from diverse backgrounds bring their expertise to bear on these cities across four continents and consider the major regional and global roles they play in economic, political, and cultural life. Conveying how these cities have followed various pathways to their present position, they offer multiple perspectives on the interplay of internal and external forces and demonstrate that any comprehensive discussion of world cities has to engage a multiplicity of perspectives. With an introduction by Josef Gugler and an afterword from Saskia Sassen, this substantial volume makes a major contribution to the world cities literature and provides an important impetus for further analysis.
Download or read book People s Republic of China Hong Kong Special Administrative Region written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2017-01-13 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2016 Article IV Consultation highlights that with a soft global trade environment and a downturn in tourism arrivals from Mainland China, the growth rate of Hong Kong Special Administrative Region is expected to have slowed to 1.5 percent in 2016. Growth is likely to pick up modestly to about 2 percent in 2017, with private consumption continuing to be a main driver supported by a steady labor market. The current account surplus remained below 3 percent of GDP. Over the longer term, aging pressures may weaken the structural fiscal position, requiring fiscal planning to alleviate the decline, and a housing supply shortage also needs to be tackled.
Download or read book Risk written by and published by . This book was released on 1999 with total page 598 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.
Download or read book Journal of Housing Economics written by and published by . This book was released on 2001 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hong Kong Real Estate Marketing Strategies Since the 1997 Economic Down Turn written by King-Nam Kimberly Hung 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 Oxford Handbook of Adaptation Studies written by Thomas M. Leitch and published by Oxford University Press. This book was released on 2017 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of forty new essays, written by the leading scholars in adaptation studies and distinguished contributors from outside the field, is the most comprehensive volume on adaptation ever published. Written to appeal alike to specialists in adaptation, scholars in allied fields, and general readers, it hearkens back to the foundations of adaptation studies a century and more ago, surveys its ferment of activity over the past twenty years, and looks forward to the future. It considers the very different problems in adapting the classics, from the Bible to Frankenstein to Philip Roth, and the commons, from online mashups and remixes to adult movies. It surveys a dizzying range of adaptations around the world, from Latin American telenovelas to Czech cinema, from Hong Kong comics to Classics Illustrated, from Bollywood to zombies, and explores the ways media as different as radio, opera, popular song, and videogames have handled adaptation. Going still further, it examines the relations between adaptation and such intertextual practices as translation, illustration, prequels, sequels, remakes, intermediality, and transmediality. The volume's contributors consider the similarities and differences between adaptation and history, adaptation and performance, adaptation and revision, and textual and biological adaptation, casting an appreciative but critical eye on the theory and practice of adaptation scholars--and, occasionally, each other. The Oxford Handbook of Adaptation Studies offers specific suggestions for how to read, teach, create, and write about adaptations in order to prepare for a world in which adaptation, already ubiquitous, is likely to become ever more important.
Download or read book Hong Kong Real Estate Marketing Strategies Since the 1997 Economic Down turn written by King-nam Hung (Kimberly) and published by . This book was released on 2002 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Investment Opportunity of a Lifetime Hong Kong 1997 and Beyond written by Richard E. McConnell and published by . This book was released on 1996 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Memories of Tiananmen Square still color our impressions of China as a repressive, dictatorial society in which freedom is only a dream for the common citizen. Yet nothing could be farther from the truth. Today's China is a nation in which people are encouraged to excel in all fields of endeavor, particularly in business. Indications are that after the British Crown relinquishes its 99-year lease, Hong Kong will remain an open, international business center, a free market, and a level playing field for the potential investor. Investment managers Richard E. McConnell, Sr. and Richard E. McConnell, Jr. counsel Western investors to look to the East as a source of great financial promise. The Investment Opportunity of a Lifetime - Hong Kong 1997 takes you on a tour of the burgeoning opportunities which are opening as Hong Kong regains its own sovereignty.
Download or read book Markets at Work Dynamics of the Residential Real Estate Market in Hong Kong written by F. Pretorius and published by . This book was released on with total page 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
