Download or read book The Correlation of Industrial and Commercial Real Estate Prices in Hong Kong written by Peiling Wei and published by . This book was released on 2004 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 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 An Empirical Study on the Effects of Land Policy on Industrial Property Prices and Rental Yields in Hong Kong written by Chun-Hin So 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 Empirical Study on the Effects of Land Policy on Industrial Property Prices and Rental Yields in Hong Kong" by Chun-hin, So, 蘇振顯, 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 rapid restructuring of Hong Kong''s economy as a result of China''s economic reform and open door policy since the late 70s, has led to major shifts in the demand and supply of industrial buildings. These shifts resulted in misallocation of land resources due to various institutional constraints. The land use policies in Hong Kong have been changing since the late 80s in response to such misallocation. This study investigates the impact of these policies on prices and rental yields of industrial properties in Hong Kong. In addition, the impact of economic restructuring on the determinants of industry propel1y prices is also examined. The open door policy has attracted many industrialists to move their production base across the border to take advantage of the low land and labour costs leaving their industrial buildings in Hong Kong underutilized. Due to statutory zoning and restrictions in the land leases, redeveloping these industrial buildings for other uses is difficult and costly due to multiple ownership and high modification premium. However lease enforcement actions on industrial buildings are difficult and ineffective. The owners of industrial buildings will weigh the costs against the benefits of non-conforming use and decide whether they will leave their industry properties underutilized, use them for non-conforming uses, apply for change of use and pay associated fees / premiums or proceed with a combination of all these. The empirical results in this study suggest that the benefits outweigh the costs of non-conforming uses of industrial buildings, in particular for office uses. This is evidenced by the fact that industrial property prices were affected not only by the demand for spaces for industrial production but also by other demand drivers not related to the industrial productions in Hong Kong. These demand drivers included volume of re-export and service sector employment. These are demand drivers given the term Non-Industrial-Production Demand Drivers (NIPDD) in this study. Service sector employment is an office demand driver and that office use in industrial buildings is usually the highest valued non-conforming use, therefore the correlation between service sector and industrial property prices is an indicator of the intensity of non-conforming uses. Since the late 80''s, various changes in government policies toward industrial land use have been implemented with the aim to rectify land resource misallocation. These policy changes can be classified into (1) Planning Control Relaxation: changes that involve relaxation of planning control on redevelopment or conversion of existing industrial properties to other uses, which may involve rezoning of some industrial areas and (2) Use Restriction Change: changes that permit more types of uses in existing industrial properties with or without paying a premium or fee. The empirical results in this study suggest that, other things being equal, Planning Control Relaxation has a positive impact on industrial property prices while Use Restriction Change have strengthened or weakened the impact of service sector employment on industrial property prices depending on the nature of the policy change. In addition, empirical analysis also showed that only the Planning Control Relaxation could reduce the rental yield of industrial property by reducing the risk premium. The effect

Download or read book Determinants of Property Prices in Hong Kong SAR written by Mr.R. Sean Craig and published by International Monetary Fund. This book was released on 2011-11-01 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though land supply and prudential and tax policy, with the latter policies taking the form of a stamp duty on property transactions and a tighter loan-to-value ratio (LTV) on lending. Land supply is the most effective policy insturment for restraining property price increases but it operates with a significant lag. The LTV and stamp duty dampen speculative activity that drives up property prices. While these policies can slow the increase in the short run, they should be guided by their long run objectives of financial stability and counteracting speculation.

Download or read book International Conference on Industrial Engineering and Management Science 2013 written by Dr. X. Chen, and published by DEStech Publications, Inc. This book was released on 2013-10-16 with total page 1399 pages. Available in PDF, EPUB and Kindle. Book excerpt: ICIEMS 2013 is to provide a platform for researchers, engineers, academicians as well as industrial professionals from all over the world to present their research results and development activities in Industrial Engineering and Management Science. This conference provides opportunities for the delegates to exchange new ideas and experiences face to face, to establish business or research relations and to find global partners for future collaboration.

Download or read book The Economics of Commercial Property Markets written by Michael Ball and published by Psychology Press. This book was released on 1998 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: With empirical examples drawn from around the world illustrating the theories and issues discussed, this text provides a rigorous analysis of real estate markets.

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 Empirical Finance written by Shigeyuki Hamori and published by MDPI. This book was released on 2019-03-25 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no denying the role of empirical research in finance and the remarkable progress of empirical techniques in this research field. This Special Issue focuses on the broad topic of “Empirical Finance” and includes novel empirical research associated with financial data. One example includes the application of novel empirical techniques, such as machine learning, data mining, wavelet transform, copula analysis, and TV-VAR, to financial data. The Special Issue includes contributions on empirical finance, such as algorithmic trading, market efficiency, market microstructure, portfolio theory and asset allocation, asset pricing models, liquidity risk premium, currency crisis, return predictability, and volatility modeling.

Download or read book Effects of Land Policies and Development Strategies on Housing written by Shu Wang and published by . This book was released on 2015 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this thesis is to investigate the effects of land supply on housing prices in Hong Kong. Studies will be carried out to define whether there are any correlation between land supply, housing supply and residential property prices. In order to better understand Hong Kong's housing market, this study will first present a background of establishment of Hong Kong's land tenure system, land administration system and the government's land sale process, while trying to answer the question of whether the perceived shortage in housing supply is a direct consequence of the shortage in government's land supply. The study then examines the concentration of market shares among a handful of developers and the high barrier to entry that have resulted in such anti-competitive environment. The study analyzes the leading developers' competitive advantages in terms of land bank and financial strength, and their housing supply strategies in relation to the government's land supply decisions. This paper will then insert the theoretical findings into realistic settings of Hong Kong's housing development industry, and apply the methodology of event study to detect the impact of real estate companies' development strategies and how it alters the perceived relationship between the supply of land and the supply of housing. By simultaneously considering the effects of development strategies with government land policies, the paper aims to better evaluate governments measure to regulate housing market and hope to recommend more effective policies on residential land supply in Hong Kong.

Download or read book Foreign Economic Trends and Their Implications for the United States written by and published by . This book was released on 1978 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Journal of Small Business and Entrepreneurship written by and published by . This book was released on 1996 with total page 94 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 Hong Kong as an International Financial Centre written by Dr Catherine Schenk and published by Routledge. This book was released on 2001-03-15 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on previously unpublished archival records, this book makes a significant contribution to our understanding of the development of Hong Kong as one of the worlds premier international financial centres.

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 Property Price Impacts of Environment Friendly Transport Accessibility in Chinese Cities written by Linchuan Yang and published by Springer Nature. This book was released on 2022-01-11 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to shed light on the role of environment-friendly transport accessibility in determining property prices in Chinese cities. Many environment-friendly transport modes, including walking, metro, bus rapid transit (BRT), and bus are examined. Spatial econometric models, quantile regression models, and machine learning techniques are used. This book contributes to people's understanding of the relationship between environmental-friendly transport accessibility and property prices. Moreover, it is of value to policymakers, including (1) informing urban planners/designers to plan/design cities with an adequate level of environment-friendly transport accessibility; (2) offering an evidence-based approach to implementing value capture schemes for financing investments in urban infrastructure; and (3) providing the basis for mitigating the negative externality of proximity to the transit corridor, jointly constructing comprehensive hospitals and other compatible amenities, and so forth.

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 359 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.