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 Hong Kong REIT written by King Man Chow and published by . This book was released on 2011 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate investment trust (REIT) is a valuable investment alternative for investors in many markets. Being home to a handful of world-class property developers, Hong Kong, the Asia financial hub, seemed to have met all the criteria to grow a REIT market rapidly. Yet, since the enactment of the Hong Kong REIT Code in 2003, the H-REIT (acronym for Hong Kong REIT) market saw only eight H-REITs being launched, lagging the growth of other REIT markets in the region. This thesis paper seeks to uncover the present investment values in H-REITs and determine what likely would shape the future of the market hence the potential value it could bring to investors, through examining the local real estate capital markets, the regulations, and the supply and demand dynamics, and conducting comparative analysis with stocks of local property companies. The study finds that the H-REITs are significantly less risky than local property stocks and offer dividend yields that in most cases are greater than the earning yields of those stocks. H-REIT offers real estate exposure, yet provides diversification effect to a portfolio of local property stocks given its low correlations with these stocks. Hurdles to market growth persist as abundance of liquidity, low yields offered by prime properties, poor reception of yield enhancement mechanisms in REITs, agency problems and questionable corporate governance of the H-REITs all contributed to suppressing both the supply and demand for local asset-backed H-REITs. Moreover, the small size of the city seems to indicate that the H-REIT market was destined to depend on cross-border deals. Thanks to the close-tie to China, Yuan-denominated cross-border REITs backed by Mainland China assets appear to be the future of the H-REIT market. While this type of deal clears some of the hurdles to grow the market, it still remains in the hands of the sponsors to add transparencies in H-REIT management structure to gain the much needed trust from investors to build a functioning market.

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 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 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 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 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 Revaluation of Investment Properties and Firm Performance written by Tin-sek Tang and published by . This book was released on 2004 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 A Comparative Study of the Investment Characteristics of Real Estate and Other Financial Assets in Hong Kong written by 蔣永能 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 Comparative Study of the Investment Characteristics of Real Estate and Other Financial Assets in Hong Kong" by 蔣永能, Wing-lang, Roger, Chiang, 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_b3125698 Subjects: Real estate investment - China - Hong Kong Stocks - China - Hong Kong Investments - China - Hong Kong

Download or read book Real Estate Investment written by Andrew Baum and published by Routledge. This book was released on 2015-05-20 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real Estate Investment: A Strategic Approach provides a unique introduction to both the theory and practice of real estate investing, and examines the international real estate investment industry as it reacts to the global financial crisis. Andrew Baum outlines the market and the players who dominate it; the investment process; the vehicles available for investment; and a suggested approach to global portfolio construction. The book contains many useful features for students including discussion questions, a full further reading list and case studies drawing on international examples from the UK, continental Europe, the USA and Asia. Ideal for undergraduate and postgraduate students on all real estate and property courses and related business studies and finance courses, Real Estate Investment is designed to provide a foundation for the next generation of investment managers, advisers and analysts. Further resources for lecturers and students are available at: www.routledge.com/cw/baum

Download or read book The Informational Content of Indirect Real Estate Options written by Na Li 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 Informational Content of Indirect Real Estate Options: Evidence From Hong Kong" by Na, Li, 李娜, 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 Informational Content of Indirect Real Estate Options: Evidence from Hong Kong Submitted by LI Na For the degree of Doctor of Philosophy At The University of Hong Kong in December 2006 There has been ample research on the relationship between the implied volatility of financial options and the realized volatility of the underlying stock. Empirical results on whether or not implied volatility contains information on future realized volatility have been mixed. This study contributes to this area of research by analyzing the informational content of derivative warrants (financial options) of property companies (indirect real estate) in Hong Kong. Previous studies suggested that there is a strong link between the prices of indirect real estate and those of direct real estate. However, there has been no research on the link between the options of indirect real estate and direct real estate. Using a sample of listed companies with a relatively long history of warrants listed on the Hong Kong Stock Exchange, I found that there was no obvious relationship between the implied volatility and the realized volatility of the underlying stock. This is consistent with the results from previous studies. However, with regard to direct real estate, the informational content of implied volatility is different for the two broad categories of indirect real estate, namely investment companies and development companies. Investment companies hold properties for investment purposes. Their major source of revenue is rental income. I found that the implied volatility of the warrant of investment companies contained future information on the volatility of direct real estate. This result is expected, since the financial market is more liquid, and therefore, changes in the economic and political environment (such as interest rate movements and changes in fiscal and economic policies in Hong Kong and Mainland China) that are likely to affect the volatility of rental income will first be reflected in the warrant market. The results are, however, different for development companies. I found that the implied volatility of development companies contains information about the historical volatility of direct real estate. That is, the warrants of property development companies are priced based on historical volatility in the direct real estate market, which is a less liquid market. This apparently counterintuitive result can be explained by property development risk and the uncertainties that developers have to face than pricing presale housing units. The property developer has to bear the development risk in addition to fluctuations in property prices. The sources of development risks come mainly from the uncertainty in obtaining approvals from various government departments. Furthermore, in many cases, there is also uncertainty involved in negotiations with different stakeholders and pressure groups. Development risk may also vary according to the nature and timing of a development project. In essence, development risks are unique, and therefore, historical events have little predictive power. On the other hand, when developers sell their units in the presale market, they often face the problem of setting the right presale price that optimizes total profit. In the price searching process,

Download or read book Real Estate Investment Trusts written by Su Han Chan and published by Oxford University Press. This book was released on 2002-11-07 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book offers broad understanding and unique insights into the REITs industry. Its scope is to analyze and synthesize the existing scholarly research on REITs in a way that will enable managers to improve their investments decisions and the operating performance of their REITs. It also provides up-to-date original research on REITs based on the authors' own database, which is the most extensive data base available on REITs that is free of suvivorship bias. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle.

Download or read book An Asian Direct and Indirect Real Estate Investment Analysis written by Kim Hin David HO and published by Partridge Publishing Singapore. This book was released on 2021-05-04 with total page 858 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is dedicated to real estate scholastic work, in advancing the greater understanding of real estate investment analysis. This is because there has been limited research in bringing out clearly the uncertainty or risk, which is quantifiable uncertainty in real estate market analysis. Even real estate market research, which is carried out as an industry practice among private real estate researches, is no exception. Another reason is that it has been widely accepted that while the financial revolution has substantially changed many sectors of the financial industry, it has made little impact on real estate development and investment practice as Ill as scholastic work. Furthermore, while it is readily acknowledged that despite its huge share in the world Ialth, real estate investment discipline and research is on the whole still a poorly researched subject area. As a result, the industry tends to be dominated by traditional real estate analysts with little understanding of real estate market uncertainty and capital markets. These commentators are widely regarded to spend too much time worrying about local space supply and demand conditions, while totally losing sight of the everchanging real estate market and capital market conditions. The theme of this book is real estate investment analysis of direct and indirect real, which in turn can be appropriately managed under economic theory and the theoretical conceptions of real estate finance, provided the uncertainty is quantifiable. The book deploys case studies involving Singapore and Asia. This Black over White background viii framework enables real estate market analysis to attempt what defines the Asian direct and indirect real estate sectors; what is being measured; how it behaves (in terms of price and non-price factors); how it is structured and how it effectively achieves the objectives of sustainable total returns and manageable real estate market uncertainty. Managing real estate market uncertainty optimally is achieved at the portfolio level through real estate asset allocation. This is important because the real estate portfolio is able to virtually eliminate the unique (i.e. specific) uncertainties among the various Asian real estate sectors; thus retaining within the portfolio only the systemic (i.e. market-wide) uncertainty. Apart from real estate asset allocation, the alternative and modern approach to risk management at the portfolio level, is the value-at-risk (VaR) approach. Another modern and important alternative to coping with uncertainty is real option analysis and pricing that help to better define real estate market uncertainty in extent and time. Real option analysis and pricing also represent uncertainty via a decision tree and the risk-neutral probability conception, in order to comprehend how uncertainty impacts on the value of real estate investment decisions. The pricing of uncertainty is based on the risk-free hedge security conception. These are best examined at the micro level of the investment in a real estate development opportunity on vacant land. Nevertheless, the real estate sectors in Singapore and Asia offer promising prospects since the Asian currency crisis of 1997. It is now timely to take stock and make an assessment of how the sectors would pan out for the future, Ill into at least rest the next century. I are very pleased to present our thinking and research in international real estate with particular emphasis on Asia. The region’s vast potential for real estate is itself a large incentive for international real estate research and education that has inspired me to document the significant work I have done over the years. Black over White background ix I wish all readers a pleasurable reading of this book, and I thank you sincerely for your support without which the publication of this book would be made all the more difficult. Dr HO, Kim Hin / David Honorary Professor (University of Hertfordshire, UK) (International Real Estate & Public Policy) March 2021.

Download or read book SEC Docket written by United States. Securities and Exchange Commission and published by . This book was released on 1996 with total page 1648 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Hong Kong Real Estate Issues for Responsible Investors written by and published by Responsible Research. This book was released on with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Sources of Real Estate Investment Returns in Hong Kong written by 林競全 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, "Sources of Real Estate Investment Returns in Hong Kong" by 林競全, Jingquan, Lin, 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_b3125680 Subjects: Real estate investment - China - Hong Kong - Rate of return Real estate investment - Rate of return - Mahtematical models