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 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 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 Effect of Spread of Shareholding on the Performance of Large Property Companies in Hong Kong and Related Problems written by Fook-hong Ho (Ferdinand) and published by . This book was released on 1983 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Effect of Spread of Shareholding on the Performance of Large Property Companies in Hong Kong and Related Problems written by Fook-Hong Ferdinand Ho 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, "Effect of Spread of Shareholding on the Performance of Large Property Companies in Hong Kong and Related Problems" by Fook-hong, Ferdinand, Ho, 何福康, 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_b4212794 Subjects: Big business - China - Hong Kong Capital stock - China - Hong Kong Capital stock Real estate business

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 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 The Performance of Direct and Indirect Property Investment in Hong Kong written by Emmanuel Kanigwa 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 Performance of Direct and Indirect Property Investment in Hong Kong" by Emmanuel, Kanigwa, 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: ii Abstract: Modern portfolio theory (MPT) advocates a process where investor's capital will be allocated among various asset classes based on quantitative and analytical approach taking into consideration of their possible rate of returns vis-a-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's 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. DOI: 10.5353/th_b3050999 Subjects: Real estate investment - China - Hong Kong Portfolio management

Download or read book Ownership Structure and Company Performance written by JIAYIN. 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, "Ownership Structure and Company Performance: the Case of Listed Real Estate Companies in Mainland China" by Jiayin, Zheng, 郑嘉吟, 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: Although Chinese economy has been growing remarkably, the development of the institutional, legal infrastructure and financial system remains a numbers of distinctive characteristics (Allen et al., 2004). One of the unique features is the dominance role of the government as shareholder of corporations, even for those listed on the stock exchange. This paper investigates empirically the impact of this significant characteristic on company performance. In particular, this dissertation presents an empirical study of the relationship between ownership structure and the company performance of listed property companies in China. Previous theoretical and empirical studies suggest government ownership is detrimental to company performance. Estrin and Perotin (1991) propose that corporations with the government as ultimate owner and/or with a large stake of government shareholding may not pursue profit maximization objective since the government tends to focus on its political objectives rather than the economic ones. Consequently, the firm performance in such government-related publicly listed firms will be inferior. Moreover, Shleifer and Vishny (1998) show that private ownership is preferable to state ownership because the government has a 'grabbing hand' that expropriates firm assets for the benefit of politicians and bureaucrats. However, the impact of state ownership on property company performance in China is more complicated and may not be always be negative due to (1) state owned company usually have better access to cheaper credit offered by major state banks; (2) state owned companies may be able to acquire development rights and can go through the development approval process more smoothly; (3) weaker institutions for protecting small investors in Mainland China's as it is still a less developed equity market; (4) the government may have motive to demonstrate the efficiency of companies that the government has a major stake. By separating property companies into two groups according to the place of listing, namely Mainland listed group and Hong Kong listed group, based on a more recent panel data including 170 real estate firms between 2006 and 2011, this dissertation generates several distinctive results. Firstly, tradable ownership concentration has a significant positive effect on firm performance. Secondly, by separating the property companies into two groups, I found an initial positive but non-linear impact of state ownership on firm performance in Mainland listed property companies; whereas an initial negative but non-linear impact is found in those listed in Hong Kong. However, when the state's stake of shares is relative large, the positive impact outweighs the negative impact in Mainland China. This is because the investor protection rules and regulations and their enforcement are relatively weak in Mainland China, the government shareholder can act as private block-holder and provide effective monitor on management in solving the traditional agency problems. This is not the case in Hong Kong where the market is more transparent and the interests of small investors are better protected. When the state owns a sufficiently large percentage of the shares, the relationship between state ownership and firm performance becomes positive for both groups. This empirical result suggests that the positive impact of

Download or read book The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies written by Chi-Chiu Lai 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, "The Impact of Corporate Diversification and Cash Holdings on the Performance of Real Estate Companies: Empirical Evidence From Hong Kong" by Chi-chiu, Lai, 賴志釗, 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: Corporate diversification has received much attention from academics and management practitioners for over 30 years. Major work has been dedicated to determining if diversification creates or destroys a firm's value across industries. This study examines the effect of corporate diversification on firm performance using a relatively homogenous sample of 70 publicly listed real estate companies in Hong Kong. Previous studies on the diversification of real estate companies or REITs mainly focused on diversification within real estate holdings across countries or asset types. This study contributes to the literature by examining real estate companies diversifying into other industries and assessing their performance from 2005 through 2010. The empirical findings indicated that Hong Kong real estate firms that chose to diversify into other industries performed better than those solely focused in real estate. Since the decision to diversify may be endogenous, the author used a number of estimation procedures to control for potential endogeneity. The results were robust in that the diversification effect remained positive and significant. Another contribution of this thesis is that it examined the impact of cash holdings on firm value and analyzed the value of cash for real estate companies and how corporate diversification affects the level of cash holdings. The author found that firms with larger cash reserves experienced decreases in their value. This result was consistent with the agency costs of free cash flows in that greater shareholder rights are associated with lower cash holdings. In addition, the author found that diversified firms hold less cash than their focused competitors. The findings supported the prediction of the internal capital market hypothesis that diversified firms are more efficient in allocating resources through internal capital markets and, therefore, reduce their need for large cash holdings. DOI: 10.5353/th_b5153690 Subjects: Real estate business - China - Finance Diversification in industry - China - Hong Kong

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 A Guide to Effective Property Management in Hong Kong written by Francis K. Loo and published by Hong Kong University Press. This book was released on 1994-11-01 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Guide to Effective Property Management in Hong Kong brings together the practical experience and insights of a chartered surveyor who has had more than thirty years of experience in property management and real estate in Hong Kong and Canada. Property managers, property owners, administrators and students of the subject will find here a wealth of information and practical detail which provides the foundation for efficient and effective property management. The author also places particular emphasis on learning and improving interpersonal and communication skills.

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 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 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 Development Involvement and Property Share Performance written by Dirk Brounen and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper concerns the dilemma whether regulators should preclude tax-exempt property investment companies from engaging in property development activities. We analyze the economic effects of combinations of property investment and property development by looking at the performance of an international set of property investment companies with varying degrees of involvement in property development. We study the five most important listed property markets in the world: the United States, Hong Kong, Australia, the United Kingdom, and France. We examine the extent to which property investment companies participate in development projects by dividing the books value of their development projects by total assets. These development ratios yield remarkable differences both within and across national samples, with national averages varying between 2.23% for the United States and 21.34% for our Hong Kong sample. Analysis of property share performance yields results that consistently indicate that the cluster of property companies most involved in development projects is associated with both the highest total return and the highest systematic risk. We also find a weak positive link between development involvement and the Jensen alpha of property shares. The statistical significance of this link varies by country, with strong results for Hong Kong and Australia and less compelling results for The United States, the United Kingdom and France. Besides analyzing the stock performance of the companies in our samples we also focus on their operational profitability. Again we consistently find both the highest and most volatile performance for companies actively participating in property development projects.

Download or read book To Evaluate the Contribution of Owner Committee to the Quality of Housing Management in the Private Residential Property in Hong Kong written by Ka-Wan Wu 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, "To Evaluate the Contribution of Owner Committee to the Quality of Housing Management in the Private Residential Property in Hong Kong" by Ka-wan, Wu, 胡家穩, 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 property management in Hong Kong has emerged in its importance in the past decades. The people's thought towards property management has changed from the provision of basic services such as watchmen and cleaners to a professional servicing industry. Moreover, as changes in people's attitude in service consumption and social values, the requirement of the owners for the property management services raised. Apart from this, the participation of Owner Committee ( OC ) in the property management has become more significant which has been recognized by the residents, the property management practitioners as well as the government. As a result of the rapid population growth, the demand for the housing has increased rapidly too thus, led to the development of multi-storey buildings in large scale. The government policy has encouraged the participation of OC in the management of the building by formation of Owners Incorporations aiming at the promotion of a 'self-help' approach for which the OC could manage the building on their own. The encouragement of the government by enactment of the Building Management Ordinance has strengthened the power of the Incorporated Owners as they have the power to terminate and to appoint managers at their choice. However, we always hear that Owner Committee (OC) will cause a lot of quarrels between OC and the property managers/property management companies and bring a lot of troubles to the property manager/property management company. Sometimes the property managers/ property management companies complained that the requirement of the OC is too high to meet and unreasonable. Moreover, they also complained that OC controls too much on them so that their efficiency of work and their daily performance will be reduced. In addition, it creates a great impact to the property management companies and to the industry of property management. For example, the incidents of termination of property managers/property management companies were increased for the past decade. Does OC really could not perform their function and to make contribution to improve the quality of private residential property in Hong Kong? In this dissertation, it is to find out whether the OC participation in the management of the property has positive impacts on the management quality of the estates or not. If yes, to what extent or level that OC could help improve the quality of the private residential property in Hong Kong. After the estate study, it was found that OC participation in the management of the property could help the management company understand their needs and become more accountable. It was also noted that by the questionnaire survey and face to face interviews, the estate selected for the estate study that is a high level of participation of OC, all the comments and results have a higher satisfaction rate and a positive impacts on the management quality of the estate as well as in the whole property management industry. DOI: 10.5353/th_b5372737 Subjects: Homeowners - China - Hong Kong Housing management - China - Hon gKong