The interaction between the construction market and the overall economy has attracted much attention, but few studies have investigated the influence of the property market on the construction market in terms of property price. The disaggregated data of Hong Kong’s housing and retail...

This communication is a response to the insightful note by Fellows on previous papers by the author. Not only has Fellows supplemented Chau's major arguments, he has also expanded the scope of discussion and raised new issues. While the author agrees with most of the points made by Fellows,...