Recent housing policies include measures for home purchase control and shanty town redevelopment. This study proposes sustainable pricing, in that the long-run equilibrium price is determined by the fundamentals of house prices. We argue that changes in CPI might have led to rapidly growing...

It has been widely agreed in real estate literature that housing submarkets should be adopted as a working hypothesis. This paper revisits the housing sub-market hypothesis and seeks to spatially delineate residential market segments using Hong Kong geo-coded transaction data. Spatial...

Hong Kong is regarded as one of the most fantastic shopping paradise for tourists. Retailing is a major economic activity here and highly correlated with tourism industry. Implementation of Individual Visit Scheme (IVS) policy since July, 2003 which allows Mainland China citizens to visit Hong...

ERES:conference

This paper provides cross-country evidence of the linkage between real estate market transparency and the dynamics between direct and indirect real estate, which is seldom examined in the previous literature. First, by adopting a variance decomposition procedure, the proportion of indirect real...

This study investigates the effects of government policy in the price determination process of retail property in Hong Kong. In the year of 2003, Hong Kong government launched a new policy named Individual Visit Scheme (IVS) under which the mainland travellers are allowed to visit Hong Kong on...

The capitalization rate used in real estate literature is the ratio of net operating income to property value. This paper has investigated the capitalization rate movements in Hong Kong from 1987 to 2012. In Hong Kong, capitalization rates for residential and commercial properties were closely...

This paper revisits an old but relevant and imperative question in the field of real estate investment and portfolio management: are the direct and indirect real estate markets integrated? The authors aim to provide the answer for the Hong Kong context by examining the effects of common risk...

In this paper, the first part of our study, we use a linear statistical technique to examine the impact of the announcement of China’s decision to take back Hong Kong from the United Kingdom in 1982, the Tiananmen Square incident of 4 June 1989, the Asian financial crisis (AFC) of 1997, and...

Statutory zoning, as a regulatory tool, is generally considered as a means to introduce and maximize positive externalities and to preempt and internalize negative externalities; thence the land value of the regulated land and its immediate neighbourhood is enhanced. Yet, empirical evidence of...