This study investigates how information asymmetry affects the rent and vacancy rate adjust in response to external shocks using empirical data from the Hong Kong office market. We show that information asymmetry about the quality of real estate asset will lead to slower rent adjustments in...

Different institutional features have been found to affect capital structure decisions, but their connections to corporate finance theories are not always clear. This study aims to assess the predictive power of the agency and pecking order theories in two distinct information environments. The...

A growing number of mainland Chinese real estate firms went public over the past decade. Some floated their shares in Hong Kong, while others were listed on mainland stock exchanges. This paper empirically examines the determinants of their initial public offering (IPO) location choice. Based on...

If carefully planned, urban renewal may play an important role in regenerating a decaying neighborhood and mitigating the negative externality generated by dilapidated buildings in densely populated areas. Despite its potential benefits, in urban areas dominated by high-rise developments, urban...

The paper examines how building height is determined in the absence of building height regulatory restrictions. A model is developed for determining optimal height using simple neo-classical economic analysis; this is then tested using empirical data from Hong Kong. The results show that the...

Hong Kong property companies make a significant contribution to the Hong Kong stockmarket and general economy. A key issue is how much of Hong Kong property company performance is attributable to stockmarket performance and how much is attributable to direct property performance. Using a...

Real estate flippers earn higher returns than average traders in the market. By intensively searching for dumb buyers or sellers, they buy-low and sell-high to earn a monthly return that is 6.0% higher over the market returns. Their excess returns are dictated by the spread of investors'...

China is one of the cities with the strongest growth in economy and housing price after the Financial Crisis 2008. Housing demand in China is generally perceived to be driven by fundamental demographical reasons, such as a substantial increase in the disposable income in recent decades,...

In the development of transaction cost based property right analysis, clear delineation of private exclusive property rights over communal property is believed to be able to restrain rent dissipation, and is therefore conducive to market transactions and the enhancement of efficiency. However,...

Tax exemption is one of the REIT's most unique characteristics. To improve the development of REITs market, the Congress had passed several Tax Reform Acts. Plenty of previous study had already explored the effects of tax legislation changing on REITs market. However the findings had not come to...