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Article: The significance and performance of infrastructure in China

TitleThe significance and performance of infrastructure in China
Authors
KeywordsChina
Diversification
Investors
Organizations
Property
Risk assessment
Issue Date2009
PublisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/jpif.htm
Citation
Journal Of Property Investment And Finance, 2009, v. 27 n. 2, p. 180-202 How to Cite?
AbstractPurpose - The significant economic growth and urbanisation of China in recent years has seen increased importance given to infrastructure development in China; this includes airports, toll roads, communications, ports, power plants and water. The purpose of this paper is to assess the significance and investment performance of infrastructure in China, the linkages to commercial property markets and the increasing future role of international private infrastructure investors in China. Design/methodology/approach - This paper analyses the performance of infrastructure in China over 1995-2006. Using the Hong Kong-listed China infrastructure companies, risk-adjusted performance analysis is used to assess the added value of China infrastructure, with the portfolio diversification benefits of China infrastructure also assessed. Findings - The paper finds that China infrastructure has delivered significant and improved risk-adjusted returns, but there is evidence of some recent loss of diversification benefits by China infrastructure in a portfolio. The strong linkage between effective infrastructure and effective commercial property markets is particularly important, as international investors seek to increase their exposure to China's infrastructure and commercial property markets to add value in their international investment portfolios. Originality/value - This is the first paper to rigorously assess the significance and performance of infrastructure in China. This risk-adjusted analysis has enabled more informed and practical investment decision making by international investors regarding the significance and role of China infrastructure and the associated strong linkage to the commercial property markets in China. This will take on increased importance as international investors increase the significance of both China infrastructure and China commercial property in their portfolios. © Emerald Group Publishing Limited.
Persistent Identifierhttp://hdl.handle.net/10722/59756
ISSN
2015 SCImago Journal Rankings: 0.294
References

 

DC FieldValueLanguage
dc.contributor.authorNewell, Gen_HK
dc.contributor.authorChau, KWen_HK
dc.contributor.authorWong, SKen_HK
dc.date.accessioned2010-05-31T03:56:48Z-
dc.date.available2010-05-31T03:56:48Z-
dc.date.issued2009en_HK
dc.identifier.citationJournal Of Property Investment And Finance, 2009, v. 27 n. 2, p. 180-202en_HK
dc.identifier.issn1463-578Xen_HK
dc.identifier.urihttp://hdl.handle.net/10722/59756-
dc.description.abstractPurpose - The significant economic growth and urbanisation of China in recent years has seen increased importance given to infrastructure development in China; this includes airports, toll roads, communications, ports, power plants and water. The purpose of this paper is to assess the significance and investment performance of infrastructure in China, the linkages to commercial property markets and the increasing future role of international private infrastructure investors in China. Design/methodology/approach - This paper analyses the performance of infrastructure in China over 1995-2006. Using the Hong Kong-listed China infrastructure companies, risk-adjusted performance analysis is used to assess the added value of China infrastructure, with the portfolio diversification benefits of China infrastructure also assessed. Findings - The paper finds that China infrastructure has delivered significant and improved risk-adjusted returns, but there is evidence of some recent loss of diversification benefits by China infrastructure in a portfolio. The strong linkage between effective infrastructure and effective commercial property markets is particularly important, as international investors seek to increase their exposure to China's infrastructure and commercial property markets to add value in their international investment portfolios. Originality/value - This is the first paper to rigorously assess the significance and performance of infrastructure in China. This risk-adjusted analysis has enabled more informed and practical investment decision making by international investors regarding the significance and role of China infrastructure and the associated strong linkage to the commercial property markets in China. This will take on increased importance as international investors increase the significance of both China infrastructure and China commercial property in their portfolios. © Emerald Group Publishing Limited.en_HK
dc.languageengen_HK
dc.publisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/jpif.htmen_HK
dc.relation.ispartofJournal of Property Investment and Financeen_HK
dc.subjectChinaen_HK
dc.subjectDiversificationen_HK
dc.subjectInvestorsen_HK
dc.subjectOrganizationsen_HK
dc.subjectPropertyen_HK
dc.subjectRisk assessmenten_HK
dc.titleThe significance and performance of infrastructure in Chinaen_HK
dc.typeArticleen_HK
dc.identifier.emailChau, KW:hrrbckw@hkucc.hku.hken_HK
dc.identifier.emailWong, SK:kelvin.wong@hku.hken_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.identifier.authorityWong, SK=rp01028en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1108/14635780910937863en_HK
dc.identifier.scopuseid_2-s2.0-70349423944en_HK
dc.identifier.hkuros160481en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-70349423944&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume27en_HK
dc.identifier.issue2en_HK
dc.identifier.spage180en_HK
dc.identifier.epage202en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridNewell, G=10045199100en_HK
dc.identifier.scopusauthoridChau, KW=24830082500en_HK
dc.identifier.scopusauthoridWong, SK=7404591021en_HK
dc.identifier.citeulike4201029-

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