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Article: Price discovery in the Hong Kong real estate market

TitlePrice discovery in the Hong Kong real estate market
Authors
KeywordsAppraisal smoothing
Arbitrage
Direct and indirect real estate
Hong Kong
Price discovery
Pricing theory
Issue Date2001
PublisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/09599916.asp
Citation
Journal Of Property Research, 2001, v. 18 n. 3, p. 187-216 How to Cite?
AbstractThis paper examines price discovery for four sectors of the Hong Kong property market. The Hong Kong property market is one of the deepest and most liquid markets in the world. In addition, a substantial proportion of the real estate sector is securitized in the local share market. This makes Hong Kong one of the better places to examine price discovery. The results show that the returns to securitized real estate in Hong Kong are a mirror of broader international capital market movements. Once international capital market variables are included in the regressions, the returns to securitized real estate in Hong Kong convey little information about the appraisal-based returns to Hong Kong real estate. In addition, the results show that both capital market variables and local economic variables are significant for explaining the appraisal-based returns to Hong Kong property. The two sets of variables account for from 58% and 87% of the total variation in returns, with capital market factors contributing between 32% and 75% to the explanatory power.
Persistent Identifierhttp://hdl.handle.net/10722/81767
ISSN
2015 SCImago Journal Rankings: 0.489
References

 

DC FieldValueLanguage
dc.contributor.authorChau, KWen_HK
dc.contributor.authorMacGregor, BDen_HK
dc.contributor.authorSchwann, GMen_HK
dc.date.accessioned2010-09-06T08:21:45Z-
dc.date.available2010-09-06T08:21:45Z-
dc.date.issued2001en_HK
dc.identifier.citationJournal Of Property Research, 2001, v. 18 n. 3, p. 187-216en_HK
dc.identifier.issn0959-9916en_HK
dc.identifier.urihttp://hdl.handle.net/10722/81767-
dc.description.abstractThis paper examines price discovery for four sectors of the Hong Kong property market. The Hong Kong property market is one of the deepest and most liquid markets in the world. In addition, a substantial proportion of the real estate sector is securitized in the local share market. This makes Hong Kong one of the better places to examine price discovery. The results show that the returns to securitized real estate in Hong Kong are a mirror of broader international capital market movements. Once international capital market variables are included in the regressions, the returns to securitized real estate in Hong Kong convey little information about the appraisal-based returns to Hong Kong real estate. In addition, the results show that both capital market variables and local economic variables are significant for explaining the appraisal-based returns to Hong Kong property. The two sets of variables account for from 58% and 87% of the total variation in returns, with capital market factors contributing between 32% and 75% to the explanatory power.en_HK
dc.languageengen_HK
dc.publisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/09599916.aspen_HK
dc.relation.ispartofJournal of Property Researchen_HK
dc.subjectAppraisal smoothingen_HK
dc.subjectArbitrageen_HK
dc.subjectDirect and indirect real estateen_HK
dc.subjectHong Kongen_HK
dc.subjectPrice discoveryen_HK
dc.subjectPricing theoryen_HK
dc.titlePrice discovery in the Hong Kong real estate marketen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0959-9916&volume=18&issue=3&spage=1&epage=30&date=2001&atitle=Price+Discovery+in+the+Hong+Kong+Real+Estate+Marketen_HK
dc.identifier.emailChau, KW:hrrbckw@hkucc.hku.hken_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1080/09599910110060064en_HK
dc.identifier.scopuseid_2-s2.0-0035560841en_HK
dc.identifier.hkuros61057en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0035560841&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume18en_HK
dc.identifier.issue3en_HK
dc.identifier.spage187en_HK
dc.identifier.epage216en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridChau, KW=24830082500en_HK
dc.identifier.scopusauthoridMacGregor, BD=7003650545en_HK
dc.identifier.scopusauthoridSchwann, GM=6603433508en_HK

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