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Article: Retail properties in Hong Kong: A rental analysis

TitleRetail properties in Hong Kong: A rental analysis
Authors
KeywordsHong Kong
Market position
Rental value
Retail trade
Issue Date2007
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, 2007, v. 25 n. 2, p. 136-146 How to Cite?
AbstractPurpose - This paper seeks to explore the relationship between market positioning and rents of retail facilities in Hong Kong. Design/methodology/approach - Regression analysis is deployed in the paper to find out the impact of various attributes, in terms of a retail facility's physical characteristics, market positions, and location, on the annualized per-area net rental income. The sample data obtained from the initial public offerings of the Link real estate investment trust (REIT), one of the largest REITs in the world, is used for analysis. Findings - The study finds that district centers command the highest average rental levels, followed by local and estate centers. As the effects of positive externalities for unorganized shops are smaller, the average rental levels for shops are generally lower. In terms of the impact of individual attributes on rents, a retail property's age and its efficiency ratio have negative relationships with rents, while its size (in terms of gross floor area) and the amount of shops positively affect the facility's rental levels. Research limitations/implications - Although obtaining the largest possible dataset in the Link REIT portfolio for the study, the sample is not considered big enough to detect the impact of the location of a retail facility on its rental adjustments. Further studies are required with regard to this issue. Originality/value - The results of this study give planners and developers of retail facilities some insights about the effects of market positioning on a retail facility's performance on the leasing market.
Persistent Identifierhttp://hdl.handle.net/10722/81836
ISSN
2015 SCImago Journal Rankings: 0.294
References

 

DC FieldValueLanguage
dc.contributor.authorHui, ECMen_HK
dc.contributor.authorYiu, CYen_HK
dc.contributor.authorYau, Yen_HK
dc.date.accessioned2010-09-06T08:22:31Z-
dc.date.available2010-09-06T08:22:31Z-
dc.date.issued2007en_HK
dc.identifier.citationJournal Of Property Investment And Finance, 2007, v. 25 n. 2, p. 136-146en_HK
dc.identifier.issn1463-578Xen_HK
dc.identifier.urihttp://hdl.handle.net/10722/81836-
dc.description.abstractPurpose - This paper seeks to explore the relationship between market positioning and rents of retail facilities in Hong Kong. Design/methodology/approach - Regression analysis is deployed in the paper to find out the impact of various attributes, in terms of a retail facility's physical characteristics, market positions, and location, on the annualized per-area net rental income. The sample data obtained from the initial public offerings of the Link real estate investment trust (REIT), one of the largest REITs in the world, is used for analysis. Findings - The study finds that district centers command the highest average rental levels, followed by local and estate centers. As the effects of positive externalities for unorganized shops are smaller, the average rental levels for shops are generally lower. In terms of the impact of individual attributes on rents, a retail property's age and its efficiency ratio have negative relationships with rents, while its size (in terms of gross floor area) and the amount of shops positively affect the facility's rental levels. Research limitations/implications - Although obtaining the largest possible dataset in the Link REIT portfolio for the study, the sample is not considered big enough to detect the impact of the location of a retail facility on its rental adjustments. Further studies are required with regard to this issue. Originality/value - The results of this study give planners and developers of retail facilities some insights about the effects of market positioning on a retail facility's performance on the leasing market.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.subjectHong Kongen_HK
dc.subjectMarket positionen_HK
dc.subjectRental valueen_HK
dc.subjectRetail tradeen_HK
dc.titleRetail properties in Hong Kong: A rental analysisen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1463-578X&volume=25&issue=2&spage=136&epage=146&date=2007&atitle=Retail+properties+in+Hong+Kong:+a+rental+analysisen_HK
dc.identifier.emailYiu, CY: ecyyiu@hkucc.hku.hken_HK
dc.identifier.authorityYiu, CY=rp01035en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1108/14635780710733825en_HK
dc.identifier.scopuseid_2-s2.0-34247171822en_HK
dc.identifier.hkuros127444en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-34247171822&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume25en_HK
dc.identifier.issue2en_HK
dc.identifier.spage136en_HK
dc.identifier.epage146en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridHui, ECM=7005081892en_HK
dc.identifier.scopusauthoridYiu, CY=9248825800en_HK
dc.identifier.scopusauthoridYau, Y=12806101900en_HK
dc.identifier.citeulike1141453-

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