Purpose – In 2000, the Hong Kong Government commissioned the Construction Industry Review Committee (CIRC) to provide a thorough review of the strengths/weaknesses of the Hong Kong construction industry and to recommend improvement measures. The CIRC’s report, released in 2001, recommended...

A distinctive feature of mortgages as assets is the existence of prepayment risk, typically viewed as a borrower’s call option to pay the outstanding mortgage balance at any time during the term. While previous research identified important causes for prepayment, these studies are mostly based...

Historical commercial real estate returns are attributed to three fundamental factors: initial current yield, growth in net operating income, and changes in going-in versus going-out capitalization rates (i.e., pricing movements). Separating returns into these three factors appears to provide...

This study investigates the effects of political uncertainty associated with the 1997 repossession of Hong Kong by China on the real estate market. Such effect is reflected in the change in the real estate risk premiums. A model is derived to estimate the trend of real estate risk premium for...

This study examines the existence of excess returns of the office, retail and industrial real estate sectors in Hong Kong using time series of both valuations and transaction prices. The analysis covers the period from 1980 to 1995. If valuations are an accurate reflection of transaction prices...

Purpose – The purpose of this paper is to theorise on the nature of property management broadly understood as resource management and demonstrate the actual and potential contribution of innovative property management to sustainable development. Design/methodology/approach – The approach is...

Purpose – To re‐examine the role of property management from an institutional economics perspective. Design/methodology/approach – The role of property management is explored by asking why property management has emerged from the first principle. Then, an analytical framework for property...

Purpose – The purpose of this paper is to explore the idea of transplanting the institution of homeowner associations or similar to existing urban neighbourhoods in order to correct imbalances in patterns of incentives and responsibilities that threaten the liveability and sustainability of...

Purpose – This paper sets out to explore the concepts involved in sustainability by investigating the basic meanings of the terms, the primary principles involved and their application to practices of development. Design/methodology/approach – A perspective founded in natural science is...