Recent developments in the construction sector in the Asian region demonstrate three trends: (1) larger private sector participation in infrastructure projects, (2) increasing vertical integration in the packaging of construction projects, and (3) increased foreign participation in domestic...

This study examines the market structure of four different sectors within the construction industry in Hong Kong. Market concentrations, expressed in terms of Herfindahl-Hershamann indices (HHIs) and number equivalents (HNEs), are calibrated for the top five contractors and compared with those...

Why did Hong Kong property developers continue to produce a large amount of new industrial accommodation despite the city exhibiting a strong trend of deindustrialization since the late 1970s? This study addresses this question by examining a longitudinal cross-sectoral interaction between...

Hong Kong's planning control system entails a framework of statutory zoning plans and a discretionary permission process. Through examining past planning decisions on urban office development applications between 1988 and 1997, this paper explores whether this 'hybrid' system provides both...

China's rapid urbanisation has prompted its government to explore new sustainable sources of public revenue to finance the continued demand for urban infrastructure and services. Property tax advocates have sought to take advantage of the real estate booms that have occurred since economic...

The competitive strategy and advantage of building contractors is examined. In Hong Kong, just a few contractors have dominated the market of public housing construction, where prefabrication is mandatory. Does prefabrication technology lead to business success? Based on quantitative analysis of...

Corporate bond prices are known to be influenced by default and term structure risk in addition to non-default risks such as illiquidity. Putable corporate bonds allow investors to sell their holdings back to the issuer and may thus provide insurance against all of these risks. We first document...

We examine REIT short sale transactions and show REITs are shorted less frequently than non-REITs. Results also show short sellers are less able to predict negative future returns for REITs, relative to non-REITs, which is consistent with increased pricing efficiency for REITs and suggests REIT...