The capitalization rate used in real estate literature is the ratio of net operating income to property value. This paper has investigated the capitalization rate movements in Hong Kong from 1987 to 2012. In Hong Kong, capitalization rates for residential and commercial properties were closely...

"By reviewing the previous three asset bubble implosions, viz. (1) the íLost Decadeî of Japan in the 1980s; (2) the Asian Financial Crisis in Hong Kong in 1997; and (3) the Financial Tsunami in the USA in 2008, a common symptom of negative real interest rate is very clearly revealed before the...

China's National Bureau of Statistics said that the annual growth of housing price reached 24% in 2009 after the financial tsunami. Is it a recovery or a bubble? What makes the housing price increasing so quickly? Price-to-Income Ratio is by far the commonest measurement method to housing...

Income segregation is found to be a common phenomenon, which imposes far-reaching implications on housing and social policies. However, the focus has long been on its extent rather than on its distribution. This study investigates the asymmetry of income segregation and the relationship between...

Almost all previous studies on the value of seaview were cross-sectional as it is almost impossible to find any formation or removal of seaview in the scale of man time. However, cross-sectional analysis is well known of its shortcoming in controlling housing quality and temporal components in...

A plenty of studies have contributed to the body of knowledge on the performance of real estate investment trusts (REITs). Many of them have attempted to examine the inter-temporal relationship between REITs and property stocks using time domain techniques such as regression, cross-correlation,...

This communication is a response to the insightful note by Fellows on previous papers by the author. Not only has Fellows supplemented Chau's major arguments, he has also expanded the scope of discussion and raised new issues. While the author agrees with most of the points made by Fellows,...

Recent housing policies include measures for home purchase control and shanty town redevelopment. This study proposes sustainable pricing, in that the long-run equilibrium price is determined by the fundamentals of house prices. We argue that changes in CPI might have led to rapidly growing...

Acquisition of land is the prerequisite of housing development. However, land and houses are traded in two separate markets, with the former being traded by developers and the later by end-users or investors either in the primary or secondary markets. Further to the findings of a previous...

As a first statistical study of a planning authority’s reasons for rejecting development proposals, this study examines hydraulic and transport engineering reasons adopted by the Town Planning Board for dismissing development applications for ‘small house’ use in Green Belt and Agriculture...