This paper (a) surveys leading works on hedonic pricing modelling of the impact of four main categories of environmental attributes (pollution and amenities) and the impact of zoning regulations on urban property values in western jurisdictions and in Hong Kong, as an example of a high-density...

Land and real estate are intrinsically related but generally traded in two different markets. Vacant land, being a major "raw material" for development of real estate, is traded by developers who actively manage development risk for profit. Real estate, being a long lived final product, is...

This paper examines the existence of excess returns in the commercial property market of Hong Kong using time series data for both valuations and transactions prices. The proposition is that if the valuation series is accurately processing transactions prices then excess returns, if they exist,...

Under information asymmetry, lemons tend to be overpriced. Yet, how much overpricing premium the lemons can command is contingent on the underlying legal institutions. A set of transaction data from Hong Kong's housing market reveals that durable lemons are overpriced by 6.7% and 9.9% under the...

A balcony is often perceived as a "green" provision in modern residential buildings, as it enhances energy efficiency (providing natural lighting and ventilation), mitigates traffic noise, improves the circulation of fresh air, and provides planting space. However, how the market values the...

Return-based style analysis is applied to identify the style benchmarks of 12 property companies in Hong Kong from 1984 through 2001, and their performance is then assessed. Unlike style analysis of mutual funds, the cash component is not constrained to be non-negative so as to reflect their...

Noise trading has been intensively studied in finance, but rarely in real estate. Theories of price dispersion have also been well established in retailing research, but less so in real estate. This paper is the first attempt to study the effect of noise trading on price dispersion in the real...

With the government owning all land in Hong Kong, public land sales have been an important channel for developers to acquire land for property development, apart from private-led urban regeneration. For the colonial time before 1997, land was supplied to the market via a supply-oriented model,...