Major Factors Contributing to the Changes in Private Residential Property Price in Hong Kong PDF Download
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Author: Chi-Wa Lam
Publisher: Open Dissertation Press
ISBN: 9781374812789
Category :
Languages : en
Pages :
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Book Description
This dissertation, "Major Factors Contributing to the Changes in Private Residential Property Price in Hong Kong: Review and Forecast" by Chi-wa, Lam, 林志華, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b4389510 Subjects: Real property - Prices - China - Hong Kong
Author: Chi-wa Lam
Publisher:
ISBN:
Category : Real property
Languages : en
Pages : 182
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Book Description
Author: Chi-Wa Lam
Publisher: Open Dissertation Press
ISBN: 9781374812789
Category :
Languages : en
Pages :
Get Book Here
Book Description
This dissertation, "Major Factors Contributing to the Changes in Private Residential Property Price in Hong Kong: Review and Forecast" by Chi-wa, Lam, 林志華, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b4389510 Subjects: Real property - Prices - China - Hong Kong
Author: Siu-kuen Chan
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 204
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Book Description
Author: Siu-Kuen Chan
Publisher:
ISBN: 9781361130261
Category :
Languages : en
Pages :
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Book Description
This dissertation, "Major Factors Contributing to Rising Residential Property Prices in Hong Kong" by Siu-kuen, Chan, 陳少娟, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3196788 Subjects: Housing - Prices - China - Hong Kong Housing - Prices - Government policy - China - Hong Kong Real property - Prices
Author: Bertrand Renaud
Publisher: Hong Kong University Press
ISBN: 9622094384
Category : Business & Economics
Languages : en
Pages : 137
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Book Description
'The real estate economy of Hong Kong is one of the most dynamic and sophisticated in the world, and has contributed greatly to the spectacular development of this vibrant city. More importantly, at a time of rapid globalization of the world economy, it is possibly the best model of the behaviour of an advanced real estate industry operating in an open economy. Hong Kong is thereforeof interest to analysts and policymakers everywhere, not least because of Hong Kong's political reintegration with China in 1997. With this in mind, the authors have managed to capture the key economic features of the private residential real estate market in Hong Kong in this compact volume. They have identified and highlighted critical institutions that contribute to the success and economic factors which shape the dynamics of all sectors of the real estate industry in Hong Kong. This book is essential reading for market analysts, policymakers, students and international readers with an interest in comparative analysis of real estate markets and institutions.' Professor Anthony Walker, Centre for Real Estate and Urban Economics,The University of Hong Kong.
Author: Mr.R. Sean Craig
Publisher: International Monetary Fund
ISBN: 1463925948
Category : Business & Economics
Languages : en
Pages : 15
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Book Description
This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though land supply and prudential and tax policy, with the latter policies taking the form of a stamp duty on property transactions and a tighter loan-to-value ratio (LTV) on lending. Land supply is the most effective policy insturment for restraining property price increases but it operates with a significant lag. The LTV and stamp duty dampen speculative activity that drives up property prices. While these policies can slow the increase in the short run, they should be guided by their long run objectives of financial stability and counteracting speculation.
Author: James Lee
Publisher: Routledge
ISBN: 0429803427
Category : Political Science
Languages : en
Pages : 350
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Book Description
First published in 1999, this volume examines the issue that, in the last two decades, the housing system in Hong Kong has witnessed a slow but consistent transition from a tenure dominated by public rental housing to one dominated by private home ownership. This book seeks to explain the unique social organization of home ownership in contemporary Hong Kong. Specifically, the book deals with the genesis of home ownership from three areas: housing histories, family culture and capital gains from home transactions. It is agreed that extreme deprivations in housing conditions in early lives, a strong family culture of mutual help as well as unprecedented capital gains, all contribute towards explaining the complex nature of home ownership growth. In conclusion the book suggests that with China regaining sovereignty after July 1997, the social organization of home ownership will be further complicated by more internal migrations from other parts of China, making housing problems even more acute.
Author: Man-Suen Ho
Publisher: Open Dissertation Press
ISBN: 9781374721890
Category : Technology & Engineering
Languages : en
Pages : 156
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Book Description
This dissertation, "The Price-volume Relationship in Hong Kong's Residential Market" by Man-suen, Ho, 何敏璇, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of Thesis Titled The Price-Volume Relationship in Hong Kong's Residential Market Submitted by Ho Man Suen For the degree of Doctor of Philosophy At The University of Hong Kong in August 2004 This thesis examines the relationship between transaction price and transaction volume in Hong Kong's residential market. The rational expectation hypothesis suggests that there should be no relationship between price and volume in the capital market. However, there is sufficient empirical evidence to suggest otherwise, particularly in the more developed real estate market. Both positive contemporaneous and lead-lag relationships have been reported. Nevertheless, these relationships were observed using dubious data, such as valuation-based real estate price indices, over a relatively short time horizon. This thesis investigates the nature of the price-volume relationship using a high frequency repeat sales index over a relatively long time horizon. Hong Kong's residential market, which is dominated by high-rise apartments, is sufficiently active for us to construct a monthly residential price index over a 33-year period from 1970 to 2003. This index is sufficiently long and also of a very high frequency for us to examine the nature of the price-volume relationship in the residential market and test alternative theories under different test conditions. There are three main theories that explain the price-volume relationship. They are the Rational Expectation Theory, the Information Asymmetric Theory, and the Market Imperfection Theory. Each theory implies a different price-volume relationship. The Rational Expectation Theory suggests that there should be no relationship between price and volume. The Information Asymmetric Theory recognizes investors' heterogeneity. The better-informed group takes advantage of the others and initiates trading activities before major price changes occur. The Market Imperfection Theory implies that price leads volume due mainly to down payment constraints. These theories are not mutually exclusive, since the test conditions were different. The residential market in Hong Kong has undergone a number of major changes that has led to the prevalence of different test conditions. This study makes use of these changes and tests alternative theories under different test conditions. Before 1984, the residential market in Hong Kong had yet to develop, and information costs were high. All market participants were equally informed and uninformed. Prices could then reflect the limited information from the property market instantly. The price-volume relationship should be consistent with the Rational Expectation Theory. Negotiations between the British and Chinese Governments over the tenure of land in Hong Kong started in 1982, and were settled with the signing of the Joint Sino-British Agreement in 1984. Many people were then not confident in the future of Hong Kong and decided to sell their homes in Hong Kong before migrating to other countries. This led to a panic selling of residential units, but at the same time also attracted more rational traders who took advantage of it. They analyzed market information and bought and sold undervalued residential units to make short term profits. A group of professional speculators who are more informed than the average end users/owners emerged, and this led to information asymmetry. Information asymmetry implies that transac
Author: Christoph Duenwald
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451841756
Category :
Languages : en
Pages : 29
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Book Description
This paper examines the determinants of residential property prices in Hong Kong SAR during 1980–98. It uses time-series analysis techniques to characterize price developments, establish empirical regularities, and provide measures of the deviations of actual price changes from “trend.” The analysis suggests that at the peak of the boom, in mid-1997, the level of property prices may have been 40–45 percent above levels suggested by developments in “fundamentals.” The analysis highlights the role of demand-side factors, and the data are not inconsistent with the notion that the property market may be subject to speculative bubbles.
Author: Mr.William Lee
Publisher: International Monetary Fund
ISBN: 1589062949
Category : Business & Economics
Languages : en
Pages : 69
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Book Description
This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II examines various aspects of the ongoing integration with the mainland, and the associated implications for the structure of the economy, and for macroeconomic and structural policies. Section III examines the medium-term fiscal outlook under different policy scenarios and discusses alternative policy options to restore fiscal balance. Section IV reviews recent developments in the real estate sector and their macroeconomic impacts. Section V presents an econome tric analysis of deflation and its determinants. Section VI examines the factors behind, and the implications of, rising wage inequality in Hong Kong SAR. Section VII presents an overview of recent developments in the financial sector and provides an assessment of Hong Kong SAR’s prospects as an international financial center.
