scholarly journals International Real Estate Review

2004 ◽  
Vol 7 (1) ◽  
pp. 139-172
Author(s):  
Charles K. Leung ◽  
◽  
Kelvin S. Wong ◽  
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Housing Market ◽  
Construction Industry ◽  
Public Expenditure ◽  
Empirical Studies ◽  
Future Research ◽  
Supply Side ◽  
Preliminary Step ◽  
International Standard

Hong Kong is well known for its “housing market bubble”. Both theoretical and empirical studies point to the supply side being the “root of all evil”. This paper takes a preliminary step in understanding the supply side of the Hong Kong market by investigating the construction and related industries. After taking into consideration of the unusual public expenditure, the construction industry seems to be “normal” in international standard. Its relationship with the aggregate economy is also examined. Directions for future research are also suggested.

International Real Estate Review

2015 ◽  
Vol 18 (1) ◽  
pp. 45-87
Author(s):  
Charles Leung ◽  
◽  
Edward Chi Ho Tang ◽  
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Housing Market ◽  
Initial Public Offerings ◽  
Asset Markets ◽  
Future Research ◽  
Public Offerings ◽  
Underlying Factor ◽  
The World ◽  
Chinese Tourists

This paper argues that since China closes her asset markets, investors turn to Hong Kong instead. The initial public offerings (IPOs) of Chinese firms in the Hong Kong stock market and the local housing market of Hong Kong improve the prediction of each other, as they may serve as a coordinator of herds among investors. Alternative explanations such as the "production conjecture" and ¡§underlying factor conjecture¡¨ are found to be inconsistent with the data. Our results are also consistent with the increasing importance of Chinese tourists in the world. Directions for future research are also discussed.

scholarly journals What Drives Consumer’s Intention to use Online Property Websites: A Conceptual Model

2018 ◽  
pp. 630-633
Keyword(s):  
Real Estate ◽  
Conceptual Model ◽  
Construction Industry ◽  
Real Estate Market ◽  
Future Research ◽  
Intention To Use ◽  
The Real Estate ◽  
Proposed Model ◽  
The Real Estate Market ◽  
Conceptual Paper

The real estate market in Malaysia is growing as the nation grows more prosperous. There were 376,583 transactions recorded in Malaysia in 2010 with an aggregate worth RM107.44 billion (Construction Industry Development ,2016). This study intends to inspect the factors that drive consumer’s intention to use online property website. Previous literature does not include in-depth analyses such as consumer behavior. Hence, this conceptual paper proposes a model the key constructs that determine consumers’ intention to use online property website based on the Stimulus-Organism-Response (S-O-R) model. The proposed model integrates the S-O-R model with atmospheric cues from websites such as informativeness, effectiveness and entertainment. The results of the study provide significant insights the phenomenon of using online property ads and factors that influence consumers’ intention regarding online property websites. Recommendations for future research are also presented.

scholarly journals Safe Working Cycle: Is It a Panacea to Combat Construction Site Safety Accidents in Hong Kong?

2022 ◽  
Vol 14 (2) ◽  
pp. 894
Author(s):  
Daniel W. M. Chan ◽  
Douglas O. Aghimien
Keyword(s):  
Hong Kong ◽  
Construction Industry ◽  
Construction Projects ◽  
Rank Order ◽  
Research Work ◽  
Future Research ◽  
Chi Square ◽  
Working Cycle ◽  
Safety Initiative ◽  
Safe Working

In Hong Kong, the accident statistics of the construction industry is still comparatively higher than other industries. However, accident rates within the industry have significantly decreased, starting from the implementation of diverse safety initiatives, including the Safe Working Cycle (SWC). In this study, a post-positivist philosophical stance was adopted, and a questionnaire survey was launched to gather empirical data on the application of SWC in construction projects, the effectiveness of the safety initiative, and the benefits thereof. The data gathered from 197 construction participants were analysed using descriptive statistics, mean score, Mann–Whitney U-Test, Kendall’s concordance analysis, Chi-square value, Spearman rank-order correlation test and exploratory factor analysis. The findings revealed significant adoption of SWC in the Hong Kong construction industry. Furthermore, daily, weekly, and monthly inspections and supervisions and safety committee meetings are effective items of this safety initiative. The benefits of adopting SWC can be grouped into the safety of frontline workers and increase in the organisation’s safety commitment and reputation. This study has created an excellent theoretical platform for future research work on the usefulness of the SWC in the construction industry at large.

International Real Estate Review

2008 ◽  
Vol 11 (2) ◽  
pp. 47-74
Author(s):  
Charles Ka Yui Leung ◽  
◽  
Patrick Wai Yin Cheung ◽  
Erica Jiajia Ding ◽  
◽  
...  
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Trading Volume ◽  
Future Research ◽  
Rental Market ◽  
Office Market ◽  
Trading Volumes

Previous studies of the office market have tended to focus on either the rental market or the aggregate sales market. This paper focuses on the intra-metropolitan sales market and on office price and trading volume dynamics in Hong Kong. According to our findings, buildings trading at higher prices are not necessarily traded more often than those trading at lower prices. In addition, the price of offices in different categories does not necessarily move in tandem. The trading volumes of higher priced buildings tend to Granger cause the lower priced buildings, and this conclusion is robust to alternative classifications. The paper contrasts several existing theories. Suggestions for future research are also discussed.

scholarly journals A Comprehensive Review of Quality of Life (QOL) Research in Hong Kong

2007 ◽  
Vol 7 ◽  
pp. 1222-1229 ◽  
Author(s):  
Daniel T. L. Shek ◽  
Britta M. Lee
Keyword(s):  
Quality Of Life ◽  
Hong Kong ◽  
Empirical Studies ◽  
Well Being ◽  
Future Research ◽  
Helping Professionals ◽  
Research Directions ◽  
Comprehensive Review ◽  
Future Research Directions

Published quality of life (QOL) studies in Hong Kong indexed in the major databases were reviewed. Several observations are highlighted from this review. First, most of the published studies were empirical studies involving data collection. Second, there are more micro studies utilizing individual QOL indices than macro studies using societal indicators. Third, most studies addressed personal well-being, followed by studies on family well-being and societal well-being. Fourth, the studies were predominantly quantitative in nature. Fifth, most of the studies were based on adults and comparatively fewer studies were based on children and adolescents. Sixth, most studies were based on populations with special needs, followed by studies based on the general population, helping professionals, and caregivers. Seventh, most studies used measures of QOL rather than developed QOL measures. Finally, QOL data in Hong Kong were seldom compared with those in other places. The gaps on QOL studies in Hong Kong and future research directions are discussed.

Analysis of demand and supply in the Colombian housing market: impacts and influences 2005-2016

2018 ◽  
Vol 11 (1) ◽  
pp. 149-172 ◽  
Author(s):  
Camilo Vargas Walteros ◽  
Amalia Novoa Hoyos ◽  
Albert Dario Arias Ardila ◽  
Arnold Steven Peña Ballesteros
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Least Squares ◽  
Supply Side ◽  
Retail Sector ◽  
Demand And Supply ◽  
Content Type ◽  
Elastic Effect ◽  
Real Estate Valuation ◽  
Mortgage Rates

Purpose The purpose of this paper is to provide an estimate of the demand and supply in the housing market in Colombia in a period of high real estate valuation (2005-2016). On the demand side, it evaluates the impact of new housing prices, unemployment, stock market returns, real wages in the retail sector, remittances and mortgage rates. On the supply side, it estimates the influence of the price of new housing, construction costs, time deposit (TD) and mortgage rates. Real estate valuation was analyzed considering foreigners migration and land prices evolution. Design/methodology/approach Ordinary least squares (OLS) was used to estimate housing area with the semilog regression model and also to construct price models. OLS was also used in price models. Since quantities depend on prices and vice versa, a two-stage least squares (2SLS) was implemented. Findings Rising prices in new homes have an “elastic” effect on both demand and even higher effect on supply. Likewise, the real wage index for the retail sector has an elastic effect. On the other hand, the response to interest rates is negative, but statistically significant only on the supply side. Furthermore, the inflow of remittances is “inelastic” and statistically insignificant. Originality/value Housing can sometimes be a Giffen good, this result challenges the traditional neoclassical model, but it can be explained by investment reasons and “bubble” behavior in the housing market. One last influence is the difference between “temporary” and “permanent” migrations. The latter has a statistically significant and perfectly inelastic effect on the price of new homes.

scholarly journals A Feasibility Study of Implementing Material Management in Construction: United Kingdom and Hong Kong Empirical Studies

2008 ◽  
Vol 3 (2) ◽  
pp. 77-84
Author(s):  
Vivian W. Y Tam
Keyword(s):  
Hong Kong ◽  
United Kingdom ◽  
Construction Industry ◽  
Empirical Studies ◽  
Waste Generation ◽  
Structured Interviews ◽  
Construction Sites ◽  
Material Management ◽  
Construction Organizations ◽  
Implementation Period

Construction organizations have a common practice to purchase and to deliver required materials to construction sites about one month before activities start. This leads to uneconomical inventory on site and contractors' warehouses. This paper investigates the feasibility in implementing material management in construction. United Kingdom and Hong Kong are selected for the investigation as one has a long implementation period and another one is just implementing material management as noted by interviewed contractors. Questionnaires and structured interviews are conducted. It is found that United Kingdom construction industry benefits are more significant than that in Hong Kong. This can stimulate interests in implementing material management in Hong Kong. Respondents from Hong Kong claimed that their companies will be willing to implement material management where practicable. This study can also help countries currently implementing material management. From that, waste generation can be reduced and a green construction environment can be achieved. Recommendations to improve the implementation are also discussed.

scholarly journals Environmental and Energy Aspects of Construction Industry and Green Buildings

2017 ◽  
Vol 54 (2) ◽  
pp. 24-33 ◽  
Author(s):  
L. Kauskale ◽  
I. Geipele ◽  
N. Zeltins ◽  
I. Lecis
Keyword(s):  
Real Estate ◽  
Construction Industry ◽  
Green Building ◽  
Green Buildings ◽  
Real Estate Market ◽  
Market Development ◽  
Future Research ◽  
Information Process ◽  
Access Methods ◽  
Energy Aspects

Abstract Green building is an important component of sustainable real estate market development, and one of the reasons is that the construction industry consumes a high amount of resources. Energy consumption of construction industry results in greenhouse gas emissions, so green buildings, energy systems, building technologies and other aspects play an important role in sustainable development of real estate market, construction and environmental development. The aim of the research is to analyse environmental aspects of sustainable real estate market development, focusing on importance of green buildings at the industry level and related energy aspects. Literature review, historical, statistical data analysis and logical access methods have been used in the research. The conducted research resulted in high environmental rationale and importance of environment-friendly buildings, and there are many green building benefits during the building life cycle. Future research direction is environmental information process and its models.

scholarly journals OVERCONFIDENCE AND REAL ESTATE RESEARCH: A SURVEY OF THE LITERATURE

2016 ◽  
Vol 61 (04) ◽  
pp. 1650015 ◽  
Author(s):  
HELEN X. H. BAO ◽  
STEVEN HAOTONG LI
Keyword(s):  
Real Estate ◽  
Empirical Studies ◽  
Data Availability ◽  
Future Research ◽  
Investment Performance ◽  
Behavioral Issues ◽  
Real Estate Sector ◽  
Technical Issues ◽  
Local Residents ◽  
Real Estate Research

Real estate investment has recently been advancing rapidly in both volume and complexity. A sound understanding of behavioral issues in this sector benefits all stakeholders, such as investors, regulators and local residents. We focus on one of the most robust behavioral anomalies in business and finance research: overconfidence. Overconfidence significantly influences financial decision and investment performance. However, theoretical and empirical studies are lacking in real estate sector. We conduct a critical review of the overconfidence literature to bridge this gap, identify future research directions for the study of overconfidence in real estate markets, and suggest strategies to handle technical issues, such as the robustness of overconfidence measurement and data availability. Findings provide useful guidelines for researchers and practitioners to design and implement overconfidence studies in real estate research.

scholarly journals International Real Estate Review

2015 ◽  
Vol 18 (4) ◽  
pp. 473-501
Author(s):  
Charles Leung ◽  
◽  
Tin Cheuk Leung ◽  
Kwok Ping Tsang ◽  
◽  
...  
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Housing Market ◽  
Tax Avoidance ◽  
Property Market ◽  
Cutoff Points ◽  
Market Transaction ◽  
Stamp Duty ◽  
Transaction Tax

We study the implications of a property market transaction tax. As property buyers are obligated to pay a transaction tax ("stamp duty¨ or SD) where the rate increases with the value of the transaction, there are incentives to trade at the cutoff points of the tax schedule or just below them. Thus, both ¡§bunching in transactions¡¨ and ¡§underpricing¡¨ should be observed near those cutoffs. Furthermore, the bunching points should change with the tax schedule. We confirm these conjectures with a rich dataset from the Hong Kong housing market and provide a measure of tax avoidance.

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