The Performance of Non-Listed Opportunity Real Estate Funds in China

Graeme Newell, Jufri Marzuki, Martin Hoesli and Rose Neng Lai
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Graeme Newell: Western Sydney University - School of Economics and Finance
Jufri Marzuki: Western Sydney University

No 21-27, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: Institutional investors have sought exposure to the China real estate market, often via opportunity real estate funds. This has been by a pure China opportunity real estate fund or by a pan-Asia opportunity real estate fund where China opportunity real estate was part of this real estate portfolio. This paper develops two bespoke China opportunity real estate fund performance indices to assess the risk-adjusted performance and diversification benefits of China opportunity real estate funds in a mixed-asset portfolio. Over 2008-2019, pan-Asia opportunity real estate funds were seen to outperform pure China opportunity real estate funds. China opportunity real estate funds were seen to have a role in a China mixed-asset portfolio; particularly at lower risk levels in the portfolio risk spectrum. This paper also highlights critical issues for institutional investors for effective China real estate exposure.

Keywords: Non-listed real estate fund; opportunity real estate fund; China; risk-adjusted performance; real estate investment strategy (search for similar items in EconPapers)
JEL-codes: R33 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2021-03
New Economics Papers: this item is included in nep-cna
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Related works:
Journal Article: The performance of non-listed opportunity real estate funds in China (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2127

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