Past and Future Sources of Real Estate Returns in Hong Kong

James R. Webb (), K.W. Chau () and L.H. Li ()
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James R. Webb: Real Estate Center and Department of Finance James J. Nance College of Business Cleveland State University Cleveland, Ohio 44115, http://www.csuohio.edu/finance_department/index.htm
K.W. Chau: Faculty of Architecture Department of Real Estate and Construction University of Hong Kong Knowles Building Pokfulam Road Hong Kong, http://www.hku.hk/home/newpage/facarch2.html
L.H. Li: Faculty of Architecture Department of Real Estate and Construction University of Hong Kong Knowles Building Pokfulam Road Hong Kong, http://www.hku.hk/home/newpage/facarch2.html

Journal of Real Estate Research, 1997, vol. 13, issue 3, pages 251-272

Abstract: Historical commercial real estate returns are attributed to three fundamental factors: initial current yield, growth in net operating income, and changes in going-in versus going-out capitalization rates (i.e., pricing movements). Separating returns into these three factors appears to provide more insightful information than the traditionally reported income and appreciation returns. Using this three-factor model, historical real returns and inflation pass-through rates are estimated for each major type of real estate (residential A/B/C, residential D/E, office, retail, industrial).

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1997
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