Excess Returns in the Hong Kong Commercial Real Estate Market

Gerald R. Brown and K.W. Chau ()
Additional contact information
Gerald R. Brown: University of Salford Bridgewater Building Salford M7 9NU United Kingdom, http://www.salford.ac.uk/
K.W. Chau: Department of Real Estate and Construction The University of Hong Kong Pokfulam Road Hong Kong, http://hkusury2.hku.hk/

Journal of Real Estate Research, 1997, vol. 14, issue 2, pages 91-106

Abstract: This study examines the existence of excess returns of the office, retail and industrial real estate sectors in Hong Kong using time series of both valuations and transaction prices. The analysis covers the period from 1980 to 1995. If valuations are an accurate reflection of transaction prices then excess returns, if they exits, should be detected in both series. Our findings confirm that excess returns can be detected in both valuation and transaction-based series. They are not, however, persistent although there appear to be greater opportunities for earning excess returns in the office sector.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1997
View list of references View citations in EconPapers

Downloads: (external link)
http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol14n02/v14p091.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:jre:issued:v:14:n:2:1997:p:91-106

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://aux.zicklin.b ... u/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society
Address: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Series data maintained by JRER Graduate Assistant/Webmaster ().