Past and Future Sources of Real Estate Returns in Hong Kong

James R. Webb (), K.W. Chau () and L.H. Li ()
Additional contact information
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, 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
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol13n03/v13p251.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: https://EconPapers.repec.org/RePEc:jre:issued:v:13:n:3:1997:p:251-272

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://pages.jh.edu/jrer/about/get.htm

Access Statistics for this article

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

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