The significance and performance of property securities markets in the Asian IFCs

Graeme Newell, Chau Kwong Wing, Wong Siu Kei and Kim Liow

Journal of Property Research, 2009, vol. 26, issue 2, 125-148

Abstract: This paper assesses the significance, risk‐adjusted performance and portfolio diversification benefits of the listed property securities markets in the Asian international financial centres (IFCs) of Tokyo, Singapore and Hong Kong over January 1998 -- March 2008, contrasting this performance to six major non‐IFC markets in Asia. Significant risk‐adjusted returns are evident for these Asian IFCs, with this having been enhanced in recent years. Portfolio diversification benefits are also evident for these Asian IFCs; however, superior portfolio diversification benefits are provided by the Asian non‐IFC markets in a pan‐Asia property portfolio context for global investors. These results highlight the need for global investors in the Asian markets to include both the major IFC markets and the non‐IFC markets to achieve effective portfolio diversification benefits in their pan‐Asia property portfolios.

Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://hdl.handle.net/10.1080/09599910903441721 (text/html)
Access to full text is restricted to subscribers.

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:taf:jpropr:v:26:y:2009:i:2:p:125-148

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RJPR20

DOI: 10.1080/09599910903441721

Access Statistics for this article

Journal of Property Research is currently edited by Bryan MacGregor

More articles in Journal of Property Research from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().