Past and Future Sources of Real Estate Returns in Hong Kong

James Webb, K Chau and L Li

Journal of Real Estate Research, 1997, vol. 13, issue 3, 251-271

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).

Date: 1997
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DOI: 10.1080/10835547.1997.12090877

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