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Market participants’ reactions toward contaminated property in New Zealand and the USA

Sandy Bond (Lecturer, Department of Property Studies, Massey University, Palmerston North, New Zealand)
William N. Kinnard Jr (President of the Real Estate Counselling Group of Connecticut, Professor Emeritus, University of Connecticut, Connecticut, USA)
Elaine M. Worzala (Associate Professor, Department of Finance & Real Estate, Colorado State University, Colorado, USA)
Steven D. Kapplin (Professor of Finance and Real Estate, College of Business ‐ Finance, University of South Florida, Tampa, Florida, USA)

Journal of Property Valuation and Investment

ISSN: 0960-2712

Article publication date: 1 August 1998


While numerous studies have been carried out in the US to determine the character and scope of the effects of contaminated, threatened or “stigmatized” properties on the terms and availability of debt financing, little appears in the published literature dealing with the attitudes, policies and requirements of equity investors. Hence, the extent of opposition from both institutional lenders and equity investors toward contaminated property is still uncertain. This paper summarises the results of parallel studies undertaken within New Zealand (NZ) and the USA to answer the question of how those who lend on, and invest in, property affected or impacted by contamination perceive the risks associated with this type of investment and evaluate its impacts. Of particular interest are the perceived effects of on‐site contamination on property investment and its financing.



Bond, S., Kinnard, W.N., Worzala, E.M. and Kapplin, S.D. (1998), "Market participants’ reactions toward contaminated property in New Zealand and the USA", Journal of Property Valuation and Investment, Vol. 16 No. 3, pp. 251-272.




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