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Article
Publication date: 6 May 2021

Chung Yim Edward Yiu and Ka Shing Cheung

The repeat sales house price index (HPI) has been widely used to measure house price movements on the assumption that the quality of properties does not change over time…

Abstract

Purpose

The repeat sales house price index (HPI) has been widely used to measure house price movements on the assumption that the quality of properties does not change over time. This study aims to develop a novel improvement-value adjusted repeat sales (IVARS) HPI to remedy the bias owing to the constant-quality assumption.

Design/methodology/approach

This study compares the performance of the IVARS model with the traditional hedonic price model and the repeat sales model by using half a million repeated sales pairs of housing transactions in the Auckland Region of New Zealand, and by a simulation approach.

Findings

The results demonstrate that using the information on improvement values from mass appraisal can significantly mitigate the time-varying attribute bias. Simulation analysis further reveals that if the improvement work done is not considered, the repeat sales HPI may be overestimated by 2.7% per annum. The more quality enhancement a property has, the more likely it is that the property will be resold.

Practical implications

This novel index may have the potential to enable the inclusion of home condition reporting in property value assessments prior to listing open market sales.

Originality/value

The novel IVARS index can help gauge house price movements with housing quality changes.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 2 September 2021

Quan Le Truong and Chung Yim Yiu

This study hypothesises that sale and leaseback (SLB) cap rate is lower than the market cap rate in emerging economies, and the difference is due to institutional cost and…

Abstract

Purpose

This study hypothesises that sale and leaseback (SLB) cap rate is lower than the market cap rate in emerging economies, and the difference is due to institutional cost and vacancy risk. This study aims to provide a novel SLB-Cap-Rate Model to assess the performance of SLB transaction (SLBT).

Design/methodology/approach

SLBT data are generally not publicly available in developing countries. This study collected data from 31 SLBTs by conducting semi-structured interviews with stakeholders in Vietnam in 2019. The market cap rates were collected from consultants' reports. The hypotheses are tested by three regression models.

Findings

The results show that the SLBT cap rate is significantly less than the market cap rate in Vietnam, and most of the cap rate discount can be explained by institutional and risk factors. This suggests that SLBT helps to reduce search costs for tenants and vacancy risks. It explains why SLBTs are becoming more common in emerging countries.

Practical implications

The study has a strong practical implication for assessing the performance of SLBT for both buyers and sellers. It introduces a novel model for analysing the cap rates and potential risks of SLBT to facilitate property investment decisions.

Originality/value

This paper is one of the studies that contains new knowledge on SLBs in a developing country specifically Vietnam.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 20 June 2008

Chung Yim Yiu

The classical land market model assumes a one‐workplace scenario. However, with the globalization trend, travel between two workplaces is becoming more and more common…

Abstract

Purpose

The classical land market model assumes a one‐workplace scenario. However, with the globalization trend, travel between two workplaces is becoming more and more common. This paper therefore aims to study the housing price gradient changes between Macau and Hong Kong to test the two workplaces hypotheses.

Design/methodology/approach

The temporal‐spatial difference of housing prices between the two neighboring cities are studied by using a two‐workplace residential location choice model.

Findings

This paper found that housing price gradient from Macau to Hong Kong is flattened when more non‐resident workers traveled from Hong Kong to Macau (ceteris paribus).

Originality/value

The results have important implications for polycentric city models and provide a novel method to study neighboring city effects on housing price.

Details

International Journal of Housing Markets and Analysis, vol. 1 no. 2
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 6 November 2009

Chung Yim Yiu

The purpose of this paper to identify the asymmetric effect of real interest rate on housing return.

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1569

Abstract

Purpose

The purpose of this paper to identify the asymmetric effect of real interest rate on housing return.

Design/methodology/approach

It tests empirically the impacts of positive and negative real interest rate on housing return in Hong Kong by time series regression analyses on series from 1984Q1 to 2009Q2, keeping other macroeconomic factors constant.

Findings

It shows that negative real interest rate imposes a much stronger, negative and significant effect on housing return than a positive one.

Research limitations/implications

The results imply that the two housing bubbles in Hong Kong could be largely explained by the negative real interest rate. Although it is theoretically sound, empirical evidence on this asymmetric effect of real interest rate on housing return has seldom been found, because negative real interest rate is very rare in other countries in the past.

Practical implications

It provides a good signal for housing bubbles in the future and helps understand the underlying causes of housing bubbles.

Originality/value

The currency board arrangement in Hong Kong enables the first empirical study on this issue.

Details

Journal of Financial Management of Property and Construction, vol. 14 no. 3
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 17 October 2008

Chung Yim Yiu

To identify a distinctive knowledge‐base of facilities management (FM) based on a conceptual framework of the market‐and‐firm dichotomy.

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4959

Abstract

Purpose

To identify a distinctive knowledge‐base of facilities management (FM) based on a conceptual framework of the market‐and‐firm dichotomy.

Design/methodology/approach

By reviewing literatures in classical management and project management, the evolution of the management theories and FM discipline highlights the identity of FM.

Findings

Recognize the lack a distinctive knowledge‐base in FM discipline. This paper puts forward a conceptual link among FM, strategic management and project management from a market‐firm perspective. Four strategic roles of FM are identified for future research, namely the sourcing of services, the sourcing of workspace, the sourcing of funds from infrastructure facilities; and the sourcing of performance.

Research limitations/implications

This conceptual framework paves the road to establish a distinctive knowledge‐base of FM.

Practical implications

To revamp the concepts of FM and to make the discipline sustainable.

Originality/value

To establish an identity of FM and to channel resources to some research domains.

Details

Facilities, vol. 26 no. 13/14
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 11 October 2011

Chung Yim Yiu

The purpose of this paper is to study empirically the effect of a pedestrianisation scheme on retail rent, in a case study in Hong Kong.

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1029

Abstract

Purpose

The purpose of this paper is to study empirically the effect of a pedestrianisation scheme on retail rent, in a case study in Hong Kong.

Design/methodology/approach

Most of the previous studies on the impacts of pedestrianised areas on the environment were qualitative ones, and without controls. This study, in contrast, uses panel market data in Hong Kong to estimate the effect in a two‐street‐two‐period controlled model.

Findings

The results show a net 17 per cent increase in rental value of retail shops in the pedestrianised area is achieved, ceteris paribus.

Research limitations/implications

Sample size and number of case study are not large enough to make robust conclusions; some other uncontrollable variables may well be attributed to the increase in rents.

Practical implications

Retail rent is found empirically to be dependent of the external environment.

Social implications

Shoppers' preference for pedestrianisation schemes can be indirectly quantified by the change of retail rent.

Originality/value

This paper presents the first two‐street‐two‐period panel empirical test on the effect of pedestrianisation scheme on retail rent.

Details

Journal of Place Management and Development, vol. 4 no. 3
Type: Research Article
ISSN: 1753-8335

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Article
Publication date: 30 March 2012

Chung Yim Yiu and Sherry Y.S. Xu

The purpose of this paper is to develop a novel tenant mix model for shopping malls based on an analogy from ecological theories.

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4300

Abstract

Purpose

The purpose of this paper is to develop a novel tenant mix model for shopping malls based on an analogy from ecological theories.

Design/methodology/approach

This study empirically investigates the tenant species‐area relationship and tenant species‐abundance distribution in shopping malls. In this study, the tests on species‐area relationship and species‐abundance distribution in shopping malls are derived from ecological theories. Empirical tests by a sample of 18 shopping malls for the species‐area relationship and of five malls for the species‐abundance distribution are carried out in Hong Kong

Findings

It shows that, in line with the findings of biogeography, the tenant species‐area relationship follows a power law of exponent of about 0.20. Furthermore, the species‐abundance distributions of the five large‐scale malls are found to be closely in track with a geometric distribution as commonly found in ecology. These results imply that tenant mix strategies are governed by two principles: the number of tenant species is related to the mall size; and the shop area allocation follows a geometric distribution.

Research limitations/implications

The study provides the first quantitative tenant mix model on the number of tenant species in a particular mall size, and on the tenant species abundance distribution pattern. These results provide far‐reaching implications for research and practice, including a quantitative benchmarking of tenant mix strategy and an optimal design of shopping malls.

Practical implications

The model is the first tenant mix model for practitioners to formulate quantitative tenant mix strategy, and evaluate the effects of tenant mix on the performance of a shopping mall.

Originality/value

It is the first quantitative model for tenant mix, and would open up a novel agenda for research on tenant mix strategies.

Details

European Journal of Marketing, vol. 46 no. 3/4
Type: Research Article
ISSN: 0309-0566

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Article
Publication date: 1 July 2004

Kwong Wing Chau, Siu Kei Wong and Chung Yim Yiu

In Hong Kong, a balcony is often perceived as a “green” provision in modern residential buildings. However, how the market values the benefits of balconies is seldom…

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1614

Abstract

In Hong Kong, a balcony is often perceived as a “green” provision in modern residential buildings. However, how the market values the benefits of balconies is seldom studied due to the difficulty in separating such benefits from other associated effects such as view enjoyment and security concerns. This paper attempts to study the implicit value of a balcony, the green effects of balconies on the prices of residential properties, and the effect of security concerns on balconies situated on lower floors. A sample of transactions in a private housing estate in Hong Kong has been studied. The sample contains apartments with and without balconies. A balcony is found to have a positive effect on the value of a property irrespective of the quality of the view. The negative effects of air and noise pollution on property prices are also found to be highly significant. Although security concerns are found on the low stories of a building, the provision of a balcony does not aggravate the hazard. Finally, the log‐linearity assumption in the empirical price model is relaxed by applying the Box‐Cox transformation to the continuous variables.

Details

Property Management, vol. 22 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 3 April 2009

Edwin Chan, Chung Yim Yiu, Andrew Baldwin and Grace Lee

After the outbreak of the disease of “Severe Acute Respiratory Syndrome (SARS)” in Asia in 2003, a healthy living environment is a major concern. The purpose of this paper…

Downloads
1138

Abstract

Purpose

After the outbreak of the disease of “Severe Acute Respiratory Syndrome (SARS)” in Asia in 2003, a healthy living environment is a major concern. The purpose of this paper is to study the value of healthy building parameters by the Contingent Valuation Method (CVM), which gives a direct appraisal of the occupants' value.

Design/methodology/approach

Healthy building parameters were identified in previous studies. Questionnaires are distributed to residents of a large‐scale high‐rise private housing estate in Hong Kong to find out their willingness to pay (WTP) for individual healthy building parameters.

Findings

The results suggest that most residents are willing to pay for healthy building parameters, each with a different value.

Research limitations/implications

The paper is limited to studying the eight identified building parameters for healthy buildings. The sample of the study is confined in a private housing estate only and all the occupants are middle class citizens of Hong Kong. The results of the study can be further validated by carrying out similar research with the support of the government or quasi‐government bodies to cover a larger sample size for a better return rate.

Practical implications

The findings have practical implications on cost‐and‐benefit analysis of housing design.

Originality/value

Housing price is commonly regarded as the total value of a bundle of housing quality and environmental characteristics. The implicit price of individual quality and characteristic is often identified by the hedonic pricing model. However, its validity depends on a lot of econometric assumptions. The study is the first to be conducted after the outbreak of SARS in Hong Kong to gauge the opinions of residents on health/economy issues

Details

Facilities, vol. 27 no. 5/6
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 2 October 2017

Chor-yung Cheung

The purpose of this paper is to assess critically the political challenges facing Hong Kong’s “one country, two systems” policy following the Umbrella Movement and to…

Abstract

Purpose

The purpose of this paper is to assess critically the political challenges facing Hong Kong’s “one country, two systems” policy following the Umbrella Movement and to evaluate the territory’s democratic and autonomous future.

Design/methodology/approach

A critical, contextual, and analytical approach has been adopted to evaluate the problems and prospects for post-Umbrella Movement Hong Kong.

Findings

The contradictions embedded in the “one country, two systems” policy have become apparent since the Umbrella Movement arose and Hong Kong’s political and democratic future is as problematic as its prospects are uncertain, though the possibility of some rapprochement between Hong Kong and Beijing should not be ruled out completely.

Research limitations/implications

The critical evaluation offered by this paper is no scientific prediction. Social scientific analysis of this kind is suggestive rather than definitive. The informed discussion offered by this paper will help readers to better understand the strengths and weaknesses inherent in Beijing’s “one country, two systems” policy and the tortuous process of democratization in Hong Kong. The conclusion drawn in the paper points to a possible way out of the political impasse that is facing post-Umbrella Movement Hong Kong.

Originality/value

This paper is a pioneering study of the most important political conflict between Beijing and Hong Kong since 1997, the conclusion of which may have important political and policy implications for both China and Hong Kong.

Details

Asian Education and Development Studies, vol. 6 no. 4
Type: Research Article
ISSN: 2046-3162

Keywords

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