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Article

Shijing Liu, Hongyu Jin, Chunlu Liu, Benzheng Xie and Anthony Mills

The purpose of this paper is to examine public–private partnership (PPP) approaches for the construction of rental retirement villages in Australia and to allocate the…

Abstract

Purpose

The purpose of this paper is to examine public–private partnership (PPP) approaches for the construction of rental retirement villages in Australia and to allocate the investment proportions under a certain project return rate among three investors which are the government, private sectors and pension funds. The apportionment will achieve a minimum overall investment risk for the project.

Design/methodology/approach

Capital structure, particularly determination of investment apportionment proportions, is one of the key factors affecting the success of PPP rental retirement villages. Markowitz mean-variance model was applied to examine the investment allocations with minimum project investment risks under a certain projected return rate among the PPP partners for the construction of rental retirement villages.

Findings

The research findings validate the feasibility of the inclusion of pension funds in the construction of PPP rental retirement villages and demonstrate the existence of relationships between the project return rate and the investment allocation proportions.

Originality/value

This paper provides a quantitative approach for determination of the investment proportions among PPP partners to enrich the theory of PPP in relation to the construction of rental retirement villages. This has implications for PPP partners and can help these stakeholders make vital contributions in developing intellectual wealth in the PPP investment area while providing them with a detailed guide to decision making and negotiation in relation to investment in PPP rental retirement villages.

Details

Built Environment Project and Asset Management, vol. 10 no. 1
Type: Research Article
ISSN: 2044-124X

Keywords

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Article

Hongyu Jin, Shijing Liu, Chunlu Liu and Nilupa Udawatta

Targeting public–private partnership (PPP) projects, the purpose of this paper is to help decision makers fairly allocate financial risk between governments and private…

Abstract

Purpose

Targeting public–private partnership (PPP) projects, the purpose of this paper is to help decision makers fairly allocate financial risk between governments and private investors through a properly designed length of concession period.

Design/methodology/approach

On the one hand, the length of the concession period should be long enough to help private investors to achieve their expected profits. On the other hand, the length of a concession period cannot be decided without agreeing on an upper limit, since an overlong concession period takes too much time for governments to recover their investment and leads to an overly lucrative condition for private investors. Following this logic, the concession period decision range is decided, which defines the lower and upper limits for the length of the concession period. The net present values (NPVs) for governments and private investors are estimated via Monte Carlo simulation to better reflect the uncertainties. To further decide on the optimal length of the concession period, the principle of fair risk allocation between governments and private investors is adopted. The concession period, as an important project parameter, should help to minimize the financial risk gap between governments and private investors.

Findings

The developed concession period determination process is validated using a numerical example of a PPP transportation project. The analysis outcomes show that the proposed methodology is capable of determining the length of the concession period so as to control private investors’ profit within a reasonable range while achieving a fair allocation of financial risk between governments and private investors. The outcomes also indicate that, before determining the optimal length for the concession period, governments may need to make a choice between better financial risk allocation or stringent profit control for private investors.

Research limitations/implications

The determination process developed here may be inapplicable to social infrastructure PPPs where the income stream is less predictable. In addition, the data analysis targets a highway project with a capital subsidy provided by the government. To strengthen the effectiveness of the proposed determination process, further research should apply the model to PPPs with other kinds of government support.

Originality/value

The concession period for a PPP project is an important parameter and it is a common practice for governments to predetermine the length of the concession period before inviting tenders. The existing models for determining the concession period focus too much on the simulation of NPVs for project parties and neglect the importance of risk allocation in signing and maintaining a long-term contract. There is also a lack of research to evaluate the influence of governments’ preferences on the length of the concession period. To overcome the limitations of the existing models and enrich the methodology for concession period determination, this paper contributes to the body of knowledge by developing a concession period determination process which can help governments to make better decisions. The financial risk is expected to be more evenly shared between governments and private investors with the concession period derived from the proposed process. This determination process is also capable of evaluating the influence of governments’ preferences on the length of the concession period.

Details

Engineering, Construction and Architectural Management, vol. 26 no. 10
Type: Research Article
ISSN: 0969-9988

Keywords

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Article

Shijing Liu, Hongyu Jin, Chunlu Liu, Benzheng Xie and Anthony Mills

Targeting public–private partnership (PPP) rental retirement villages, the purpose of this paper is to bring forward the solution of insufficient research in a…

Abstract

Purpose

Targeting public–private partnership (PPP) rental retirement villages, the purpose of this paper is to bring forward the solution of insufficient research in a non-competitive guarantee (a restrictive agreement) towards the compensation and guarantee costs in consideration of benefit redistribution if the governments are unable to keep the promise on guarantee provision.

Design/methodology/approach

Real option principles are applied to assess the public–private investment proportions and the expected return rates of the private sector in a non-competitive guarantee and analyse their effects on the public–private benefit and risk allocations as well as the success of the project. Instead of granting direct capital support, this research accomplishes the compensation of non-competition guarantee by adjusting the project benefit distribution ratios between the government and the private sector to achieve the option value of the guarantee. An empirical example with alternative scales, which is developed from an existing rental village in Geelong, is used to numerically verify the research process.

Findings

The results illustrate that the option value of the non-competition guarantee plays an important role in supporting the implementation of the PPP rental retirement village projects. The option value of the non-competition guarantee has a close relationship with the guarantee level and the government guarantee cost, which is positively correlated with the guarantee level and negatively correlated with the government guarantee cost. To reduce the government guarantee cost, the government should carefully determine the public–private investment proportion, appropriately control the return rate of the private sector and approve the construction of the new project after the investment recovery of the private sector.

Research limitations/implications

This research mainly focusses on the economic loss of the government due to the guarantee responsibility. Further research could be conducted to determine the guarantee level more precisely and take the social cost of the government guarantees into consideration.

Originality/value

This research is the first attempt to investigate the government compensation and costs of non-competition guarantee for PPP rental retirement village projects and will enhance the understanding of the nature of PPP applications. The evaluation process and the implementation of the compensation through the adjustment of benefit distribution provides a comprehensive method to analyse the non-competition guarantee of PPP projects and help the parties negotiate in good faith to agree on a method of redress.

Details

Engineering, Construction and Architectural Management, vol. 27 no. 1
Type: Research Article
ISSN: 0969-9988

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Article

Xiaonan Zhang, Sanyuan Shi, Hongyu Zhao, Man Lu and Xuguang Li

This paper aims to first analyze the reasons of a brick-wooden building tilts in Yunnan province in China. Then, a jacking method which combines the stress release methods…

Abstract

Purpose

This paper aims to first analyze the reasons of a brick-wooden building tilts in Yunnan province in China. Then, a jacking method which combines the stress release methods and the excavation of stress release trench were put forward.

Design/methodology/approach

This method uses the anchor static pile to guarantee the safety of the building in the process of rectifying.

Findings

The practice showed that the inclination rate of the building was stable in the process of jacking, which proved the efficiency of the proposed method.

Originality/value

It has a great value for similar rectification projects, and for the protection of cultural heritage and ancient buildings have a positive effect.

Details

World Journal of Engineering, vol. 13 no. 2
Type: Research Article
ISSN: 1708-5284

Keywords

Content available
Article

Peide Liu, Xiaoxiao Liu and Hongyu Yang

Accurately judging the quality of marine economic development is the premise of grasping the level and status of marine economic development. In order to scientifically…

Abstract

Purpose

Accurately judging the quality of marine economic development is the premise of grasping the level and status of marine economic development. In order to scientifically evaluate the development quality of regional marine economy, the purpose of this paper is to select the marine area of Qingdao as the research object, and construct a marine economic development quality evaluation index system with 16 indicators.

Design/methodology/approach

The raw data is normalized by the range conversion method, and the weight of the index is determined by the information entropy model. Further, the grey relational analysis (GRA) method is used to evaluate the quality of marine economic development of Qingdao from 2012 to 2017.

Findings

The results show that the marine economic development capacity of Qingdao is with the generally increasing trend, the total marine economy is with on the rising trend, the marine storage and transportation capacity, and marine ecological environment are first decreased, and then increased. The utilization of marine resources is generally decreasing, and the comprehensive management of oceans varies with the changes of environment and economy. Therefore, in view of the development capacity of marine economy, the coordinated development of economy and environment should be carried out.

Originality/value

This paper uses the GRA to evaluate the quality of marine economic development and provides a reference for the development of marine economy in Qingdao.

Details

Marine Economics and Management, vol. 2 no. 1
Type: Research Article
ISSN: 2516-158X

Keywords

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Article

Qin Kang, Yicheng Fan, Kun Zhang, Xiaolang Chen, Hongyu San, Yiqing Chen and Heming Zhao

With excellent mechanic properties and hydrogen embrittlement (HE) resistance, 12Cr2Mo1R(H) steel is suitable to make hot-wall hydrogenation reactors. However, longtime…

Abstract

Purpose

With excellent mechanic properties and hydrogen embrittlement (HE) resistance, 12Cr2Mo1R(H) steel is suitable to make hot-wall hydrogenation reactors. However, longtime exposure to a harsh environment of high-pressure hydrogen at medium temperature in practical application would still induce severe hydrogen uptake and eventually damage the mechanical properties of the steel. The study aims to evaluate the HE resistance of the steel under different tensile strain rates after hydrogen charging and analyze the hydrogen effect from atomic level.

Design/methodology/approach

This research studied the HE properties of 12Cr2Mo1R(H) steel by slow strain rate tests. Meanwhile, the effect of hydrogen on the structures and the mechanical properties of the simplified models of the steel was also investigated by first-principle calculations.

Findings

Experimental results showed that after hydrogen pre-charging in this work, hydrogen had little effect on the microstructure of the steel. The elongations and reduction of cross-sectional area of the samples reduced a lot, by contrast, the yield and tensile strengths changed slightly. The 12Cr2Mo1R(H) steel was not very susceptible to HE with a maximum embrittlement index of about 20.00%. First principles calculation results showed that after H dissolution, lattice distortion occurred and interstitial H atoms would preferentially occupy the tetrahedral interstitial site in bcc-Fe crystal and increase the stability of the supercells. With the increase of H atoms added into the simplified model, the steel still possessed a good ductility and toughness at a low hydrogen concentration, while the material would become brittle as the concentration of hydrogen continued to increase.

Originality/value

These finds can provide valuable information for subsequent HE studies on this steel.

Details

Anti-Corrosion Methods and Materials, vol. 67 no. 6
Type: Research Article
ISSN: 0003-5599

Keywords

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Article

Huanchun Huang, Yingxia Yun, Jiangang Xu, Shizhen Wang, Xin Zheng, Jing Fu and Lintong Bao

Urban water bodies play an important role in reducing summertime urban heat island (UHI) effects. Previous studies focused mainly on the impact of water bodies of large…

Abstract

Urban water bodies play an important role in reducing summertime urban heat island (UHI) effects. Previous studies focused mainly on the impact of water bodies of large areas, and there is no analysis of the efficacy and scale effect of how small and medium-sized water bodies reduce the UHI effects. Hence, these studies could not provide theoretical support for the scientific planning and design of urban water bodies. This study aims to confirm, within different scale ranges, the efficacy of a water body in reducing the summertime UHI effects. We propose a scale sensitivity method to investigate the temporal and spatial relationship between urban water bodies and UHI. Based on the scale theory and geostatistical analysis method in landscape ecology, this study used the platforms of 3S, MATLAB, and SPSS to analyze the distance-decay law of water bodies in reducing summertime UHI effects, as well as the scale response at different water surface ratios. The results show that the influence of water surfaces on UHIs gradually decreases with increasing distance, and the temperature rises by 0.78 °C for every 100 m away from the water body. During daytime, there is a scaled sensitivity of how much water surfaces reduce the summertime UHI effects. The most sensitive radius from the water was found at the core water surface ratio of 200 m. A reduction of UHI intensity by 2.3 °C was observed for every 10% increase of the average core water surface ratio. This study provides a theoretical reference to the control of heat islands for the planning and design of urban water bodies.

Details

Open House International, vol. 42 no. 3
Type: Research Article
ISSN: 0168-2601

Keywords

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Article

Christopher Feather

Emerging states confront staggering shortages in adequate housing stock. In response, governments have sought various supply-based solutions to mitigate growing housing…

Abstract

Purpose

Emerging states confront staggering shortages in adequate housing stock. In response, governments have sought various supply-based solutions to mitigate growing housing deficits. While many of these mass housing efforts have not produced the desired outcome, the Republic of Korea’s Two Million Housing Drive (TMHD) was a comparatively successful intervention with its implementation from 1988 to 1992. The five-year initiative exceeded its objective with the construction of over 2.1 million units – of which two-thirds were built by the private sector. The purpose of this study is to analyse Korea’s relatively effective supply-based affordable housing approach and then extrapolate best practices and lessons learned with applications for real estate markets in the developing world. Comparative understanding of the TMHD can help promote greater access to adequate housing in the developing world, especially for the many who continue to live in impoverished conditions.

Design/methodology/approach

The research uses content-based and quantitative methods to analyze the case of the TMHD in Korea toward informing improvements in corresponding supply-based housing policies and programs in developing states.

Findings

While there were challenges with the TMHD, the program repositioned Korea’s urban housing market with greater access to affordable housing in cities for the lower-income and vulnerable. The TMHD enabled the subsequent effectiveness of demand-based housing policies.

Research limitations/implications

There are research limitations in fully understanding the complex relationships between mass housing programs, economic growth and government policies. The abductive reasoning used in this case study enables in-depth analysis of the TMHD with generalizable inferences for middle-range theories with applications for emerging markets.

Practical implications

The experience of the TMHD can promote policy harmonization by helping optimize corresponding mass housing efforts in the developing world with the potential to similarly close quantitative housing deficits and expand access to adequate housing for lower-income and vulnerable households.

Social implications

Deeper understanding of the TMHD can lead to reforms of other mass housing initiatives in emerging markets to make adequate housing more accessible and economical for the benefit of underserved segments of society.

Originality/value

The Korean experience with the TMHD can inform the optimization of other similar large-scale policies and programs seeking to sustainably overcome shortfalls in adequate housing that have become all too common in the developing world.

Details

International Journal of Housing Markets and Analysis, vol. 12 no. 5
Type: Research Article
ISSN: 1753-8270

Keywords

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Article

Jiani Jiang, Bruce A. Huhmann and Michael R. Hyman

The purpose of this paper is to investigate masculinity in Chinese social media marketing for global luxury fashion brands through two studies.

Abstract

Purpose

The purpose of this paper is to investigate masculinity in Chinese social media marketing for global luxury fashion brands through two studies.

Design/methodology/approach

Study 1 compares physical characteristics of males in visually oriented US (Instagram) and Chinese (Weibo) social media posts promoting global luxury fashion magazine brands (e.g. Vogue, Cosmopolitan, GQ and Esquire). Study 2 examines the prevalence of and Chinese consumers’ responses (reposts, comments and likes) to different masculinities depicted in luxury fashion brand-sponsored Weibo posts.

Findings

Male portrayals for Chinese audiences feature more characteristics associated with emerging East Asian hybrid masculinities – “Little Fresh Meat” (LFM) and “Old Grilled Meat” (OGM) – than associated with global or regional hegemonic masculinity (i.e. the scholarly Wén and action-oriented Wu). Wén remains common in social media posts for luxury fashion goods, but LFM and OGM engender more consumer responses.

Practical implications

Chinese luxury fashion marketing depicts masculinity more similarly to other East Asian marketing than to Western marketing. Some luxury fashion brands are struggling for acceptance among Chinese youth. Luxury fashion marketers should incorporate hybrid rather than hegemonic masculinities to prompt more favorable responses among Chinese consumers, especially younger female target markets.

Originality/value

Growing female occupational and consumer power and shifting male employment from blue-collar to white-collar jobs have influenced media portrayals of masculinity. Social media marketing for luxury fashion brands demonstrates the prevalence and appeal of hybrid masculinities in China.

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Article

Zheyu Li, Muhammad Najib Razali, Hassan Gholipour Fereidouni and Yasmin Mohd. Adnan

The purpose of this study is to estimate different data models on house prices using statistical models and the variables which are controlled by real estate policy.

Abstract

Purpose

The purpose of this study is to estimate different data models on house prices using statistical models and the variables which are controlled by real estate policy.

Design/methodology/approach

This study used several statistical techniques, such as Vector auto-regression (VAR), Johansen co-integration and variance decomposition, which aim to assess the significant effect of macroeconomic factors on Chinese house prices.

Findings

The results show that land supply and other variables have negative effects on house prices. The results also indicate that financial mortgages for real estate have positive effects on house prices and the area of vacant houses as well as the area of housing sold.

Research limitations/implications

This study only covers three cities in China because of limitations of data for other cities.

Originality/value

This study proposes policy suggestions according to the empirical results obtained.

Details

International Journal of Housing Markets and Analysis, vol. 11 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

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