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Article
Publication date: 1 December 2000

Sheng Chengmao, Fang Zhida and Yu Xiaohong

Using the quantitative analysis method, this paper studies the property investment differentia in areas such as East China, Middle China and West China, as well as the…

3736

Abstract

Using the quantitative analysis method, this paper studies the property investment differentia in areas such as East China, Middle China and West China, as well as the characteristics of property investment based on the relevant economic index in different areas. After studies, the paper reveals the cause of formation for the property investment differentia in the areas and puts forward a lot of constructive suggestions on how the adjustment of property investment structure can meet the requirements of the recent economic restructuring in China and the ambitious strategy of developing the West China area.

Details

Property Management, vol. 18 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 1 March 2000

Patrick McAllister

This paper critically assesses the relative merits of indirect and direct methods of international property investment. Despite similarities in the underlying asset base…

4289

Abstract

This paper critically assesses the relative merits of indirect and direct methods of international property investment. Despite similarities in the underlying asset base, each offers different qualities in terms of information costs, diversification, management and transaction costs, liquidity, volatility and quality of performance measurement. It is argued that direct investment will only be justifiable where investors are confident that they have the ability to identify underpriced assets, can manage these assets as effectively as local companies and can handle the investment risks associated with such lumpy, illiquid assets. It is concluded that for many investment funds, indirect investment in specialist property investment companies would seem to offer a more suitable method of gaining exposure to international property markets. In general indirect markets are more transparent, information costs are lower, liquidity is higher (with consequent implications for portfolio asset allocation decisions) and performance measurement is less problematic.

Details

Property Management, vol. 18 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 February 1985

STEPHEN HARGITAY

The traditional approach and methodology can no longer cope effectively with the complexities and problems associated with large scale property investment. The level of…

Abstract

The traditional approach and methodology can no longer cope effectively with the complexities and problems associated with large scale property investment. The level of sophistication of the analysis of property investments is still much lower than the analysis of investments in other media. There is a need to establish an analytical framework which could facilitate the management of the complex decision making and management problems associated with large property investment portfolios. The principal aim of this paper is to identify and rationalise the property portfolio problem in order to pave the way for the applications of recent developments in investment and portfolio theory. The definition of the general portfolio problem is followed by a comparison of the nature and characteristics of property portfolios and stock market security portfolios. The property portfolio problem is defined as a complex decision making problem requiring effective decision making in three stages: investment policy, selection and portfolio assembly, and finally management and portfolio rationalisation.

Details

Journal of Valuation, vol. 3 no. 2
Type: Research Article
ISSN: 0263-7480

Article
Publication date: 1 March 1995

Graeme Newell and Elaine Worzala

The growth in global investment opportunities has seen increasedinterest in international property investment as an important element ina mixed‐asset portfolio and has…

14385

Abstract

The growth in global investment opportunities has seen increased interest in international property investment as an important element in a mixed‐asset portfolio and has generated key international property finance considerations. This survey of institutional investors in South‐East Asia examines the property investment and finance decision‐ making processes used in considering international property. Key issues to emerge from this survey are the desire for portfolio diversification as the primary motivating factor for international property investment and the high awareness of currency risk considerations. This high priority on the financial considerations of currency risk is in marked contrast to the findings of an earlier survey of UK/The Netherlands property investors.

Details

Journal of Property Finance, vol. 6 no. 1
Type: Research Article
ISSN: 0958-868X

Keywords

Article
Publication date: 1 September 1999

Sheng Chenmao and Fang Zhida

Starting from the analysis of the regular pattern of the change in the increase of China’s property investment as well as the analysis of the relationship among the…

1315

Abstract

Starting from the analysis of the regular pattern of the change in the increase of China’s property investment as well as the analysis of the relationship among the increased quotas in the same period of time, e.g. the circulation period, GDP, annual interest rate, savings in towns and in the countryside, total fixed asset investment etc., this paper reveals the quantitative characteristics of China’s property investment in the course of the changing economic system in China. Based on the above analysis, the authors conclude that the change of the whole national economic structure will result in the change of the property investment structure in China and more efforts should be made to dispel the adverse impact caused by the blind investments made in the past, thus ensuring that the property investment business in China develops in a healthy way.

Details

Property Management, vol. 17 no. 3
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 1 September 1994

Elaine Worzala

International property investments are being considered by manyinstitutional investors as an alternative investment media. Although anew concept for many, some investors…

3723

Abstract

International property investments are being considered by many institutional investors as an alternative investment media. Although a new concept for many, some investors (particularly the British and Dutch) have historically held overseas property as part of their investment portfolios. Examines results from 43 international investors who completed a survey exploring the decision‐making process used by international property investors, including investment techniques; motivating factors and the major problems often associated with making overseas investments; and in particular the investors′ attitudes towards currency risk. With little research, investors operate in a vacuum –unaware of attitudes and strategies used by others. Responses detailed provide information not only on how this asset class is perceived by those who are actively holding overseas investments but also by numerous firms who are contemplating the asset class and those who have decided against overseas property investments.

Details

Journal of Property Valuation and Investment, vol. 12 no. 3
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 February 1986

WILL FRASER

It is conventional to assume that property investments in the UK are priced on the basis that investors require a total return approximately 2 per cent above the current…

Abstract

It is conventional to assume that property investments in the UK are priced on the basis that investors require a total return approximately 2 per cent above the current redemption yield on long dated gilts. Some yield premium seems intuitively appropriate due to certain apparent disadvantages of property relative to gilts, eg higher risk, poorer liquidity and greater transfer and management costs. However, the purpose of this paper is to illustrate that such apparent demerits are largely illusory, and to promote the view that investors in growth freeholds need require no yield premium, and indeed may justifiably accept a discount on yields available from long dated gilts valued around par.

Details

Journal of Valuation, vol. 4 no. 2
Type: Research Article
ISSN: 0263-7480

Article
Publication date: 1 June 1995

Graeme Newell and Allan Fife

Property securitization has taken on increased importance in recentyears, as institutional investors have attempted to overcome theliquidity problems associated with…

9974

Abstract

Property securitization has taken on increased importance in recent years, as institutional investors have attempted to overcome the liquidity problems associated with direct property investment and to access property assets in a more liquid format. This has seen a range of investment vehicles developed in the UK, US and Australia to meet different legal structures, tax regimes and economic circumstances. Presents the results of two surveys of major property investors in Australia to examine investor attitudes to property securitization. Key issues to emerge from these surveys are the identification of preferred ownership structures, advantages and disadvantages of property securitization, strategic investment considerations concerning property securitization and future directions for property securitization.

Details

Journal of Property Finance, vol. 6 no. 2
Type: Research Article
ISSN: 0958-868X

Keywords

Article
Publication date: 13 April 2010

Heidi Falkenbach

This paper aims to identify different organisation modes for international property investments and analyse the rationales for selecting each mode.

881

Abstract

Purpose

This paper aims to identify different organisation modes for international property investments and analyse the rationales for selecting each mode.

Design/methodology/approach

The paper reports the findings of an interview study conducted among international investors in the Finnish property market.

Findings

The study identifies four main organisation modes for international property investments, the selection of each mode being dependent of the investors' perception of the informational barriers and local nature of the property market. Most of the interviewed investors also apply the same strategy in other markets they invest in, and thus the selection of the organisation mode seems not to be very dependent on the characteristics of the investment market.

Research limitations/implications

The paper analyses the organisation modes and their selection criteria only in the Finnish market.

Practical implications

The study indicates that informational barriers are still of major concern for the investors entering foreign markets. Thus, activities contributing to lowering these barriers would be beneficial for those markets wanting to attract international property investments.

Originality/value

The study is the first to analyse the organisation modes of international property investors.

Details

Property Management, vol. 28 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 27 September 2022

Visar Hoxha and Islam Hasani

The overall purpose of the study is to identify the impact of heuristics, prospect theory biases and personality traits on property investment decision-making of rank and…

Abstract

Purpose

The overall purpose of the study is to identify the impact of heuristics, prospect theory biases and personality traits on property investment decision-making of rank and file individuals in Kosovo, with a concentration in Prishtina, which is the city with the largest number of investors and property transactions in Kosovo.

Design/methodology/approach

The present study used quantitative research with the questionnaire used as a research instrument. The questionnaire survey was conducted with 1,209 rank and file property investors in Prishtina, Kosovo. The sampling method used in this research was stratified random sampling.

Findings

The study finds that heuristics, prospect theory biases and personality traits as a whole model affect investment decision-making in Prishtina, Kosovo. Nevertheless, the study finds that not all dimensions of the constructed research model (heuristics, the prospect theory and personality) affect the property investment decision-making in Prishtina at the same level. Whereas prospect theory biases (regret aversion, framing and self-control) seem to very strongly influence property investment decision-making of rank and file investors in Prishtina, personality traits (conscientiousness, neuroticism and openness to new experiences) seem not to affect the real estate investment decision-making. Finally, heuristics biases also strongly influence the real estate investment decision-making with a strong statistically significant explanatory power but not to the same degree as prospect theory biases.

Practical implications

The present study contributes toward the understanding of the role that is played by heuristics, prospect theory biases and personality traits in Kosovo's property investment industry. More importantly, the implication of the results of the present study is that it goes some way toward enhancing understanding of heuristic and prospect theory-driven biases and their influence on property investment decision-making in a developing economy. The present study paves the way to further analyze why personality traits do not influence property investment decision-making in Kosovo.

Originality/value

The present study is the first quantification of the impact of heuristics, prospect theory biases and personality traits on the investment decision-making of rank and file individuals in Prishtina, Kosovo.

Details

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

Keywords

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