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Article
Publication date: 1 December 1996

Graeme Newell and Kwong Wing Chau

Assesses the relationship between Hong Kong property company and commercial property market performance over 1984‐94. Finds that property companies provide a useful source…

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8987

Abstract

Assesses the relationship between Hong Kong property company and commercial property market performance over 1984‐94. Finds that property companies provide a useful source of transaction‐based information about changing property market fundamentals. The unique property market characteristics in Hong Kong mean that information is impounded into direct property series quickly, within one quarter of being impounded into indirect property company stock prices. Finds a common “pure” property element that influences both property company and property market returns. This results in investors capturing some portion of Hong Kong property market returns by investing in property companies, as well as achieving liquidity and portfolio diversification.

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Journal of Property Finance, vol. 7 no. 4
Type: Research Article
ISSN: 0958-868X

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Article
Publication date: 1 March 1994

Nick French and Neil Crosby

In the last few years a number of large operational companies in theUnited Kingdom have chosen to segregate the management of their propertyholdings from the day‐to‐day…

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4780

Abstract

In the last few years a number of large operational companies in the United Kingdom have chosen to segregate the management of their property holdings from the day‐to‐day running of their core business. This has either been achieved by forming property sections within the main company structure, or in some cases the hierarchy has been more clearly defined by the formation of subsidiary companies feeding into the parent company. The operational arm would then pay the property subsidiary an open market rental for each property that they occupy. The advantage of separating the property function from the core business is twofold. First, it allows the performance of each operational outlet to be measured on the same basis; and second, the investment performance of the properties themselves can now be measured. However, for the latter to occur, the properties need to be valued as investments and not as owner occupied. Under current RICS regulations this is not allowed and any property subject to an inter‐company let must be valued as if the lease agreement did not exist. Investigates the effect of the RICS guidelines on the valuation of properties let to related companies and highlights the problems of measuring the performance of the company′s property assets against a suitable benchmark.

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Journal of Property Finance, vol. 5 no. 1
Type: Research Article
ISSN: 0958-868X

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Article
Publication date: 1 December 2001

Sun Sheng Han and Lan Yuan Lim

The main purpose of this study is to investigate the current usage of computers in Singapore’s property management companies. The findings confirm a paradox that in…

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1587

Abstract

The main purpose of this study is to investigate the current usage of computers in Singapore’s property management companies. The findings confirm a paradox that in Singapore’s property management companies, computer applications are lagging behind the advancement of computer hardware and software. Three reasons may explain the paradox. First, property management companies are dealing with a small portion of properties in Singapore where public housing estates dominate the property stock. Second, property management involves many personal touches in which computers are not helpful. Third, software packages developed in other parts of the world may not suit the need of property management tasks in Singapore.

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Property Management, vol. 19 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 12 July 2021

Fatih Eren and John Henneberry

The continuation of globalisation and liberalisation processes has prompted the restructuring of many national and local property markets. The research examines the…

Abstract

Purpose

The continuation of globalisation and liberalisation processes has prompted the restructuring of many national and local property markets. The research examines the evolution of Istanbul's retail property market to identify how global and local agents engage with one another to produce a unique “glocalized” outcome.

Design/methodology/approach

The morphogenetic approach is adapted and applied to analyse the dynamics of market change. The focus is on the character and behaviour of national and international market actors and how they interact with the wider political economy. The research uses a combination of elite interviews, document analysis and corporate case studies to obtain empirical evidence.

Findings

The liberalisation of the Turkish economy heralded the entry of the first international companies into Istanbul's retail property market in the 1990s. International involvement expanded rapidly after 2004, accelerating the process of market re-structuring. However, while the number of global buy-outs increased, the expansion of local property companies–and the establishment of some international/national corporate partnerships–was even more marked. This resulted in a “glocalised” market with a strong and distinctive local culture.

Originality/value

Istanbul has been a major centre of trade for millenia. This is the first substantive analysis of the recent restructuring of the city's retail property market. Previous research on market maturity and market evolution has paid limited attention to the dynamics of change. The paper describes the use of a process-based theoretical framework (morphogenesis) that was explicitly designed to analyse structural shifts in socio-economic conditions through an examination of the characteristics and behaviours of the actors involved.

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Journal of European Real Estate Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

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15548

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

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Article
Publication date: 1 October 2003

Andreas Pfnuer and Stefan Armonat

A great number of German companies are suffering an acute financial crisis. Financial optimisation of the substantial property holdings owned by German companies offers an…

Abstract

A great number of German companies are suffering an acute financial crisis. Financial optimisation of the substantial property holdings owned by German companies offers an opportunity to reduce costs and to free up capital. However, the demands on property for operational purposes create difficulties when optimisation is carried out exclusively for financial objectives. In this paper it will be shown, by means of an empirical investigation of real estate directors and financial managers of the leading German undertakings, that companies are failing to take the decisive step towards optimisation. The reason for this lies in inadequate internal preparations, manifested in the lack of a linkage between real estate strategy and corporate strategy. Property rights‐oriented analyses of real estate assets create new scope to refinance existing holdings, without sacrificing the important requirements of the units occupying them. This paper discusses the essential steps to a solution and explains the potentials that can be enhanced by a structured financial optimisation of property holdings.

Details

Journal of Corporate Real Estate, vol. 5 no. 4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 April 2001

Winston Sahi and Stephen L. Lee

Presents empirical evidence for a sample of 48 UK property company initial public offerings over the period 1986 to 1995. Several conclusions can be drawn. First, property

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1910

Abstract

Presents empirical evidence for a sample of 48 UK property company initial public offerings over the period 1986 to 1995. Several conclusions can be drawn. First, property companies in general show a significantly positive average first day return. Second, property investment companies’ average first day return is not significantly different from zero. Third, property trading companies’ average first day return is significantly positive. Fourth, the higher average first day return of property trading companies over property investment companies is significant.

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Journal of Property Investment & Finance, vol. 19 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 September 2001

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property

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13690

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Facilities, vol. 19 no. 9
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 1 October 1999

Liow Kim Hiang

The proportion of real estate in a non‐property company’s asset portfolio has increased to anextent where it has become an asset capable of enhancing corporate wealth…

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1022

Abstract

The proportion of real estate in a non‐property company’s asset portfolio has increased to an extent where it has become an asset capable of enhancing corporate wealth. This initial study hopes to establish the foundation and provide background information on corporate real estate holding profiles of listed Singapore business firms. Using financial statement data and firm market values from 1987 to 1996, this paper provides an analysis of real estate holdings in both absolute and relative terms. Real estate holdings by business segment and asset subtype, growth in corporate real estate holdings over time; and key financial characteristics of corporate real estate (eg real estate as a percentage of shareholders’ equity and real estate relative to market value of the firm) are included in the paper.

Details

Journal of Corporate Real Estate, vol. 1 no. 4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes…

Downloads
13144

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Property Management, vol. 19 no. 3
Type: Research Article
ISSN: 0263-7472

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