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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 of…

14191

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.

Details

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

Keywords

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 running of…

5683

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.

Details

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 Singapore’s…

1648

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.

Details

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

Keywords

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 8‐18;…

18596

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

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

Keywords

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

1943

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.

Details

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

Keywords

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 Management…

14773

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

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. This…

1077

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

Keywords

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 8‐18;…

14378

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

Article
Publication date: 19 October 2015

Muhammad Najib Razali and Yasmin Mohd Adnan

The concept of sustainability has become increasingly essential to property development, especially in recent years. The purpose of this paper is to assess the level of…

4357

Abstract

Purpose

The concept of sustainability has become increasingly essential to property development, especially in recent years. The purpose of this paper is to assess the level of sustainability practices among listed property companies in Malaysia.

Design/methodology/approach

Using content analysis, company websites and annual reports, the level of sustainable practices among property companies in Malaysia will be examined and assessed. The paper will also rigorously assess the sustainability strategies employed by using an attributes scorecard, which takes into account several attributes concerning sustainability issues.

Findings

The findings have showed sustainable property development concept among listed property companies can be categorised as low level, although this is increasing.

Originality/value

Given the increasing significance of sustainability issues – especially in property development – this paper provides a more informed investment decision strategies regarding the implementation of the sustainability concept in property portfolio; a consideration that has increasingly come into focus amongst international property actors.

Details

Property Management, vol. 33 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

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