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Article
Publication date: 1 March 2007

Qiulin Ke and David Isaac

This paper investigates the relationship of ownership structure and corporate performance of China’s listed property companies. Data from all the listed property companies…

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1094

Abstract

This paper investigates the relationship of ownership structure and corporate performance of China’s listed property companies. Data from all the listed property companies on China’s stock market from 2000 to 2002 were used to study ownership concentration, type of controlling shares and their relation to corporate performance. The methodology applied is the conventional ordinary least square (OLS) model which is widely used in empirical studies on corporate governance. The study shows that ownership concentration has a positive association with corporate performance. Also that state shareholding is positively related to corporate performance; this is inconsistent with other empirical studies on the ownership structure and corporate performance of China’s listed companies and rflects the industry’s characteristics.

Details

Journal of Financial Management of Property and Construction, vol. 12 no. 1
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 2 February 2015

Qiulin Ke and Karen Sieracki

The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the…

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2431

Abstract

Purpose

The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the commercial real estate markets in Beijing and Shanghai. It will help international investors understand the market environment, risk and market activity process.

Design/methodology/approach

In this research, the authors apply the market maturity framework and its key determinants based on previous work undertaken by Keogh and D’Arcy (1994) and Chin et al. (2006) for the analysis of Chinese commercial property market. Particular focus is on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from international property consultancy firms active in Beijing and Shanghai markets. There are not many of these international property consultancies. The reason why this type of business was selected was to insure that the business had an understanding of China’s place in the global commercial real estate market as this market matures from its emerging market status.

Findings

The findings reveal that the respondents felt the commercial property markets in Shanghai and Beijing were now moderately mature. However, issues such as poorer level of standard market information, development instability, low transparency of the legal system, high taxes and high government invention still existed in China’s commercial property market, therefore hindering its progress towards greater market maturity.

Research limitations/implications

The small same size of the survey is the major limitation of the research.

Practical implications

International investors and analysts can benefit from the research findings through a better understanding of the behaviour and trends in this unique market which will be reflected in their decision-making process.

Originality/value

An explorative approach was used due to the lack of data to examine the perception of China’s commercial property market’s evolution and maturity. The findings can then be placed in the context of other Southeast Asian cities. The evolutionary process of China’s property market is rarely examined in previous studies of China property market due to the lack of data and transparency.

Details

Journal of Property Investment & Finance, vol. 33 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 2 March 2012

Bob Thompson and Qiulin Ke

The purpose of the paper is test whether what property companies say they do with respect to corporate social responsibility (CSR) in general and the environment in…

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1375

Abstract

Purpose

The purpose of the paper is test whether what property companies say they do with respect to corporate social responsibility (CSR) in general and the environment in particular has an impact on corporate value as expressed by their return on assets (ROA).

Design/methodology/approach

The annual report for any UK‐listed company is a statutory document with its contents prescribed by legislation. This paper is concerned with a comparison of how real estate companies present themselves in their annual reports with their actual performance. To extract that information systematically, word frequency analysis (WFA) was undertaken on the contents of the annual reports of the top 20 UK‐listed property companies by value using a CSR vocabulary of words and phrases. The frequency of each of these was established in each annual report between 2001 and 2010. Two indices were created: a general CSR index based on the occurrence of a CSR vocabulary; and a green index based on the environmental vocabulary. These indices were then modelled against the ROA for each company.

Findings

As expected, ROA is positively related with both indices and is statistically significant in the GREEN equation, suggesting the firms with good performance are likely to invest more in sustainability. The size of firms is positively associated with both indices, indicating larger firms have better defined CSR. Return has a significantly positive coefficient with both indices, suggesting that the “greener” companies outperform others in the stock market.

Originality/value

The research uses new content analysis techniques to identify the relative commitment of property companies to CSR and the environment. The documents analysed are statutory and therefore less likely to be used to present aspiration rather than action. Overall the paper addresses only one aspect of corporate activity and will be best viewed in coordination with other approaches.

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Article
Publication date: 14 August 2009

Qiulin Ke, Michael Jayne and David Isaac

The purpose of this paper is to investigate the impact of different agency practice on agency fees, business efficiency, and housing market liquidity.

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1021

Abstract

Purpose

The purpose of this paper is to investigate the impact of different agency practice on agency fees, business efficiency, and housing market liquidity.

Design/methodology/approach

The paper studies the effect of sole and multiple agency practices on estate agent efficiency, housing market liquidity, and commission fee levels. The analysis uses the survey data from 2000 to 2006 to investigate the different agency practices across England and Wales and their effect on estate agency business efficiency, housing market liquidity, selling price, and fee levels.

Findings

The empirical analysis confirms that agency practice has a locality bias, that is, some regions are more likely to adopt sole agency practice than other regions. The estate agents with a sole agency practice charge a lower agency fee, help clients to achieve better selling price and are more efficient; whereas multiple agency practice facilitates liquidity in the housing market, but experiences higher fall‐through rate.

Research limitations/implications

The research focuses on estate agent rather than consumers due to the limitation of the data based on a research project concerning transaction costs designed prior to this analysis.

Originality/value

There is little other research that investigates the residential estate agency practice and its impact on housing market in the past three decades in England and Wales. The findings are a useful guide for practitioners to better understand the issues associated with different agency practices and should enhance business efficiency and performance.

Details

Property Management, vol. 27 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 7 March 2016

Qiulin Ke and Wencan Wang

– The purpose of this paper is to investigate the factors that affect the retail rent of shopping centres in Wuhan, an important city in central China.

Abstract

Purpose

The purpose of this paper is to investigate the factors that affect the retail rent of shopping centres in Wuhan, an important city in central China.

Design/methodology/approach

The study uses a data set of 68 shopping centres in urban Wuhan. A regression model is constructed to estimate the impact on retail rent of a composite range of variables that would capture the physical characteristics, spatial characteristics, potential attractiveness of shopping centres and market condition.

Findings

The empirical findings suggest the ceiling height, closeness to metro line station, being situated in commercial central area, vacancy rate and income have significant impact on rental level. Unexpected, the retail mix has a significant negative impact on rent. The impact of the more determining factors found in Western research – size, age, parking space and anchor tenant – is not supported in the Wuhan study.

Practical implications

While 68 shopping centres are included in the test, the sample size is relatively small. The comparatively short history of retail market in Wuhan would not allow to test the rent adjustment process.

Originality/value

This is the first paper to investigate retail rent determinants in a second-tier city in China. The results of the study give designers, developers and investors critical insights into the determinants of retail rent in an emerging market.

Details

Journal of Property Investment & Finance, vol. 34 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 15 August 2008

Qiulin Ke, David Isaac and Peter Dalton

This paper seeks to investigate the factors influencing the business performance of estate agency in England and Wales.

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1718

Abstract

Purpose

This paper seeks to investigate the factors influencing the business performance of estate agency in England and Wales.

Design/methodology/approach

The paper investigates the effect of housing market, company size and pricing policy on business performance in the estate agency sector in England and Wales. The analysis uses the survey data of Woolwich Cost of Moving Survey (a survey of transactions costs sponsored by the Woolwich/Barclays Bank) from 2003 to 2005 to test the hypothesis that the business performance of estate agency is affected by industry characteristics and firm factors.

Findings

The empirical analysis indicates that the business performance of estate agency is subject to market environment volatility such as market uncertainty, housing market liquidity and house price changes. The firm factors such as firm size and the level of agency fee have no explanatory power in explaining business performance. The level of agency fee is positively associated with firm size, market environment and liquidity.

Research limitations/implications

The research is limited to the data received and is based on a research project on transaction costs designed prior to this analysis.

Originality/value

There is little other research that investigates the factors determining the business performance of estate agency, using consecutive data of three years across England and Wales. The findings are useful for practitioners and/or managers to allocate resources and adjust their business strategy to enhance business performance in the estate agency sector.

Details

Property Management, vol. 26 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 6 March 2009

Qiulin Ke and Michael White

Shanghai is the most important economic centre in China. It also has the nation's largest modern office market in terms of floorspace and investment values. However, as…

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1758

Abstract

Purpose

Shanghai is the most important economic centre in China. It also has the nation's largest modern office market in terms of floorspace and investment values. However, as with office markets in other cities and countries, the Shanghai market displays rental volatility. This paper aims to examine this issue.

Design/methodology/approach

Rental volatility is examined by econometrically constructing a long‐run equilibrium relationship between rent and underlying demand and supply side factors. In order to establish the validity of this model, it is tested for the presence of a cointegrating vector. From this a short‐run dynamic adjustment model is constructed. This is an error correction mechanism that links the short‐ and long‐run models. The impact of office vacancies, foreign direct investment, and changes in the real interest rate on the office market are explicitly considered.

Findings

The results indicate that both demand (as represented by gross domestic product (GDP)) and supply (stock) are significant determinants of rents. Space demand is found to be both price and income elastic. In the short‐run model the error correction term is significant and correctly signed. In comparison to other office markets, the Shanghai market adjusts rather slowly. Foreign direct investment is found to have a positive impact on long‐run rents and the vacancy rate is found to impact on short‐term rental adjustment.

Originality/value

The Shanghai office market is the most important in China. However, it has displayed significant rental volatility. This paper is the first to examine explicitly the rental adjustment process in this office market. The results suggest a market that is performing as expected by economic theory but which nevertheless displays relatively slow adjustment to market imbalances.

Details

Journal of Property Investment & Finance, vol. 27 no. 2
Type: Research Article
ISSN: 1463-578X

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Book part
Publication date: 23 August 2021

Martha Ríos Manríquez

Abstract

Details

Empowerment, Transparency, Technological Readiness and their Influence on Financial Performance, from a Latin American Perspective
Type: Book
ISBN: 978-1-80117-382-7

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Article
Publication date: 2 March 2012

Sara Wilkinson

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429

Abstract

Details

Journal of Corporate Real Estate, vol. 14 no. 1
Type: Research Article
ISSN: 1463-001X

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