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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

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

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Article

Robert Osei-Kyei, Vivian Tam and Mingxue Ma

The growth in ageing population globally has led to the increase in demand for retirement or aged care homes. Adopting public–private partnership (PPP) in the global…

Abstract

Purpose

The growth in ageing population globally has led to the increase in demand for retirement or aged care homes. Adopting public–private partnership (PPP) in the global retirement village market has become the new approach to address some of the emerging challenges. This paper aims to explore and analyse the critical success factors (CSFs) for the adoption of PPP in the global retirement village market.

Design/methodology/approach

An empirical questionnaire survey was conducted with experienced practitioners in the global PPP and retirement village markets. Mean score analysis, normalization range method, Kendall’s coefficient of concordance and factor analysis were used for analysis.

Findings

Results show that out of the 27 CSFs identified, the most significant ones in developing PPP retirement village projects are “the age-friendly design of villages”, “appropriate location of PPP retirement village”, “reliable and accessible health and physical facilities” and “effective social inclusion and integration in villages”. Further analysis shows that the 27 CSFs can be grouped into 7 major factor groupings, namely, “effective project monitoring”, “financial support”, “social integration”, “effective contractual arrangement between parties”, “government commitment and support”, “sustainable design of village” and “effective payment structure”.

Originality/value

The outputs of this study will adequately inform retirement village developers, retirement village stakeholders and local government authorities of the best practices they should put in place to ensure the sustainable growth of the global retirement village market.

Details

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

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Book part

Steffen Dalsgaard

Purpose – The chapter discusses the importance of remittances for the way rural people in Manus Province, Papua New Guinea, engage with capitalism in the form of…

Abstract

Purpose – The chapter discusses the importance of remittances for the way rural people in Manus Province, Papua New Guinea, engage with capitalism in the form of development, wage labor, and the modern consumer economy.Methodology/approach – The chapter draws upon a combination of original ethnographic fieldwork conducted between 2002 and 2008 and readings of previous anthropological research about Manus.Findings – The chapter shows how the remittances of goods and money are part of the maintenance of long-term exchange relationships between emigrants and their rural kin, and how remittances are regarded as crucial in fostering local development. The remittances comprise a large proportion of the flow of money into Manus. They also form social ties between migrants and villagers, and may facilitate the return of migrants to their home village. The moral conflicts and evaluations of status and leadership tied into the remittance practices and the strategies employed by returning migrants are explained as the articulation of different values rather than one system supplanting the other.Originality/value – The aspect of remittances related to return migration is particularly under-theorized in anthropology. In this way the chapter has value to both researchers specializing in remittance-economies or local-level politics and development planners and practitioners.

Details

Engaging with Capitalism: Cases from Oceania
Type: Book
ISBN: 978-1-78190-542-5

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Article

Andrew Fyfe and Norman Hutchison

This article aims to understand the housing needs of older people and to ascertain the level of demand and supply of age-related housing in Scotland. It also explores…

Abstract

Purpose

This article aims to understand the housing needs of older people and to ascertain the level of demand and supply of age-related housing in Scotland. It also explores interest in different types of retirement accommodation and tenure options.

Design/methodology/approach

A review of existing literature is undertaken on senior housing preferences and residential satisfaction. Primary data is collected from an online survey of people over 55 in Scotland to ascertain demand side requirements with secondary data on current supply obtained from the Elderly Accommodation Counsel and data on future pipeline collated from market reports.

Findings

The results from the survey confirm earlier research that seniors when looking for accommodation in their retirement years particularly focus on the local area, access to shops, social relations with neighbours and the design of the home interior. Current analysis of the level of supply at a county level reveals that there is significant undersupply with some particularly striking regional differences. Along with a desire for owner occupation there is interest, particularly among the 75 plus age group, to lease their accommodation, perhaps a consequence of volatile property markets, insufficient pension provision or a desire to pass wealth to their family prior to death. This shortfall in supply highlights development opportunities and raises the possibility of introducing a build-to-rent senior housing offering, which may be of interest to institutional investors.

Practical implications

The Scottish Government is currently reviewing its strategy for Scotland's older people. The results are of practical benefit as they expose the gaps in supply of age-related stock at county level. This may require the government to introduce policy measures to encourage a mix of housing types suited for the ageing demographics of the population. This research highlights opportunities for developers and investors to fill that gap and explains why advancements in technology should be incorporated in the design process.

Originality/value

This paper brings together supply side data of senior housing in Scotland and provides insights into the housing preferences of seniors. It will be of direct value and interest to developers and institutional investors.

Details

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

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Article

David Reisman

Singapore does not have a welfare State. Instead it has full employment, rapid growth, affordable education and equality of opportunity. It also has the Housing…

Abstract

Purpose

Singapore does not have a welfare State. Instead it has full employment, rapid growth, affordable education and equality of opportunity. It also has the Housing Development Board and the Central Provident Fund. Public housing and compulsory savings are the subject of this paper. The purpose of the study is to investigate the nature of the symbiosis and the strategy.

Design/methodology/approach

The paper collects evidence on housing and superannuation to establish the precise link between them.

Findings

It is established that a great deal of Singaporeans' savings and wealth is locked up in their flats and houses. It shows that the relationship is risky in view of a rapidly ageing population and an increasing life‐expectancy in the post‐earning years.

Practical implications

Singapore is used as a case study to derive lessons for other countries wishing to combine good housing with adequate retirement provisions.

Originality/value

The paper seeks to show that housing and superannuation are both valuable elements in responsible public policy, but that, when combined, it is possible to have too much of a good thing.

Details

International Journal of Social Economics, vol. 34 no. 3
Type: Research Article
ISSN: 0306-8293

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Article

Bruce Turner

Over the last 25 years, condominiums have come to form a significantpart of the real estate market in Canada. Reviews the legal structuringof condominiums in British…

Abstract

Over the last 25 years, condominiums have come to form a significant part of the real estate market in Canada. Reviews the legal structuring of condominiums in British Columbia (Canada), focusing on resort condominium properties in Whistler, British Columbia. Addresses the primary factors affecting value and finally deals with valuing these properties by the cost, direct comparison and income approaches.

Details

Journal of Property Valuation and Investment, vol. 12 no. 4
Type: Research Article
ISSN: 0960-2712

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Article

Ann Suwaree Ashton and Noel Scott

This paper aims to investigate Thai stakeholders’ perceptions of developing a destination for international retirement migration (IRM). Increasingly, residents of…

Abstract

Purpose

This paper aims to investigate Thai stakeholders’ perceptions of developing a destination for international retirement migration (IRM). Increasingly, residents of developed nations such as Japan who retire from work are choosing to live in Thailand or other less-developed countries.

Design/methodology/approach

Qualitative approach was used, and data were collected through focus groups and in-depth interviews in Chiang Mai and Bangkok. Content analysis technique was used to analyze data after completing the interviews of 35 industry participants.

Findings

It was found from the participants that considerable new real estate development and services specifically for these retirees has been created in recent years, but that there is a lack of stakeholder collaboration in catering to this market. Moreover, local resident knowledge of the retirees’ culture and language is lacking, along with a need for policy and planning support from government.

Research limitations/implications

A limitation of this study is that it explored only the perception of business stakeholders involved with Japanese IRM, a group of importance to the Thai Government due to their increasing numbers. Further study could look at local community attitudes toward IRM and how a community adapts to this new phenomenon.

Practical implications

This study provides guidelines for stakeholders, government and local communities. Especially, the role of government is to provide support with clear information about the visa process and legal documents.

Originality/value

This study contributes to the body of knowledge of destination development strategy for a specific international retirement tourist group.

Details

Journal of Place Management and Development, vol. 10 no. 1
Type: Research Article
ISSN: 1753-8335

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Article

Li Huang and Rong Tan

The purpose of this paper is to explore the causality between social security policies and farmland reallocation in rural China.

Abstract

Purpose

The purpose of this paper is to explore the causality between social security policies and farmland reallocation in rural China.

Design/methodology/approach

It quantitatively analyzes the impact of each ongoing social security policy on farmland reallocation based on a data set from the 2011 China Health and Retirement Longitudinal Study (CHARLS, 2011).

Findings

The study finds that the inclination of a village farmers’ collective to reallocate farmland due to changes in the village population increased if social security policies do not effectively cover the village because farmers rely primarily on income from farmland to cover their basic living expenses. However, if social security policies provide adequate coverage, then farmers do not rely entirely on on-farm income and the likelihood of farmland reallocation decreases. Furthermore, the effectiveness of social security policies includes not only coverage but also the sufficiency of the security policies provided.

Research limitations/implications

First, the authors use only cross-sectional data in this study, which may result in biased estimation and also limit temporal examination of the impact of social security systems, farmland reallocation and related policy variables. This limitation may be especially important in China because the country is undergoing a rapid socioeconomic transition. However, the research is constrained by the available data. Furthermore, there could be endogeneity problems that are difficult to address, given the current data set. These problems could involve the impacts of village-level economic, natural and social variables, the implementation of related public policies (land development and consolidation, land expropriation, etc.) and other economic variables.

Practical implications

These findings may provide implications for related policy reform in the near future.

Originality/value

These findings may facilitate a recognition and understanding of the causality between social security policies and farmland reallocation in rural China.

Details

China Agricultural Economic Review, vol. 10 no. 4
Type: Research Article
ISSN: 1756-137X

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Article

Stuart John Nettleton and Maie Sufan

This paper aims to provide insights into Arabic-Australian community attitudes regarding social innovation of a new shared model of accommodation for the 65+ age group to…

Abstract

Purpose

This paper aims to provide insights into Arabic-Australian community attitudes regarding social innovation of a new shared model of accommodation for the 65+ age group to facilitate independent behavior within a shared living environment.

Design/methodology/approach

A survey of 520 people of whom 65 per cent were Arabic speakers either by mother or second language. Survey responses were filtered to Arabic speakers and further analyzed to identify groups characterized by the latent attitudes underlying responses.

Findings

The results confirmed the presence of two small groups representing in aggregate 13 per cent of sample variance who have positive attitudes toward 65+ age group shared accommodation for either themselves or their parents. These respondents focused on companionship and cultural factors rather than potential financial or medical benefits from the new model.

Research limitations/implications

The application of an empirical Bayes methodology to the limited data in this research implicitly restricts the interpretation of the results to the Australian-Arabic community that was investigated.

Practical implications

The results of this research provide a sound basis for private sector interest in exploring differentiated architectures and business models that will facilitate choices of shared accommodation by the Australian-Arabic 65+ year age group.

Social implications

This finding aligns with increasing health and mobility more widely among the rapidly growing 65+ year old segment of the Australian population and with recent Australian Government restructuring of age care to introduce greater personal accountability for self-care.

Originality/value

This research is original and important in setting future directions for expanding the richness of choice in Australian-Arabic community retirement living.

Details

International Journal of Housing Markets and Analysis, vol. 10 no. 1
Type: Research Article
ISSN: 1753-8270

Keywords

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