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Book part
Publication date: 29 January 2021

Michael K. Fung and Arnold C. S. Cheng

If the only difference between cities lies in their initial housing prices, the initially lower-price cities should eventually catch up with the initially higher-price…

Abstract

If the only difference between cities lies in their initial housing prices, the initially lower-price cities should eventually catch up with the initially higher-price ones, i.e., “absolute convergence.” Alternatively, if the major determinants of housing prices are city-specific, cities will converge to parallel growth paths of housing prices, i.e., “conditional convergence.” This study tests for the existence of absolute and conditional convergence in house prices among cities in China. The strong evidence for conditional convergence suggests that each city possesses its own steady-state housing price to which it is converging, which depends on the city's own socio-economic characteristics. In other words, differences in these socio-economic characteristics among cities can create permanent differences in housing price among them. The differences in steady-states house price across cities reflect differences in the level of socio-economic development among them. The findings inform the kinds of interventions and resources that are most likely to be effective in reducing income disparity.

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Book part
Publication date: 27 February 2009

T.J. O’Neill, J. Penm and R.D. Terrell

Housing activity is an important indicator of general economic activity, and house price movements are an important variable in international financial markets. In this…

Abstract

Housing activity is an important indicator of general economic activity, and house price movements are an important variable in international financial markets. In this chapter we utilise vector autoregressive models to examine how the interrelationship between housing activity and general economic activity has evolved in four OECD countries. Our results provide support for the hypothesis that the relationship between housing activity and general economic activity has changed in many OECD countries. For Australia, however, no such evidence was found. These results suggest that caution needs to be exercised when using previous experience to forecast both housing cycles and general economic activity.

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Research in Finance
Type: Book
ISBN: 978-1-84855-447-4

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Book part
Publication date: 29 January 2021

Michael K. Fung and Arnold C. S. Cheng

Using a sample of developed and developing nations (including China and Hong Kong), this study examines the financial market and housing wealth effects on consumption…

Abstract

Using a sample of developed and developing nations (including China and Hong Kong), this study examines the financial market and housing wealth effects on consumption. Housing performs the dual functions as both a commodity providing a flow of housing services and an investment providing a flow of capital income. With an empirical framework based on the permanent income hypothesis, this study's findings suggest that a rise in housing price has both a positive wealth effect and a negative price effect on consumption. While the positive wealth effect is caused by an increase in capital income from housing investment, the negative price effect is caused by an increase in the cost of consuming housing services. Moreover, the sensitivity of consumption to unanticipated changes in housing price is related to the level of financial and institutional development.

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Article
Publication date: 1 September 2008

Tricia McLaughlin and Anthony Mills

Ageing populations, although exhibiting marked differences across countries and cultures, are a global phenomenon. Old‐age dependency ratios in most developed countries…

Abstract

Ageing populations, although exhibiting marked differences across countries and cultures, are a global phenomenon. Old‐age dependency ratios in most developed countries are projected to double by the year 2050. In Australia there will be a strain on economic growth as a large part of the population moves from pre‐retirement to post‐retirement age over the next 25 years. A disproportionate amount of this strain will be concentrated in aged‐care housing or retirement accommodation. Current evidence suggests that existing housing stock for older people is inadequate. As the Australian population ages, the maintenance and long‐term performance of retirement housing is a key concern of government and housing providers. This study looked at four aged‐care or retirement providers across Australia and examined the performance of the current housing stock managed by these providers. The interviews revealed that housing design decisions in retirement stock, although critically important to the changing needs of occupants and the adequate supply of suitable housing, are often ill‐considered. The findings critically question the idea of simply building ‘more of the same’ to relieve demand. This study has major implications for the future of Australian retirement housing, especially as the population ages dramatically.

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Quality in Ageing and Older Adults, vol. 9 no. 3
Type: Research Article
ISSN: 1471-7794

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Article
Publication date: 1 August 2006

Ming‐Long Lee and R. Kelley Pace

The purpose of this paper is to provide additional evidence that housing prices significantly impact aggregate refinancing and thus directly influence mortgage termination.

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Abstract

Purpose

The purpose of this paper is to provide additional evidence that housing prices significantly impact aggregate refinancing and thus directly influence mortgage termination.

Design/methodology/approach

Regression analysis is applied to examine refinancing activity in US cities.

Findings

The evidence shows that positive appreciation in housing prices provides the borrower with positive incentives to refinance in response to the associated increased borrowing capacity when mortgage rates have declined. On the other hand, depreciation in housing prices may depress refinancing.

Research limitations/implications

Housing price movements, not only collateral constraints on refinancing but also the disincentive to engage in cash‐out refinancing caused by depreciation as well as the incentive for cash‐out refinancing brought by appreciation, should be included in modeling total termination risks of mortgage‐backed securities.

Originality/value

In contrast to previous studies, this paper provides empirical support for both the incentive and the disincentive to engage in cash‐out refinancing produced by housing price changes, in addition to support for the traditional collateral constraint effect of housing prices on refinancing.

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Property Management, vol. 24 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 11 April 2008

Rosanna Duncan and Julianne Mortimer

The main aim of this study is to ascertain the progress in implementing the actions contained within the BME Housing Action Plan for Wales, by the Welsh Assembly…

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419

Abstract

Purpose

The main aim of this study is to ascertain the progress in implementing the actions contained within the BME Housing Action Plan for Wales, by the Welsh Assembly Government (WAG) and social landlords in Wales.

Design/methodology/approach

The research was carried out between December 2004 and May 2005. This paper discusses some of the main findings from the systematic review of BME housing strategies and action plans covering 22 local authorities and 32 housing associations in Wales.

Findings

It was clear from all aspects of the research that the WAG's BME Housing Action Plan for Wales is having a positive impact on the profile and awareness of BME housing issues in Wales. However, the degree and extent of progress varied throughout Wales.

Research limitations/implications

BME housing issues have a high profile in the social housing sector in Wales. It is important that this positive profile is maintained and does not lose momentum due to increasing and competing priorities.

Practical implications

Currently, the lack of incentives for compliance (and penalties for non‐compliance) presents a potential disincentive to the long‐term sustainability of the present enthusiasm and momentum on BME housing issues in Wales.

Originality/value

This research is the first to evaluate the progress made by social landlords in implementing the WAG's BME Housing Action Plan for Wales.

Details

Property Management, vol. 26 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 February 2003

Sue Adams

The Government's drive to improve the overall health of the population, by tackling health inequalities and measures such as reducing falls and ending fuel poverty, has…

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1179

Abstract

The Government's drive to improve the overall health of the population, by tackling health inequalities and measures such as reducing falls and ending fuel poverty, has created a policy framework to address the housing related aspects of health. Opportunities for the NHS and local authorities to work with the voluntary sector to achieve these aims mean that there are new possibilities for wide‐ranging, innovative responses to improving people's health by tackling housing issues.Care & Repair England has undertaken research which examines how home improvement agencies (HIAs) are working with health‐sector partners to bring about health improvement through housing‐related initiatives and services.The resulting report, Healthy Homes, Healthier Lives, brings together key evidence that demonstrates the beneficial impact of improved housing conditions on health and examines the current policy context. A spectrum of joint projects is profiled including schemes providing information and training for health and care sector staff, a range of joint approaches to falls prevention, hospital discharge services and initiatives to address fuel poverty and cold, damp housing.

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Housing, Care and Support, vol. 6 no. 1
Type: Research Article
ISSN: 1460-8790

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Article
Publication date: 1 February 1989

D. Coleman

Examines the relationship between the Government and privatehousing associations within the framework of rented housing reform.Identifies the factors which limit housing

Abstract

Examines the relationship between the Government and private housing associations within the framework of rented housing reform. Identifies the factors which limit housing associations and may prevent later more genuinely private sector involvement in low‐cost rented housing provision. Concludes that the finance of housing associations should be carefully watched in the light of recent legislation intended to implement the Government′s Manifesto.

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Property Management, vol. 7 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 March 1998

Ramdane Djebarni and Abdullah Al‐Abed

Evaluating housing projects is an essential task to determine the effectiveness of these projects and to provide a useful feedback to the projects’ initiators ‐ be it the…

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1020

Abstract

Evaluating housing projects is an essential task to determine the effectiveness of these projects and to provide a useful feedback to the projects’ initiators ‐ be it the public or the private sector. The evaluation could be on a number of different bases. Reports the results of research work aiming to compare the quality and effectiveness of three housing projects initiated by the Yemeni government in the capital ‐ Sana’a. The basis chosen for evaluating the public low‐income housing schemes is the housing quality measurement technique. This technique is used for measuring quality under widely different housing standards. It is a way of assessing the environmental quality and hence evaluating the success or failure of a particular housing project. Satisfaction of residents has also been evaluated and reported in an earlier paper (Al‐Abed and Mustapha, 1996).

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Property Management, vol. 16 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 21 November 2008

Chyi Lin Lee

The purpose of this paper is to examine the effectiveness of housing as a property investment vehicle. In this analysis, the performance and diversification benefits of…

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1065

Abstract

Purpose

The purpose of this paper is to examine the effectiveness of housing as a property investment vehicle. In this analysis, the performance and diversification benefits of housing over 1996‐2007 are investigated.

Design/methodology/approach

Sharpe and Sortino ratios were employed to assess the risk‐adjusted performance of housing and major financial and real estate assets. Correlation analysis was also employed to examine the portfolio diversification benefits of housing.

Findings

The study found that housing is an effective property investment vehicle in which it delivers the highest risk‐adjusted returns and reveals negative correlation with major assets. The enhancement of these attractive features is also evident in recent years.

Research limitations/implications

This study has implications for investor who seek to include housing as part of their portfolio. The analysis and results are limited by the quality of the data.

Originality/value

This study is one of the few studies in housing investment, particularly the housing market in Australia. Additionally, this study is probably the first attempt to assess the downside risk of housing.

Details

International Journal of Housing Markets and Analysis, vol. 1 no. 4
Type: Research Article
ISSN: 1753-8270

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