Are the Markets for Factories and Offices Integrated? Evidence from Hong Kong
AbstractDue to the relocation of manufacturing facilities from Hong Kong to Mainland China, it is widely believed that some vacant private factories have been used as offices in Hong Kong. Yet there is no direct and systematic evidence to support this speculation. In fact, according to MacGregor and Schwann (2003), industrial and commercial real estate shares some common features. Our research attempts to investigate empirically the price and volume relationship between industrial and commercial real estate, using both aggregate and disaggregate data from the industrial and commercial property markets in Hong Kong. The study was built on the observation that economic restructuring and geographical distance will affect the substitutability (and thus the correlation) of different types of property, and utilizes commonly used time series techniques for analysis. Policy implications are discussed.
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Bibliographic InfoArticle provided by Asian Real Estate Society in its journal International Real Estate Review.
Volume (Year): 9 (2006)
Issue (Month): 1 ()
Contact details of provider:
Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Web page: http://www.asres.org/
Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Other versions of this item:
- Charles Ka Yui Leung & Peiling Wei & Siu Kei Wong, 2006. "Are the markets for factories and offices integrated? Evidence from Hong Kong?," Departmental Working Papers _179, Chinese University of Hong Kong, Department of Economics.
- Charles Ka Yui Leung & Peiling Wei & Siu Kei Wong, 2006. "Are the markets for factories and offices integrated? Evidence from Hong Kong?," Discussion Papers 00018, Chinese University of Hong Kong, Department of Economics.
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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