Advanced Search
MyIDEAS: Login

Impact of political incidents, financial crises, and severe acute respiratory syndrome on Hong Kong property buyers

Contents:

Author Info

  • Lawrence W C Lai
  • Kwong Wing Chau
  • Daniel C W Ho
  • Veronica Y Y Lin
Registered author(s):

    Abstract

    In this paper, the first part of our study, we use a linear statistical technique to examine the impact of the announcement of China’s decision to take back Hong Kong from the United Kingdom in 1982, the Tiananmen Square incident of 4 June 1989, the Asian financial crisis (AFC) of 1997, and the outbreak of severe acute respiratory syndrome (SARS) in 2003 on Hong Kong’s housing market in terms of prices. A total of 11 362 residential transactions from a cluster of data for a large private-housing estate, considered to be representative of Hong Kong’s private residential market, were used to test four hypotheses that evaluate the impact of shocks on property prices through the use of a hedonic price model. The influences based on the statistical findings, which satisfy the relevant goodness-of-fit tests, are (a) that the sovereignty crisis exerted immediate significant negative price effect, but property prices rebounded after a big decline when open diplomatic dialogue between the Chinese and UK governments began, (b) that the Tiananmen Square (4 June) incident had no significant price effect; (c) that the AFC caused a drastic decline in property prices; and (d) that the impact of the SARS outbreak was significantly negative for Amoy Gardens but not so for estates with fewer reported SARS cases.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.envplan.com/abstract.cgi?id=b31125a
    File Function: abstract
    Download Restriction: Fulltext access restricted to subscribers, see http://www.envplan.co.uk/B.html for details

    File URL: http://www.envplan.com/epb/fulltext/b33/b31125a.pdf
    File Function: main text
    Download Restriction: Fulltext access restricted to subscribers, see http://www.envplan.co.uk/B.html for details

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    Article provided by Pion Ltd, London in its journal Environment and Planning B: Planning and Design.

    Volume (Year): 33 (2006)
    Issue (Month): 3 (May)
    Pages: 413-433

    as in new window
    Handle: RePEc:pio:envirb:v:33:y:2006:i:3:p:413-433

    Contact details of provider:
    Web page: http://www.pion.co.uk

    Related research

    Keywords:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:pio:envirb:v:33:y:2006:i:3:p:413-433. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Neil Hammond).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.