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Excess Returns in the Hong Kong Commercial Real Estate Market

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Abstract

This study examines the existence of excess returns of the office, retail and industrial real estate sectors in Hong Kong using time series of both valuations and transaction prices. The analysis covers the period from 1980 to 1995. If valuations are an accurate reflection of transaction prices then excess returns, if they exits, should be detected in both series. Our findings confirm that excess returns can be detected in both valuation and transaction-based series. They are not, however, persistent although there appear to be greater opportunities for earning excess returns in the office sector.

Suggested Citation

  • Gerald R. Brown & K.W. Chau, 1997. "Excess Returns in the Hong Kong Commercial Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 14(2), pages 91-106.
  • Handle: RePEc:jre:issued:v:14:n:2:1997:p:91-106
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol14n02/v14p091.pdf
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    References listed on IDEAS

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    1. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, vol. 79(1), pages 125-137, March.
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    Cited by:

    1. Charles Ka Yui Leung & Dandan Feng, 2004. "Testing Alternative Theories of Property Price-Trading Volume with Commercial Real Estate Market Data," Discussion Papers 00003, Chinese University of Hong Kong, Department of Economics.
    2. K. W. Chau & S. K. Wong, 2016. "Information Asymmetry and the Rent and Vacancy Rate Dynamics in the Office Market," The Journal of Real Estate Finance and Economics, Springer, vol. 53(2), pages 162-183, August.
    3. Charles Leung & Dandan Feng, 2005. "What Drives the Property Price-Trading Volume Correlation? Evidence from a Commercial Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, vol. 31(2), pages 241-255, September.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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