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The significance and performance of property securities markets in the Asian IFCs

Author

Listed:
  • Graeme Newell
  • Chau Kwong Wing
  • Wong Siu Kei
  • Liow Kim Hiang

Abstract

This paper assesses the significance, risk‐adjusted performance and portfolio diversification benefits of the listed property securities markets in the Asian international financial centres (IFCs) of Tokyo, Singapore and Hong Kong over January 1998 -- March 2008, contrasting this performance to six major non‐IFC markets in Asia. Significant risk‐adjusted returns are evident for these Asian IFCs, with this having been enhanced in recent years. Portfolio diversification benefits are also evident for these Asian IFCs; however, superior portfolio diversification benefits are provided by the Asian non‐IFC markets in a pan‐Asia property portfolio context for global investors. These results highlight the need for global investors in the Asian markets to include both the major IFC markets and the non‐IFC markets to achieve effective portfolio diversification benefits in their pan‐Asia property portfolios.

Suggested Citation

  • Graeme Newell & Chau Kwong Wing & Wong Siu Kei & Liow Kim Hiang, 2009. "The significance and performance of property securities markets in the Asian IFCs," Journal of Property Research, Taylor & Francis Journals, vol. 26(2), pages 125-148, October.
    • Handle: RePEc:taf:jpropr:v:26:y:2009:i:2:p:125-148
    DOI: 10.1080/09599910903441721
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    3. Mário Nuno Mata & Muhammad Najib Razali & Sónia R. Bentes & Isabel Vieira, 2021. "Volatility Spillover Effect of Pan-Asia’s Property Portfolio Markets," Mathematics, MDPI, vol. 9(12), pages 1-20, June.

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