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The Performance of Non-Listed Opportunity Real Estate Funds in China

Author

Listed:
  • Graeme Newell

    (Western Sydney University - School of Economics and Finance)

  • Jufri Marzuki

    (Western Sydney University)

  • Martin Hoesli

    (University of Geneva - Geneva School of Economics and Management (GSEM); Swiss Finance Institute; University of Aberdeen - Business School)

  • Rose Neng Lai

    (University of Macau)

Abstract

Institutional investors have sought exposure to the China real estate market, often via opportunity real estate funds. This has been by a pure China opportunity real estate fund or by a pan-Asia opportunity real estate fund where China opportunity real estate was part of this real estate portfolio. This paper develops two bespoke China opportunity real estate fund performance indices to assess the risk-adjusted performance and diversification benefits of China opportunity real estate funds in a mixed-asset portfolio. Over 2008-2019, pan-Asia opportunity real estate funds were seen to outperform pure China opportunity real estate funds. China opportunity real estate funds were seen to have a role in a China mixed-asset portfolio; particularly at lower risk levels in the portfolio risk spectrum. This paper also highlights critical issues for institutional investors for effective China real estate exposure.

Suggested Citation

  • Graeme Newell & Jufri Marzuki & Martin Hoesli & Rose Neng Lai, 2021. "The Performance of Non-Listed Opportunity Real Estate Funds in China," Swiss Finance Institute Research Paper Series 21-27, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2127
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    Keywords

    Non-listed real estate fund; opportunity real estate fund; China; risk-adjusted performance; real estate investment strategy;
    All these keywords.

    JEL classification:

    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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