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|Title: ||Essays on real estate markets in Hong Kong|
|Other Titles: ||Xianggang fang di chan lun wen|
|Authors: ||Tang, Chi Ho (鄧志豪)|
|Department: ||Department of Economics and Finance|
|Degree: ||Master of Philosophy|
|Issue Date: ||2008|
|Publisher: ||City University of Hong Kong|
|Subjects: ||Real estate business -- China -- Hong Kong.|
Office buildings -- China -- Hong Kong.
Commercial real estate -- China -- Hong Kong.
|Notes: ||CityU Call Number: HD1375 .T36 2008|
ix, 103 leaves : ill. (some col.) 30 cm.
Thesis (M.Phil.)--City University of Hong Kong, 2008.
Includes bibliographical references (leaves 66-70)
|Abstract: ||This thesis consists of two chapters. The first chapter studies the dynamics of office
market in Hong Kong, while the second chapter investigates the relationship between the
initial public offerings and real estate markets in Hong Kong. It attempts to relate the stocks’
performance to the commercial real estate market. The pervious literatures focus on the
interactions among the relevant economic variables, including the office rents, employment
growth, construction rate, sectoral output, interest rate, and the quality of offices. This thesis
complements the literature by relating the commercial real estate market to the stock market
and liquidity variables.
The first chapter attempts to reproduce the results from the previous literature with
20-year data in Hong Kong. Using Wheaton model as the basic one, our paper first tries to
improve it by adding stock market and interest rate variables in the model. Through applying
Vector Autoregression (VAR) Model, normality tests, and Granger Causality Tests, we find
that these additional variables are incapable to explain at the highest class of office market,
but are valuable to explain at lower classes of office market. The result has important
implications to the modeling and monitoring of office market.
The second chapter examines empirically the relationship between the real estate market
and initial public offerings in Hong Kong. “Production theory”, “psychology theory” and
“underlying factor theory” are the three plausible reasons accounting for their relationship.
By running different VAR models and granger causality tests, strong evidences were found to
support “psychology theory”, while the other two theories were not supported. It also has
implications to policymakers because it highlights the investors’ interest towards Chinese
|Online Catalog Link: ||http://lib.cityu.edu.hk/record=b2340567|
|Appears in Collections:||EF - Master of Philosophy |
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