This study examines the factors that affect the decision by home buyers to use real estate brokers and the subsequent effect this decision has on home prices. Buyers with high opportunity costs and the least amount of information about local market conditions are the most likely to use brokers; a finding consistent with the role of the real estate broker as a market intermediary. Not surprisingly, these were some of the same factors that also have a positive impact on selling price. An important finding of this study is that when selection bias is adequately controlled, the real estate broker has no appreciable, independent impact on selling price. This, in turn, suggests a nonsegmented, highly competitive housing market.

Chan Yin-Sze. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 37-41). / Abstracts in English and Chinese. / Chapter 1. --- Background Introduction --- p.P. 1 / Chapter 2. --- Literature Review --- p.P. 3 / Chapter 3. --- Methodology --- p.P. 8 / Chapter 4. --- Data Description --- p.P. 10 / Chapter 5. --- Empirical Results --- p.P. 20 / Chapter A. --- Simple Linear Regression Model / Chapter B. --- Robustness / Chapter C. --- "Regression by running Physical, Location & Macroeconomic Factor Separately" / Chapter 6. --- Comparison with the Previous Literatures --- p.P. 34 / Chapter 7. --- Conclusion --- p.P. 36 / Chapter 8. --- Reference --- p.P. 37 / Chapter 9. --- Tables & Figures --- p.P. 42 / Chapter 10. --- Appendix --- p.P. 65

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

Tam Chun Yu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 141-147). / Abstracts in English and Chinese. / Abstract --- p.I / Acknowledgements --- p.III / Table of Contents --- p.IV / List of Tables --- p.V / List of Figures --- p.VI / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Literature Review --- p.5 / Chapter 2.1 --- Real Estate Literature --- p.5 / Chapter 2.2 --- Financial Literature --- p.6 / Chapter 2.3 --- Impulse Response --- p.10 / Chapter Chapter 3. --- Methodology --- p.12 / Chapter 3.1 --- Augmented Dickey Fuller Test --- p.12 / Chapter 3.2 --- GARCH Model --- p.14 / Chapter 3.3 --- VAR Model --- p.16 / Chapter Chapter 4. --- Data Description --- p.18 / Chapter Chapter 5. --- Empirical Results --- p.20 / Chapter 5.1 --- Overview for the Data Set --- p.21 / Chapter 5.2 --- ADF Test --- p.22 / Chapter 5.3 --- GARCH Model --- p.22 / Chapter 5.4 --- VAR Model --- p.24 / Chapter 5.5 --- Impulse Response (IR) --- p.34 / Chapter Chapter 6. --- Conclusion --- p.38 / Appendix 1. Variable Definition --- p.41 / Appendix 2. Tables --- p.44 / Appendix 3. Figures --- p.61 / Appendix 4. Comparison of IR for different model in full sample case --- p.93 / Appendix 5. Comparison of IR for different model in first sub period --- p.109 / Appendix 6. Comparison of IR for different model in second sub period --- p.125 / Bibliography --- p.141

by Leung Sui Wai, Tam Kai Yu Margaret. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaf 73). / ABSTRACT --- p.II / TABLE OF CONTENTS --- p.IV / LIST OF ILLUSTRATIONS --- p.VII / LIST OF TABLES --- p.VIII / PREFACE --- p.XI / Chapter 1. --- INTRODUCTION --- p.1 / Chapter 1.1 --- Objectives --- p.2 / Chapter 2 --- HO USING SUPPLIES IN HONG KONG --- p.4 / Chapter 2.1 --- Public Housing --- p.5 / Chapter 2.1.1 --- Public rental flats --- p.5 / Chapter 2.1.2 --- Owning flats under public housing schemes --- p.8 / Chapter 2.1.3 --- Home Ownership Scheme --- p.9 / Chapter 2.1.4 --- Middle Income Housing --- p.11 / Chapter 2.1.5 --- New Home Starter Loan Scheme --- p.12 / Chapter 2.1.6 --- Sandwich Class Housing Scheme --- p.12 / Chapter 2. 2 --- Private property --- p.14 / Chapter 3. --- PROPERTY IN MAINLAND CHINA --- p.17 / Chapter 3.1 --- Pricing of property in Mainland China --- p.17 / Chapter 3.2 --- Buyers of properties in Mainland China --- p.18 / Chapter 3.3 --- Threat of incomplete commodity housing (lanmeilou) --- p.18 / Chapter 3.4 --- Hong Kong property agents --- p.19 / Chapter 4. --- ENVIRONMENTAL CHANGE WITHIN RESEARCH PERIOD --- p.20 / Chapter 4.1 --- Residential Property Market --- p.20 / Chapter 4.2 --- The Real Estate Chill --- p.20 / Chapter 4.3 --- The SAR Property Policy --- p.21 / Chapter 4.4 --- "Long-teRm Housing Strategy, 1997" --- p.22 / Chapter 4.5 --- Land release --- p.24 / Chapter 4.6 --- loan for First-time Home Buyers and Sandwich-Class Buyers --- p.25 / Chapter 4.7 --- Privatizing Public Housing --- p.26 / Chapter 5. --- METHODOLOGY --- p.29 / Chapter 5.1 --- Surveys --- p.29 / Chapter 5.2 --- Questionnaire Design --- p.29 / Chapter 5.3 --- Selection of Respondents --- p.33 / Chapter 5.4 --- Data Analysis --- p.33 / Chapter 6. --- SURVEY RESULTS AND ANALYSIS --- p.35 / Chapter 6.1 --- Results and Analysis - Section 1 --- p.35 / Chapter 6.2 --- Results and Analysis - Section 2 --- p.37 / Chapter 6.3 --- Results and Analysis - Potential Buyers --- p.42 / Chapter 6.3.1 --- Age --- p.42 / Chapter 6.3.2 --- Marital Status --- p.43 / Chapter 6.3.3 --- Relatives in China --- p.44 / Chapter 6.3.4 --- Currently Living With --- p.45 / Chapter 6.3.5 --- Currently Living In --- p.46 / Chapter 6.3.6 --- Education Level --- p.48 / Chapter 6.3.7 --- Number of Property Currently Owned --- p.50 / Chapter 6.3.8 --- Income --- p.51 / Chapter 6.3.9 --- Summary of Characteristics of Potential Buyers --- p.52 / Chapter 7. --- RECOMMENDATION --- p.54 / Chapter 7.1 --- Product --- p.54 / Chapter 7.2 --- Price --- p.56 / Chapter 7.3 --- Promotion --- p.57 / Chapter 7.3.1 --- Advertising --- p.57 / Chapter 7.3.2 --- Publicity --- p.58 / Chapter 7.3.3 --- Sales promotion --- p.58 / Chapter 7.3.4 --- Personal selling --- p.58 / Chapter 7.4 --- Distribution --- p.59 / Chapter 8. --- CONCLUSION --- p.60 / Chapter 8.1 --- Feasibility of residing in China but working in Hong Kong --- p.60 / Chapter 8.2 --- Demographic profiles of potential buyers --- p.62 / Chapter 8.3 --- Implications of the current situation --- p.62 / Chapter 9. --- LIMITATIONS --- p.64 / APPENDIX --- p.66 / Appendix A The Importance of Each Consideration when Buying Property in Mainland China --- p.66 / Appendix B Copy and results of the survey used in this project --- p.70 / BIBLIOGRAPHY --- p.73

by Siu Wai-Fun. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 55-57). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iv / LIST OF ILLUSTRATIONS --- p.vi / LIST OF TABLES --- p.vii / ACKNOWLEDGEMENT --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- THE SOURCES OF HOUSING DEMAND --- p.4 / Demographic Demand --- p.4 / Keen Desire for Home Ownership --- p.5 / Investment Demand --- p.6 / Speculative Demand --- p.8 / Chapter III. --- THE SYSTEM OF HOUSING SUPPLY --- p.10 / Framework for Land Supply and Housing Production --- p.10 / New Land Disposal --- p.11 / Redevelopment of Existing Properties --- p.12 / Constraints on Land Supply for Residential Development --- p.12 / Production of Private Domestic Units --- p.13 / Chapter IV. --- CHANGES IN HOUSING PRICES --- p.15 / Housing Price Fluctuations --- p.16 / Affordability of Housing --- p.18 / Ownership Affordability --- p.19 / Rental Affordability --- p.20 / Chapter V. --- MODELLING HOUSING PRICES --- p.21 / Factors Affecting Price Movements --- p.21 / Demand Side Factors --- p.21 / Supply Side Factors --- p.23 / The Findings --- p.25 / Chapter VI. --- IMPLICATIONS TO GOVERNMENT'S HOUSING POLICIES --- p.27 / Implications from Housing Price Model --- p.27 / Government's Actions to Stabilise Housing Prices --- p.28 / Role of Speculators --- p.29 / Chapter VII. --- CONCLUSIONS AND POLICY CONSIDERATIONS --- p.30 / BIBLIOGRAPHY --- p.55

Lau, Wai Chun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 78-79). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgments --- p.iv / Table of Contents --- p.v / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Background --- p.4 / Chapter 2.1 --- Overview of Land Policies in Hong Kong --- p.4 / Land Policies and Private Housing Market --- p.4 / Current Application List System --- p.6 / Chapter 2.2. --- Hypotheses on the Interaction of Housing Prices and Land Sales --- p.6 / Demand-Supply Analysis --- p.6 / Revaluation Hypothesis --- p.8 / Chapter 3. --- Literature Review --- p.11 / Chapter 3.1. --- Relevant Literature about Interaction of Land and Housing Prices --- p.11 / Peng and Wheaton (1994) --- p.11 / Tse(1998) --- p.13 / Ho and Ganesam (1998) --- p.14 / Chapter 3.2. --- Hedonic Approach in the Studies of Hong Kong Real Estate Market --- p.16 / Chapter 4. --- Data Sources and Descriptions --- p.18 / Chapter 4.1 --- Land Sale Data --- p.18 / Chapter 4.2. --- Housing Transaction Data --- p.21 / Chapter 5. --- Methodology --- p.26 / Chapter 5.1 --- Model Specification --- p.26 / Chapter 5.2. --- Hypothesis Testing --- p.27 / Chapter 5.3. --- Functional Form and Estimation Method --- p.30 / Chapter 6. --- Empirical Results --- p.31 / Chapter 6.1. --- Hedonic Mode! Results --- p.31 / Chapter 6.2. --- Discussion on Pre-sale and Post-sale Housing Prices --- p.33 / Chapter 6.3. --- Robustness Checking --- p.36 / Variations in Specification --- p.36 / Time Variable Control --- p.38 / Estimation with Restricted samples --- p.40 / Chapter 7. --- Conclusions --- p.42 / Table 1 Selected Land Auction Records (1994 - 2005) --- p.45 / Table 2 List of Estates Covered in the Study --- p.49 / Table 3a Sampling Period and Number of Observations in Each Case Study --- p.54 / Table 3b Descriptive Statistics of Independent Variables in the Estimation of Model 1 --- p.56 / Table 4 Definition of Independent Variables in Model 1 --- p.60 / Table 5 OLS Estimates of Model 1 with Full Samples --- p.61 / Table 6 Goodness-of-Fit of Model 1 --- p.65 / Table 7 Coefficients of Dummy Variables in Model 1 --- p.66 / Table 8 Estimated Price Change from Model 1 --- p.70 / Table 9a Price Differences and Auction Results (All Cases) --- p.72 / Table 9b Price Differences and Auction Results (Cases with price differences at 10% significance level) --- p.72 / Table 10 Estimated Price Differences by Varying Model Specification and Sample Selection --- p.73 / Figure 1 Private Housing Prices and New Construction Units (1992 ~ 2005) --- p.76 / Figure 2 Mass CCI (1994 ~2006) --- p.77 / References --- p.78

published_or_final_version / Urban Design / Master / Master of Urban Design

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction