Public policy structured to treat "market failures" related to land use (through restructuring property rights) must be evaluated in terms of its potential impacts not only upon social efficiency, but also upon the distributions of wealth and income associated with real estate ownership. Analyses of basic relationships between forms of real estate ownership, and wealth and income levels provide a benchmark from which to evaluate potential changes in the wealth and income positions of real estate owners affected by public land use policy. Hence, the main objective of this study was to estimate and analyze descriptors of the distribution of real estate ownership by income class. Particular emphasis was given to analysis of institutional and economic forces which help to explain an individual's ownership in one or another form of real estate. This analysis provided a basis for the following hypotheses: 1. The proportion of wealth devoted to home real estate is inversely related to the investor's level of wealth. 2. The proportion of wealth devoted to business real estate is directly related to the investor's level of wealth. 3. The proportion of wealth devoted to speculative real estate is directly related to the investor's level of wealth. The empirical base used to test these hypotheses, and obtain the objective came from published national samples for the early 1960s and 1970s. Statistical results provided, primarily, confirming evidence on these hypotheses. / Graduation date: 1976

by Kwok May Ling Anita. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 101-105). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.vi / LIST OF TABLES --- p.vii / CHATPER / Chapter I --- INTRODUCTION --- p.1 / Chapter II --- AN OVERVIEW OF THE REAL ESTATE INDUSTRY IN HONG KONG --- p.4 / A Former British Colony --- p.4 / "An Open, Free Market Economy" --- p.5 / Real Estate Development in Hong Kong --- p.5 / Land Supply --- p.6 / Government Stance --- p.8 / Property Prices --- p.9 / The Hong Kong Miracle --- p.11 / Changes in the Employment Structure --- p.11 / Hong Kong as a Servicing Center --- p.12 / Hong Kong as a Tourist Attraction --- p.13 / Property Tycoons --- p.13 / The Importance of Real Estate to the Economy --- p.14 / Chapter III --- AN OVERVIEW OF THE PRC ECONOMY --- p.17 / Open Door Policy --- p.17 / A Socialist Economy with Chinese Characteristics --- p.17 / Austerity Programme --- p.18 / Unification of the Renminbi Exchange Rate System --- p.18 / Future Development --- p.19 / Some Economic Indicators --- p.21 / Chapter IV --- AN OVERVIEW OF THE PRC REAL ESTATE BUSINESS --- p.25 / Policies Laying Down the Foundation of Real Estate / Development in China --- p.26 / Paid Use of State Land --- p.26 / Recognition of Houses as Commodities --- p.26 / Comprehensive Development Programs --- p.27 / Open Door Policy --- p.27 / Structure of the China's Real Estate Market --- p.27 / Primary Real Estate Market --- p.28 / Secondary Real Estate Market --- p.28 / Tertiary Real Estate Market --- p.29 / Commodity Housing --- p.30 / Internal Commodity Housing --- p.31 / Foreign Chinese Exchange Commodity Housing --- p.31 / External Commodity Housing --- p.31 / Stages of Development in the Real Estate Market --- p.31 / First Stage of Development - Introduction --- p.32 / Second Stage of Development - Rapid Growth --- p.35 / Third Stage of Development - Consolidation --- p.33 / Forth Stage of Development 一 Steady Growth --- p.34 / The Ninth Five-Year Plan (1996-2000) --- p.34 / Chapter V --- A COMPARISON BETWEEN THE REAL ESTATE MARKET IN HONG KONG AND CHINA --- p.37 / Land Supply --- p.37 / Property Prices --- p.38 / The Property Market Evolution --- p.39 / The Learning Process --- p.44 / Lack of a Secondary/tertiary Market --- p.45 / Legislation --- p.45 / Chapter VI --- THE CONSTRUCTION PROCESS --- p.47 / Role of a Developer --- p.47 / Property Development by Foreign Investors --- p.47 / Legal Aspects --- p.47 / A Typical Commercial Arrangement --- p.48 / Characteristics of Overseas Chinese --- p.49 / A Quick SWOT Analysis of the Overseas Chinese --- p.51 / Strengths --- p.52 / Weaknesses --- p.53 / Opportunities --- p.55 / Threats --- p.55 / Construction Costs --- p.56 / Chapter VII --- RISK ANALYSIS --- p.58 / Property Development Risks --- p.58 / Property Investment Risks --- p.59 / Operational/construction Risks --- p.60 / Availability of Financing --- p.60 / Illiquidity of Property Investments --- p.62 / Joint Venture Arrangements --- p.63 / Competition --- p.63 / Forfeiture of Land --- p.64 / Property Rights --- p.64 / Economic Risks --- p.65 / Current Dilemma --- p.65 / Oversupply --- p.66 / Substandard/inconsistent Market Behavior --- p.68 / Foreign Cash Sought to Fund Huge Infrastructure Projects --- p.69 / Asia's Currency Turmoil --- p.70 / Devaluation of Renminbi --- p.72 / Current Government Stance --- p.73 / Chapter VIII --- STRATEGIES / Functional Level Strategy --- p.76 / Preparation --- p.77 / Purchasing Land --- p.79 / Management --- p.80 / Contracting --- p.82 / Quality Control --- p.83 / Marketing --- p.85 / Financing --- p.87 / Business Level Strategy --- p.89 / Geographical Markets --- p.89 / Governmental Low-Pricing Housing Schemes --- p.90 / Target Customers --- p.91 / Service Apartment --- p.91 / Diversified Usage --- p.92 / Architecture --- p.93 / Ecology --- p.93 / Coordination between Business Strategies and Functional Strategies --- p.94 / Corporate Strategy --- p.95 / Commercial Property Management --- p.95 / Trading of Building Materials and Equipment --- p.96 / Strengthen the Strategic Relationship with Local Partners --- p.97 / Strategic Alliance with State-owned Enterprises --- p.97 / Chapter IX --- CONCLUSION --- p.99 / BIBLIOGRAPHY --- p.101 / INTERVIEWS --- p.104

Thesis (B.Sc)--University of Hong Kong, 2004. / Includes bibliographical references (p. 102-115)

Thesis (B.Sc)--University of Hong Kong, 2006. / Includes bibliographical references (p. 107-110)

Thesis (Ph. D.)--Ohio State University, 1983. / Includes vita Includes bibliographical references (leaves 160-162). Available online via OhioLINK's ETD Center.

Thesis (M. Sc.)--University of Hong Kong, 1994. / Includes bibliographical references.

Thesis (M. Sc.)--University of Hong Kong, 2002. / Includes bibliographical references.

Thesis (PhDGeoinformatics)--University of South Australia, 2002.

Thesis (MEd (HRS))--University of South Australia, 1997

Thesis (M. Phil.)--University of Hong Kong, 2000. / Cover title. Includes bibliographical references (leaves 74-80).