published_or_final_version / Politics and Public Administration / Master / Master of Public Administration

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

by Cheng Ngai Fai, Tong Wai Kin, Kenneth. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaf 50). / Chapter 1. --- INTRODUCTION --- p.1 / Chapter 2. --- OBJECTIVES --- p.4 / Chapter 3. --- LITERATURE REVIEW --- p.6 / Overview of REITs --- p.6 / The Current Market of REIT --- p.8 / Regulations Imposed on REITs --- p.10 / Performance of the REITs --- p.12 / Key Success Factors and Marketability of REITs --- p.14 / Avoid Double Taxation --- p.14 / Current Income --- p.15 / High Liquidity --- p.15 / Professional Management --- p.16 / Portfolio Diversification --- p.16 / Performance Monitoring --- p.17 / Inflationary Hedge --- p.18 / Attraction of REITs to Pension Investors --- p.19 / REIT Dependence on Capital Markets --- p.20 / Who Will Supply the Capital --- p.21 / Four Basic Investment Methods --- p.23 / Real Estate Analysis --- p.24 / Chapter 4. --- HONG KONG ECONOMIC AND FINANCIAL ENVIRONMENT --- p.25 / General Economy --- p.25 / Hong Kong Stock Market --- p.28 / Hong Kong Debt Market --- p.30 / Hong Kong Property Market --- p.32 / Chapter 5. --- ANALYSIS --- p.35 / Hong Kong Stock Market --- p.35 / Simulation of REIT in Hong Kong --- p.39 / Chapter 6. --- DISCUSSION --- p.43 / Internal Rate of Returns --- p.43 / Risks and Returns --- p.44 / Limitations on Our Studies --- p.45 / Conclusions --- p.45 / APPENDIX --- p.47 / BIBLIOGRAPHY --- p.52

published_or_final_version / Housing Management / Master / Master of Housing Management

The purpose of this study is to access the development of The Link REIT as a kind of REITs in Hong Kong. By evaluating the performance of The Link REIT, its shopping centres and the customer satisfaction, implication of The Link's management to the REIT, the shopping centres and even the society were identified. In this research, the evaluation for performance of The Link REIT would be divided into three scopes. Firstly, the performance of REIT would be evaluated by analyzing the indices. Secondly, the attributes of The Link's shopping centres would be evaluated by analyzing the determinants of rental income. Last but not least, customer satisfaction would be evaluated by measuring the service quality based on SERVQUAL instrument. The first two scopes of evaluation would be mainly based on the secondary data. Primary data obtained by questionnaire survey would be collected for the evaluation of customer satisfaction. After collecting and analyzing all data, position impacts of The Link's management was identified to the performance of REIT and the attributes of its shopping centres. In contrary on the first two evaluations, customers including both of the visitors and tenants were found dissatisfied to the empathy attributes of The Link's shopping centres. The customer expectation valued greater than the customer perception. In other words, The Link failed to understanding or providing what customers need. Upon conducting the regressive analysis of the secondary data, contradiction between the development of The Link and public expectation was finally concluded. The Link aimed at maximizing the interest or benefits for the shareholders while visitors or tenants requested The Link to ensure the low price of products and low rental charge. In considering the historical responsibility of HKHA, The Link was being over-expected in performing its social responsibility. To be a responsible asset manager and also a social company, recommendation or suggestions were made based on the analysis. / published_or_final_version / Housing Management / Master / Master of Housing Management

The Asian REIT market has been developing quickly in recent years and gradually attracted attention of international investors. However, compared with other developed markets such as the US and Australia, very little is known about the Asian REIT market. This research examines the impact of the quality of corporate governance on the performance of two major and similar REIT markets - Hong Kong and Singapore. In this research, the quality of corporate governance is measured by a scoring system that is based on the APREA Corporate Governance Scoring Framework (APREA CGSF) developed by Lecomte and Ooi (2012) for Singapore REITs but modified to suit the characteristics and regulatory requirements of both Hong Kong and Singapore REIT markets. Firm performance is measured by Tobin’s Q. The empirical analysis is based on panel data during 2007-2011 from Hong Kong and Singapore REIT markets. The empirical results show that the quality of corporate governance (as measured by the Integrated Corporate Governance Index or ICGI) has a significant and positive impact on firm performance, holding other factors constant. However, closer examination shows that only about 20% of all the governance provisions included in the ICGI have significant impact on firm performance. This research also finds that REITs with corporate governance that takes into consideration of the interests of other stakeholders in addition to those of the shareholders (such as provision for corporate social responsibility) do not perform better. Incidentally, the empirical results strongly suggest that Singapore REITs perform better than Hong Kong REITs after controlling for all known factors including the quality of corporate governance. This result calls for a deeper explanation. A more detailed study from a new institutional economics perspective may shed light on this issue. / published_or_final_version / Real Estate and Construction / Master / Master of Philosophy