by Liu Shiang Ling. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 48). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- CHINA'S RENMINBI SYSTEM --- p.3 / Overview and Historical Development --- p.3 / 1953-1972 --- p.3 / 1973-1978 --- p.4 / 1979-1993 --- p.4 / 1994-1996 --- p.6 / The Exchange Rate Determination --- p.7 / Demand & Supply --- p.7 / The Balance of Payments --- p.8 / Inflation --- p.10 / Interest Rate --- p.10 / The Condition of Economic Development --- p.11 / Expectation --- p.11 / The Fiscal Policy --- p.12 / Forecasting Exchange Rate --- p.12 / Fundamental Analysis --- p.14 / Chapter III. --- CHINA'S PROPERTY MARKET --- p.15 / The History of China's Property Market --- p.15 / Pre-1949 --- p.15 / 1949-1979 --- p.15 / 1979-1991 --- p.16 / 1992-1996 --- p.18 / China's Real Estate Market Overview --- p.20 / Shanghai's Property Market --- p.21 / Risk Analysis --- p.22 / Return --- p.22 / Risks --- p.23 / Chapter IV. --- THEORETICAL ANALYSIS --- p.25 / Currency Conversion and Exchange Rate Risks --- p.25 / Hypothesis --- p.26 / The Short Run --- p.26 / The Long Run --- p.27 / Chapter V. --- RESEARCH METHODOLOGY AND FINDINGS --- p.29 / Targets of Study --- p.29 / Questionnaire --- p.29 / Chapter VI. --- ANALYSIS AND CONCLUSIONS --- p.30 / Primary Source Data --- p.30 / Secondary Source Data --- p.32 / Analysis --- p.34 / The Short Run --- p.34 / The Long Run --- p.35 / Political Conditions --- p.35 / Economic Conditions --- p.36 / Social Conditions --- p.37 / Market Conditions --- p.37 / Land Investment --- p.38 / Conclusion --- p.39 / Chapter VII. --- RECOMMENDATIONS AND ADVICE TO DEVELOPERS --- p.40 / The Depreciation of Renminbi --- p.40 / The Appreciation of Renminbi --- p.41 / The Chinese Government Policy --- p.42 / Long-Term Consideration --- p.43 / APPENDIX --- p.45