Suchergebnisse

A nation's construction industry is essentially home grown, a derivative of its culture, history, geography and economic circumstances with every building or road a unique product, always a prototype, unlike the honed prototypes set up for efficient production runs of other industries. In terms of what was built and the standards achieved, Construction Industry Advance and Change: Progress in Eight Asian Economies since 1995 describes construction industry progress between 1995 and 2019 in Hong Kong , India, Indonesia, Japan, Malaysia, South Korea, Sri Lanka and Vietnam. The 25-year accounts provide insight into the nature of these individual construction industries, their shared characteristics, and their differing priorities. The book will add knowledge and contextual reference for construction industry professionals, public policy makers and academic researchers studying the industry. New students in construction industry management courses, will find the information and context needed to appreciate the nature of construction industries and the factors affecting industry output performance.

PurposeThis paper aims to identify the imbedded option value in price of auctioned land in Hong Kong, and to propose a more accurate valuation method in predicting land price.Design/methodology/approachBased on records of land auctions and property transactions during two periods of very different market conditions, land prices are estimated using the traditional hedonic pricing method as well as the option model modified from Quigg. The results are compared to deduce whether there is any imbedded option value, thus concluding whether the option model facilitates a more accurate valuation of land prices.FindingsThis study concludes that land auction prices have embedded option value in waiting to develop land. Option premiums increase with implied volatilities, which go up during market downturns, suggesting that developers place higher value on the option to develop during recessions.Research limitations/implicationsThe accuracy of the analysis may have been compromised by the limited number of land auctions conducted and the difficulties in inferring the value of multi‐ownership residential buildings from sample transactions of their constituent individual units. Future research will benefit from a larger sample of transactions.Practical implicationsThis paper illustrates that real option models provide the property industry with a valuation tool that addresses the concern arising from the irreversibility of investment decisions.Originality/valueThe study finds out the option premiums of vacant land in Hong Kong, lending empirical support to the application of option‐based models for more accurate land valuation under different market conditions.

Monetary policy on real estate investment in China has had varying impacts across the country due to regional differences. A supply-determined model is used to measure the policy effects on property investment volume based on a set of regional data from 2003 to 2010. This research yields several important findings contributing to an understanding of uneven policy effects on the unbalanced regional markets. Firstly, it is revealed that the eastern coastal provinces in China have a higher dependence on bank loans for housing investment than that of the other inland provinces. Secondly, this research has disentangled the specific transmission channels of monetary policy in the property market. Bank loan supply, instead of interest rates, would be a potentially effective policy tool for the government in making property market adjustment. Thirdly, the eastern coastal provinces are more sensitive in their responses to the changes of monetary stances than the other non-coastal central and western provinces. Therefore, the government must take note of the significant heterogeneity arising from the regional differences in estimating the policy impacts, although monetary policy is uniformly employed in the nation most of the time.