Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 王诃教授 (酒店及旅游管理学院) |
| 周玉清教授 (金融学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1111/j.1080-8620.2004.00094.x |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/26WOS source URL
其它资讯
摘要The paper examines the risk-and-return characteristics of a popular development strategy, the presale system (or sale before completion), used in many Asian cities. We model a presale decision in a real-options framework and suggest that the use of presale is primarily for a risk-sharing purpose. That is, developers can reduce bankruptcy and marketing risks by selling (or leasing) their projects before their completion dates. Our model also indicates that, because of the presale system, there is a barrier for new developers to enter into a market, which helps explain the anecdotal observation that most real estate markets in Asian cities are oligopolistic in nature and dominated by large developers.
着者Lai RN, Wang K, Zhou YQ
会议名称Conference on Commercial Property
会议开始日01.08.2003
会议地点Isl Skye
期刊名称Real Estate Economics
出版年份2004
月份6
日期1
卷号32
期次2
出版社BLACKWELL PUBLISHERS
页次329 - 357
国际标準期刊号1080-8620
语言英式英语
Web of Science 学科类别Business & Economics; Business, Finance; BUSINESS, FINANCE; Economics; ECONOMICS; Urban Studies; URBAN STUDIES
