Investigating the Influence of Associated Risks, Rewards, and External Intervention on Homeownership in Hong Kong, China

Abstract

ABSTRACT Homeownership approach differs across the global south and north. Several factors influence the decision to own a house, and the impact varies in the different economy. Housing stakeholders struggle with balancing the aspiration to own a house within the pressured market based on diverse factors associated with such choices. This study provides a comprehensive empirical investigation of the factors influencing homeownership in Hong Kong from three broad categories of associated risks, rewards, and external intervention factors. Literature review evidence identifes seven associated-risk, eight rewards, and seven external intervention factors as the basis of the variance based, partial least square structural equation model (V PLS-SEM) analysis of the study. A case study methodology with 502 valid responses was analyzed using mean item score (MIS), standard deviation (SD) and V-PLS-SEM. The result shows that the observed factors have a significant positive influence at 1.000 threshold level and have substantial predictive power and influence on homeownership. This study, therefore, recommends the integration of empirical factor analysis with other strategies for homeownership decision and policy statements to guide homeownership issues in Hong Kong. The approach adopted is useful for individuals, organizations, academicians, facilities managers, and policymakers to implement homeownership strategies.