Abstract
Executive Summary. The main objective of this study is to examine the impact of real estate prices on real estate stock prices in Hong Kong. Real estate-related firms account for over 30% of Hong Kong's stock market capitalization. The real estate markets are therefore, potentially, major determinants of changes in real estate stock prices. This study indicates that residential, office and industrial property prices (to a lessor degree) and the expected rate of inflation are important determinants of the change in real estate stock prices for Hong Kong. The results in this study make it easier to understand whether or not diversification can be achieved with different types of real estate.
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