Abstract
This study examines the risk-adjusted performance of the direct real estate markets in China (Beijing, Shanghai, Guangzhou, Shenzhen) and the indirect real estate markets in China (real estate companies on the Shanghai and Shenzhen stock markets) over 1995-2002, as well as assessing the dynamics between these two important real estate markets in China. Over this eight-year period, the office markets and real estate companies are seen to significantly under-perform the other asset classes on a risk-adjusted basis; however, evidence of portfolio diversification benefits is also seen for both the office markets and the real estate companies in China, with these diversification benefits being enhanced in more recent years.
| Original language | English |
|---|---|
| Pages (from-to) | 263-279 |
| Journal | Journal of Real Estate Portfolio Management |
| Volume | 11 |
| Issue number | 3 |
| Publication status | Published - 2005 |
Keywords
- Asia
- diversification
- economic growth
- investments
- real property
- securities