打印

作者

Xin Li;Eddie C.M. Hui;Jianfu Shen

来源

HABITAT INTERNATIONAL,Vol.98,P.102151

语言

英文

关键字

Chinese outward real estate investment;Hong Kong;Land acquisition;Land price;Economic profit;Cumulative abnormal return

作者单位

School of Architecture, South China University of Technology, Guangzhou, China;Department of Building and Real Estate, The Hong Kong Polytechnic University, Hum Hong, Hong Kong;School of Architecture, South China University of Technology, Guangzhou, China;Department of Building and Real Estate, The Hong Kong Polytechnic University, Hum Hong, Hong Kong

摘要

This paper explores the Chinese outward real estate investment in Hong Kong's land market from 2011 to 2019. The property developers from Mainland China are attracted to Hong Kong market and win a significant portion of land parcels in government land auctions since 2011. The results reveal that these developers pay much higher land premium to acquire land than local developers. The expected gain from the land development, measured by the stock market reaction to land acquisition, is significantly positive for Chinese developers and much larger than the gain for local developers. Taken together, our findings indicate that outward real estate investment helps Chinese property developers seek new markets and improves the profitability and financial performance; meanwhile, the Chinese outward investment also pushes up the real estate price in the host market.