Global Tourism and Real Estate

Bardhan, Ashok Deo; Begley, Jaclene; Kroll, Cynthia; George, Nathan

doi:10.2139/ssrn.1126837

Cited by 14 publications

(11 citation statements)

References 17 publications

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“…The rapid expansion of the FIREB sector in Hong Kong over the past two decades can be attributed to two major forces, in addition to the structural changes in the economy: globalization of the real estate market and rapid usage of information and communication technology (ICT). In the past two decades, globalization of service sector activities, in particular, sub-sectors of the real estate industry such as brokerage firms, real estate finance firms, investors, and builders have been active players in this global surge (Bardhan and Kroll, 2007). Influential forces which have led to this transformation include technological changes, rapid opening up of formerly closed economies (e.g.…”

Section: Influence Of New Working Practices On Space Usage In Finance Insurance Real Estate and Business Sector In Hong Kongmentioning

confidence: 99%

“…Influential forces which have led to this transformation include technological changes, rapid opening up of formerly closed economies (e.g. China), and the liberalization of some big financial markets (Bardhan and Kroll, 2007). From the demand side, the largest occupiers of office space, multinational companies, are becoming rapidly global.…”

Section: Influence Of New Working Practices On Space Usage In Finance Insurance Real Estate and Business Sector In Hong Kongmentioning

confidence: 99%

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Evaluating the effect of new working practices on office space usage in Hong Kong

Jayantha¹,

Oladinrin

2019

JCRE

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Purpose Many organizations in Hong Kong have witnessed a reduction in average space usage due to high occupancy costs. New working practices (NWPs) are viewed as a reform tool to manage expensive real estate around the world. However, it is unclear whether NWPs influence office space usage in business organizations in Hong Kong. This study, therefore, aims to evaluate if the average space reduction in office firms is caused by the NWPs in the finance, insurance, real estate and business (FIREB) firms. Design/methodology/approach A total of 20 NWPs were initially derived from the extant literature. A questionnaire survey was conducted with listed FIREB firms in Hong Kong to assess the impact of the identified NWPs on space usage. The data collected from the questionnaire survey were analysed using descriptive, explorative factor analysis (EFA) and partial least squares-structural equation modelling (PLS-SEM) to evaluate the effects of NWPs on average space usage. Findings Results revealed that four major NWP factors influence average space usage. Three of these factors, namely, “flexible arrangement”, “multitasking knowledge workers” and “teamwork and communication”, influence space usage positively. Even though the effect of the fourth factor “training and networking” was significant, it does not reflect a positive influence on space usage. Business organizations can focus more on the implementation of NWPs to cushion the effects of the high cost of occupancy. Originality/value The research provides new knowledge to the limited literature on the effect of NWPs in FIREB firms and enriches the growing body of international literature on how today’s competitive global business organizations should revisit their workplace strategies to accommodate the rising agile workforce and NWPs. The findings offer new insights into the ongoing debate on the impact of information and communication technology-enabled NWPs on space usage. From the real estate perspective, the findings should inform policymaking towards the better planning ahead of office properties to accommodate NWPs, helping Hong Kong to remain competitive as a key financial centre.

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Section: Influence Of New Working Practices On Space Usage In Finance Insurance Real Estate and Business Sector In Hong Kongmentioning

confidence: 99%

Section: Influence Of New Working Practices On Space Usage In Finance Insurance Real Estate and Business Sector In Hong Kongmentioning

confidence: 99%

Evaluating the effect of new working practices on office space usage in Hong Kong

Jayantha¹,

Oladinrin

2019

JCRE

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“…There is abundant scientific literature (Kabil et al, 2022;Coëffé & Stock, 2021, Gohar, 2021Shoval, 2018;Luo et al, 2016;Bardhan et al, 2008) that theoretically and empirically explores the relationship between tourism growth and real estate development.…”

Section: Literature Reviewmentioning

confidence: 99%

The real estate growth hypothesis in tourism destinations

Perles-Ribes,

Ramón Rodríguez,

Torregrosa

et al. 2024

EJTR

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This article proposes and theoretically develops the Real Estate Growth Hypothesis concept. It empirically investigates the connection between the expansion of tourism and the progress of real estate in Calp, an established tourist hotspot situated on the Mediterranean coast of Spain. Using annual data for the period 1967-2019 and a time series methodology that considers the possible nonlinearity of the relationship, the article draws conclusions from local and long-term perspectives. The results indicate that tourism causes real estate development, but only in the case of positive shocks. In view of this result, practical implications are outlined, and suggestions are made for managing tourist destinations.

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“…By studying housing supply elasticity in United States, Green, Malpezzi and Mayo () argued that the strong growth of housing construction in the national market led to shortages in material and labor, thus inducing substantial price increases. Bardhan and Kroll () showed that urbanization and growth in emerging markets led to rapid growth in the demand for building materials and other inputs, and increased global inflation.…”

Section: Stylized Facts On the Intermarket Relationshipmentioning

confidence: 99%

Hedging House Price Risk in China

2016

Real Estate Economics

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The increasing risk associated with China's housing prices is globally recognized. However, hedging this risk is challenging because of a lack of financial derivatives on China's housing assets. We suggest that the short sale of futures contracts for construction raw materials, i.e., iron ore or/and steel, can act as useful tools to hedge the systematic risk of China's new home price. We first present evidence that there is a strong and stable correlation between changes in China's housing prices and global steel/iron ore prices. Using a hedging strategy model, we then show that, during the sample period between 2009 and 2015, 20.6% of the total unpredicted variance in Chinese housing prices can be hedged by shorting rebar and iron ore futures. We further examine this strategy with an event study based on the announcement of the "homepurchase restriction" policy in April, 2010. The cumulative abnormal returns show that both steel and iron ore prices reacted significantly to this negative shock, and therefore the proposed strategy could substantially help investors offset losses in the housing market. We finally provide some evidences that this strategy can also help investors in specific regional housing markets, or the resale housing markets.

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Global Tourism and Real Estate

Cited by 14 publications

References 17 publications

Evaluating the effect of new working practices on office space usage in Hong Kong

Evaluating the effect of new working practices on office space usage in Hong Kong

The real estate growth hypothesis in tourism destinations

Hedging House Price Risk in China

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