Hao Wang, Shuyan Wei, Bo-sin Tang, Junhua Chen and Wenbin Li
The purpose of this paper is to review land/real estate registration practice in Hong Kong, and make an in-depth comparison with Mainland China and finally provide helpful…
Abstract
Purpose
The purpose of this paper is to review land/real estate registration practice in Hong Kong, and make an in-depth comparison with Mainland China and finally provide helpful suggestions for the government.
Design/methodology/approach
Research methods including document analysis/review and comparative study are used in this paper.
Findings
The main findings focus on the problems existing in the mainland, including narrow query subject, single way of query, limited query time, and lacking of incentive mechanism. Helpful suggestions for real estate registration system in Mainland China are offered based on the comparative study.
Practical implications
The unified registration system can improve the efficiency of administrative institutions to ensure an open and transparent environment of property right registration, which helps prevent the relevant departments from abusing administrative power and harming the interests of obligees. The findings of this research can serve as a useful reference for policy makers to improve the unified registration system in China.
Originality/value
The registration system/mechanism determines the efficiency and effectiveness of real estate/land market. However, land registration and query in some countries such as Mainland China have institutional problems which hinder the sustained and healthy development of the real estate industry. The value of this paper is to propose constructive suggestions for such countries/regions by comparing and learning from a good model.
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Bo‐sin Tang and Roger M.H. Tang
Industrial restructuring has led to increasing obsolescence of old industrial properties in many cities. Transformation of these properties to meet the requirements of modern…
Abstract
Industrial restructuring has led to increasing obsolescence of old industrial properties in many cities. Transformation of these properties to meet the requirements of modern industrial operations is becoming an imminent task for property managers and industrial landowners. This paper reviews the experience of the private sector in restructuring obsolete industrial properties in Hong Kong. In particular, we focus our discussions on a recent market initiative (composite industrial‐office property development in Hong Kong) as an innovative attempt to make better use of urban industrial space. We argue that this new property type has not been successful because of the institutional constraints imposed under the planning policy. It again confirms that the industrial property market is characterized by market imperfection, owing largely to government policies, which precludes a smooth market adjustment to respond positively to changing demand. This problem, if allowed to continue, will ultimately damage the competitiveness of the cities.
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Sing‐cheong Liu, Mark Wang, Bo‐sin Tang and Siu‐wai Wong
This paper aims to present the authors' opinions about the impacts of globalization on real estate profession and some essential changes of real estate business service.
Abstract
Purpose
This paper aims to present the authors' opinions about the impacts of globalization on real estate profession and some essential changes of real estate business service.
Design/methodology/approach
The arguments are based on the authors' interpretation and first‐hand experience of the contemporary business environment. A case study example to illustrate the changing requirements for professional real estate services in mainland China is provided.
Findings
Economic globalization creates new opportunities in real estate market, product and service. It has the effect of blurring geographical and product boundaries. Real estate is increasingly integrated with the financial market. Global capital has transformed local property market practices. Real estate professionals have to re‐orientate themselves so that they can move up the service value‐ladder and avoid being marginalized under intense competition in a global market.
Practical implications
Re‐orientation of professional practices involves an expansion of one's geographical and market knowledge beyond the home boundary. It also requires a dramatic change of mind‐set, work attitude, social awareness and lifestyle.
Originality/value
The paper proposes a competence model. Professionals should sell “competence”, which is built on “service proper” (knowledge and skills) and “service infrastructure” (technology and organization).
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Qiping Shen, Hao Wang and Bo-sin Tang
Urban renewal projects provide an effective channel for adjusting land-use allocation and improving land-use efficiency, which effectively increases land supply. The purpose of…
Abstract
Purpose
Urban renewal projects provide an effective channel for adjusting land-use allocation and improving land-use efficiency, which effectively increases land supply. The purpose of this paper is to support the decision-making process of sustainable land use in urban renewal projects. A GIS-based framework, consisting of a planning support model and a land information database, has been developed in a typical high-density city – Hong Kong.
Design/methodology/approach
A qualitative and quantitative combined methodology is designed for this research. Several research methods such as expert interviews, focus group meetings, and case studies and technical approaches such as GIS, MCA, and AHP are adopted in this research.
Findings
General and sustainability criteria for land-use decision making in urban renewal along with associated data are identified, and an integrated approach to quantitatively assessing land-use suitability is developed.
Research limitations/implications
The framework was developed in a loosely coupled form rather than a software package installed on a computer, and the development of the land information database was a time-consuming process as a large amount of data were collected, processed, and analyzed.
Originality/value
Application of the proposed framework is reported by showing analyzed results of land-use suitability. The framework proves a useful tool for both practitioners and researchers involved in sustainable land use for urban renewal.
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Chiang Yat‐Hung, So Chun‐Kei Joinkey and Tang Bo‐Sin
The aim of the paper is to determine the dynamic relationships between REIT returns and those of other financial and real unsecuritized assets internationally.
Abstract
Purpose
The aim of the paper is to determine the dynamic relationships between REIT returns and those of other financial and real unsecuritized assets internationally.
Design/methodology/approach
Using a multi‐factor model the flexible least squares (FLS) coefficients of REIT returns against stock, bond and direct property returns are derived for the REIT markets of the USA, Australia, Japan and Singapore.
Findings
The correlation between REIT returns and those of other financial and real assets varies not only across countries but also inter‐temporally. REITs can certainly provide diversification benefits to a multi‐asset investment portfolio. However, due to the time‐varying nature of the correlation, active management is advised and REITs should be not be viewed as a complete substitute for direct property investment.
Research limitations/implications
There are two major limitations to the study. Firstly, the sampling periods used are not the same across the countries due to differing market maturity. Secondly, there are also sheer differences in market sizes. However, as REIT markets around the world continue to grow and become more mature in terms of their breath and depth, there will be a richer set of data available for more in‐depth analyses based on the methodology presented here.
Practical implications
The conclusions on both mature and emerging REIT markets could provide some ideas for international investors as to how they should formulate their time‐varying investment strategies and reconstruct their portfolios as mature markets become more efficient and emerging ones more mature.
Originality/value
The inclusion of Asian markets enables investigation of the correlation between REITs and different assets in respect not only of different market conditions, but also different geographical locations and market maturity. The international dimension of this paper may appeal to readers and investors who are interested in identifying diversification opportunities around the globe, especially so when the capital and property markets around the world are becoming more integrated and globalized.
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Fun Liang Chang and Yew Mun Hung
This paper aims to investigate the coupled effects of electrohydrodynamic and gravity forces on the circulation effectiveness of working fluid in an inclined micro heat pipe…
Abstract
Purpose
This paper aims to investigate the coupled effects of electrohydrodynamic and gravity forces on the circulation effectiveness of working fluid in an inclined micro heat pipe driven by electroosmotic flow. The effects of the three competing forces, namely, the capillary, the gravitational and the electrohydrodyanamic forces, on the circulation effectiveness of a micro heat pipe are compared and delineated.
Design/methodology/approach
The numerical model is developed based on the conservations of mass, momentum and energy with the incorporation of the Young–Laplace equation for electroosmotic flow in an inclined micro heat pipe incorporating the gravity effects.
Findings
By inducing electroosmotic flow in a micro heat pipe, a significant increase in heat transport capacity can be attained at a reasonably low applied voltage, leading to a small temperature drop and a high thermal conductance. However, the favorably applied gravity forces pull the liquid toward the evaporator section where the onset of flooding occurs within the condenser section, generating a throat that shrinks the vapor flow passage and may lead to a complete failure on the operation of micro heat pipe. Therefore, the balance between the electrohydrodyanamic and the gravitational forces is of vital importance.
Originality/value
This study provides a detailed insight into the gravitational and electroosmotic effects on the thermal performance of an inclined micro heat pipe driven by electroosmotic flow and paves the way for the feasible practical application of electrohydrodynamic forces in a micro-scale two-phase cooling device.