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Air pollution in China has received growing consideration in recent years, and numerous studies have sought to comprehend the relation of air pollution to property value with the focus on the sale of housing market but concluded with somewhat mixed results. This study aims to fully understand the relation of air quality to housing markets through the following two stages. The first stage is to explore the genuine effect of air quality on housing price and comprehend the variations of the estimated price of air quality by conducting a systematic quantitative review of Meta-regression analysis (MRA). The other stage is to compare the value of air quality between the sale and rental of housing markets via a panel analysis based aggregate empirical study. Furthermore, the second stage also extends to a submarket analysis to compare the effects of air quality in different city tiers.The MRA is conducted based on a weighted least square model and finds that air quality is significantly associated with housing price beyond the publication bias. Additionally, estimated air quality effects are affected by the following four types of factors: the indicator of air quality, the sources of air quality data, control variables and estimation approaches. These findings confirm that air quality has an impact on housing prices and indicate that the inappropriate models lead to biased estimates.The panel analysis focuses on the housing markets and air quality within 283 prefecture-level cities in China from 2014 to 2018 and finds that air quality significantly affects both housing sale prices and rental prices. Furthermore, the differences between the estimated effects are insignificant. This finding can be interpreted as renters and homeowners have similar air quality preferences and place homogeneous value on improvements in air quality. Then, the submarket analysis quantifies the price of air quality based on five city tiers in China and finds that the influences of air quality are

Asia-Pacific Real Estate Investment Trusts (REITs) have become a significant listed property sector in the international property investment space. One of the prominent attributes of Asia-Pacific REITs is that sector-specific REITs have played a prevailing role in the Asia-Pacific REIT markets compared with diversified REITs. This unique trajectory of sector-specific REITs aligns with the discussion of specialisation value in the finance literature. However, there is a paucity of scholarly literature on REIT specialisation value specifically in the Asia-Pacific region. Unlike previous studies that ignore the fact that various property sectors may characterise distinct market cycles, this research aims to demonstrate the REIT specialisation value by comparing different property types of REITs with diversified REITs from multi-dimensional investment perspectives – both investment performance and risk management dimensions.The conceptual framework of this study aims to compare risk-adjusted returns; portfolio diversification benefits; risk-adjusted performance comparisons; roles in mixed-asset portfolios at domestic, regional and international levels; and interest rate sensitivity of Asia-Pacific sector-specific REITs versus diversified REITs. Additionally, the portfolio returns, risk, geographic and sectoral diversifications, and asset allocations of different property types (e.g. office, retail, industrial, residential and specialty sectors) of regional REIT-based portfolios in the Asia-Pacific are assessed for the first time. To reinforce the REIT specialisation value in the Asia-Pacific region, these analyses will be extended to the US REIT market. The rigorous analyses undertaken in this study validate the existence of REIT specialisation value across the Asia-Pacific region and the USA.Overall, the findings suggest that institutional investors should actively make their own sectoral portfolio diversification decisions by investing in different property types of R