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Recent literature has widely discussed how housing price is linked to consumption and tenure choices, while tended to ignore that consumption and tenure choices are inter-correlated. This study employs the simultaneous equation model to explore how the housing purchase intention affects the non-housing consumption, considering the role of housing market sentiment. The result shows, on average, the housing purchase intention is associated with higher non-housing consumption, and a higher sentiment magnifies this positive relationship. Housing price level and growth decrease the household's enthusiasm of purchasing a new house, while sentiment is positively related to the housing purchase intention. Renters' behavior is less likely be affected by sentiment. In addition, the heterogeneous analysis indicates that households face a trade-off between housing and certain kinds of commodities. This study has some significant, practical implications on optimizing households' wealth allocation, implementing housing policy and improving the social welfare. [ABSTRACT FROM AUTHOR]

Housing the urban poor is a prevalent challenge in developing economies, regardless of the research attention and policy interventions over the years. It becomes essential to employ innovative approaches in investigating the challenge of affordable housing (AH) provision to achieve effective AH provision in developing economies. It is pragmatic to thoroughly explore expert solutions to the difficult task of housing the urban poor. To achieve this, focus group discussion and semi‐structured interviews with housing experts in Nigeria were conducted in this study. The recordings were transcribed and analysed using NVivo; following descriptive, content and thematic analyses of data we found that deliberate government policies to include the urban poor are the most significant housing solutions consistent across the entire housing supply value chain (HSVC). Major findings are that mainstreaming the use of alternative housing construction materials and strategies, deliberate finance models to target the urban poor and deliberate reservation of some urban land for housing the urban poor are strategies that will enhance AH provision. These are insights into critical solutions to AH constraints and are informative for effective AH provision for the urban poor in Nigeria; an essential ingredient for sustainable development goals. This study is first to explore experts' opinions in relation to HSVC to showcase significant solutions to AH provision challenges. Data from this study are essential for future pro‐poor housing studies. Recommendations are that AH interventions should be informed by research for more effective and sustainable results. [ABSTRACT FROM AUTHOR]

Vertical mixed-use development is a favourite choice in urban development in high-density Asian cities to increase the land use efficiency. The flexibility of construction timing and the restrictions by lease contracts in vertical mixed-use projects are usually different from horizontal ones and single-use properties. To improve the valuation for vertical mixed-use projects, this study re-examines the real option pricing model. Simultaneous development for different uses and a finite maximum waiting period are the major characteristics of these projects. An approach is introduced to determine whether to develop a mixed-use project vertically or horizontally on the basis of a statistics called the critical height premium. The vertical mixed-use project pricing model can be further verified by containing a height premium if market price information is derived from non-vertical mixed-use properties. This study suggests a more comprehensive real option approach to quantify the advantages and disadvantages of operating vertical mixed-use developments. [ABSTRACT FROM AUTHOR]

There are few studies on the externalities of shopping malls affecting the housing market. This study aims to discuss two issues: (1) What is the intensity of the impact of a shopping mall? (2) When does the external influence of a shopping mall begin to reveal itself? The West Intime Shopping Mall in Hangzhou offers a unique situation to research the questions. By dividing the study area into nine blocks, using hedonic price theory, and the price gradient approach with housing price data from 2011 to 2015, we found that in the space dimension, the mall exerted a significantly positive effect on the housing prices of nearby blocks. With the increase in distance from the mall, the positive effect decreased. There were more significantly positive effects in blocks far away from the city center. In the time dimension, the effects of West Intime did not reveal themselves until the mall had started to operate and gradually matured over time, implying that the mall did not have the obvious expected impact on housing prices before the mall had begun operating. [ABSTRACT FROM AUTHOR]

Affordability is a dominant and controversial issue in housing policy all over the world. Hong Kong is no exception. In 1987, the government took a notable shift in its housing policy toward a more market-oriented system. As such, the notion of affordability overrode the notion of need. Like the United States and the United Kingdom, Hong Kong uses the median rent-to-income ratio as an affordability yardstick for rent setting. However, this approach suffers serious criticisms for its arbitrary benchmarking. This paper aims to examine the 'affordability' issue among public rental housing tenants in Hong Kong. It takes a broader view by analyzing both their housing and nonhousing consumption patterns using economic first principles. It starts with an overview of conventional concepts of affordability and their shortcomings. It then applies the economic first principles to measure household affordability and test the 'reasonableness' of using the median rent-to-income ratio as a benchmark. Rather interestingly, the findings suggest that the easy-to-use median rent-to-income ratio currently adopted by the Hong Kong Housing Authority cannot reflect the affordability of public rental housing tenants. This paper argues that household affordability could be gauged more correctly by adopting economic first principles, which render a better operational definition in housing resource allocation.

The "buy-and-hold" strategy based on the EMH has been adopted by many investors for long. However, the global financial crisis in 2008 caused more doubt to be cast on EMH. Therefore, many scholars have attempted to create a trading strategy which can outperform the "buy-and-hold" strategy. In this study, we use the Shiryaev-Zhou index to derive a new generalized time-dependent strategy of which the moving-window size can be changed to see how the moving-window size affects the resulting profit of our strategy. We test our strategy on the securitized real estate and general equity indices of six economies, and find the optimal moving-window size for our strategy on each stock index. The results show that when the optimal moving-window size is used, our strategy outperforms the "buy-and-hold" strategy for most cases. Furthermore, during stock market downturns, it's advisable to adopt our strategy, preferably with larger moving-window sizes, to prevent losses when the stock prices fall rapidly. However, during long periods of booms, it's better to adhere to the "buy-and-hold" strategy. This implies that we should switch strategies when market fundamentals changes significantly. Property practitioners can also apply this strategy for a better portfolio management to increase their profit. [ABSTRACT FROM AUTHOR]

There are a lot of previous studies on calendar effects. However, most of them use traditional methods like regression. Hui et al. Habitat International 48, 38-45, (2015b) incorporated Shiryaev-Zhou index with logistic regression to study the Halloween and January effects of eight securitized real estate markets, but they fixed the moving-window size to be 130 days. How the change in moving-window size affects the calendar effects cannot be seen. In this study, we also apply the Shiryaev-Zhou index, but we allow the moving-window size to vary. Furthermore, we incorporated Shiryaev-Zhou index with analysis of mean (ANOM) and logistic regression to examine calendar effects of general equity and securitized real estate indices of Hong Kong, Japan, US, UK, France and Germany during the period 1996 - 2014. The results show that our new methods can detect additional channels of significant calendar effects of which normal methods fail to show. Furthermore, the general equity indices show significant Halloween and January effects. However, for the securitized real estate indices, the Halloween and January effects are less significant or even go into reverse in some cases. This study has two main implications. Firstly, investors can formulate a better trading strategy to earn more profits. Secondly, trends and phenomena found in equity markets may not be applicable to real estate markets, so investment rules on equity markets may not work on real estate markets. [ABSTRACT FROM AUTHOR]

Purpose As the Chinese Government is planning to transform the economy from an export-oriented economy into a consumption-oriented economy, the impact of Chinese consumers to the economy will become more and more important. However, there is a lack of literature on Chinese consumers’ behavior and the critical factors of shopping malls in China. Hence, this study aims to determine the critical factors of a shopping mall in an urban complex in China from customers’ perspective, using Nanjing Wanda Plaza as an example for our case study.Design/methodology/approach This study carries out ranking analysis and factor analysis to determine the critical factors of the shopping mall. Then cluster analysis is applied to divide the customers into three segments, showing the importance of each factor to different customer segments. Furthermore, correspondence analysis is conducted to investigate the relationship between customer segments and customer characteristics (gender, occupation, age and income). This method can show how customer characteristics affect the critical factors of the shopping mall.Findings Sensual enjoyable shoppers consider the “soft factors” to be superior to the “hard factors”, whereas the pragmatic shoppers are just the opposite.Originality/value This study can serve as a useful reference for developers in designing shopping malls in urban complexes to attract more customers. [ABSTRACT FROM AUTHOR]