Showing papers in "International Journal of Strategic Property Management in 2019"
TL;DR: A group decision making (GDM) model based on multiplicative consistency and consensus with double hierarchy hesitant fuzzy linguistic preference relations (DHHFLPRs) is proposed and a new consensus reaching method on the basis of the correlation measure is developed.
Abstract: Based on the Computing with Words (CW), double hierarchy hesitant fuzzy linguistic term set (DHHFLTS) can be used to express complex linguistic information accurately with two simple linguistic hierarchies. This paper proposes a group decision making (GDM) model based on multiplicative consistency and consensus with double hierarchy hesitant fuzzy linguistic preference relations (DHHFLPRs). Firstly, a correlation coefficient of DHHFLTSs is defined based on the distance measures of double hierarchy hesitant fuzzy linguistic elements (DHHFLEs). Then, a multiplicative consistency property of DHHFLPRs is investigated, and a consistency checking method and a feedback mechanism-based repairing algorithm are developed to ensure all DHHFLPRs with acceptable multiplicative consistency. Furthermore, a correlation measure for DHHFLPRs based on the correlation coefficient of DHHFLTSs is proposed, and a new consensus reaching method on the basis of the correlation measure is developed, which can be used to fully obtain the consensus degree from both positive and negative angles. Finally, we make some comparative analyses with other existing consistency checking and repairing method as well as the consensus reaching approach to illustrate the effectiveness of the proposed method by a case study concerning the assessment of the venture capital project about real estate market in some cities of China.
First published online 8 October 2019
33 citations
TL;DR: In this article, the authors presented a hybrid SWARA-COPRAS approach to examine risk allocation, particularly for PPP water supply and sewerage projects in the context of Malaysia, which enables decision makers to utilize qualitative linguistic terms in the allocation of risk between the public and private sector, and to select the best strategy for risk allocation in a contract.
Abstract: In a situation of growing water demand, inadequate public funding, poor asset condition and lack of maintenance in developing countries, public-private partnerships (PPPs) play an important role in the development of infrastructure, such as water supply and sewerage services. The purpose of this study is to develop a quantitative approach to appropriate risk allocation, with attention directed to the impact of positive and negative factors in water and sewerage projects. The paper presents a hybrid SWARA-COPRAS approach to examine risk allocation, particularly for PPP water supply and sewerage projects in the context of Malaysia. In addition to PPP infrastructure projects, the approach has the potential to be adapted to other applications. The proposed method enables decision makers to utilise qualitative linguistic terms in the allocation of risk between the public and private sector, and to select the best strategy for risk allocation in a contract. Finally, 24 significant risks were identified: six risks would preferably be allocated to the public sector, while seven risks would be assigned to the private sector, and eleven risks would preferably be shared by both parties. The finding from this study can help the government of Malaysia to determine an attractive political strategy for private investors to support a PPP water and sewerage infrastructure project.
21 citations
TL;DR: This paper investigated operation performance indicators (OPIs) and measured the performance level of PRH PPP projects by fuzzy-analytic hierarchy process (AHP) comprehensive evaluation (FACE) method and provided an effective operation performance measurement framework for PRh PPPs projects.
Abstract: As governments promote greatly the Public Private Partnerships (PPPs) to develop the Public Rental Housing (PRH) projects, the effective and efficient operation performance measurement should be pivotal for ensuring the success and sustainable development of these projects. Thus, this paper investigated operation performance indicators (OPIs) and measured the performance level of PRH PPP projects by fuzzy-analytic hierarchy process (AHP) comprehensive evaluation (FACE) method. Four important aspects of PRH PPP projects related to the operation performance and an evaluation indicator system of 21 OPIs from these four aspects were developed, the weights of which were calculated by using the AHP method. Based on fuzzy mathematics and the expert evaluation method, all the OPIs were quantitatively graded according to five ranks of evaluation criteria. Membership functions, weights of OPIs, and maximum membership degree principle were utilized to establish a multi-level FACE model for operation performance measurement of PRH PPP projects. One PRH PPP project of Nanjing, Jiangsu Province in China was chosen as the case study. Evaluation results were derived from the proposed model, and they generally conform to the actual situation. This study provides an effective operation performance measurement framework for PRH PPPs projects.
20 citations
TL;DR: A case study for evaluating probable locations of a five star hotel examined for the Shahrekord city, Iran is examined, as locations were prioritized based on sustainability perspective, business goals can also be seen as a pre-planning project.
Abstract: Finding an appropriate location from any kind of perspectives is a really vital issue for businesses. Searching for the best location to meet a business perspective which can be also a sustainable one would be really challenging and it needs pre-planning. Locating for business issues in tourism industry for instance hotel locating is one of the major complicated topics in this area. Locating can come along with pre-planning and kind of feasibility studies which can cover all necessities of current and future needs of an issue. Locating with sustainability point of view is one the newest approach in different studies which this research is also working on that based on a hybrid Multiple Attribute Decision Making (MADM) model. MADM methods are really suitable ways in making complicated decisions in different areas. A hybrid MADM model based on BWM-WASPAS is applied for locating problem in finding the best location for the hotel locating challenge. To meet the aim of this research, a case study for evaluating probable locations of a five star hotel examined for the Shahrekord city, Iran. As locations were prioritized based on sustainability perspective, business goals can also be seen as a pre-planning project.
18 citations
TL;DR: This study addressed the complexity of criteria issue by using the original hierarchical structure of AHP and thus contributes to the world economy by enabling the generation of more accurate estimations.
Abstract: Predicting the value of real estate is a complex endeavor due to the abundance of subjective criteria. Objective consideration of the value-affecting criteria in real estate and regulation of decision support systems will enable the acquisition of more accurate results. In this study, analytic hierarchy process (AHP), a type of multi-criteria decision analysis (MCDA), is used to reproduce coefficients that serve as the basis for real estate valuation. A region in the Selcuklu district of Konya, Turkey was used to test the model created by AHP. Weighted criteria describing areas subjected to purchase/sale were generated by the AHP method and then validated. Additionally, a valuation model was created by the multiple regression analysis (MRA) method for comparison and performance analyses. Weighted values were transformed from AHP points and acquired from the MRA method and then joined with geographic information systems (GIS). Value maps of the study area and purchase/sale values were generated according to these newly created models. The performance comparison and value maps revealed that the AHP method is more successful than the MRA method. This study addressed the complexity of criteria issue by using the original hierarchical structure of AHP and thus contributes to the world economy by enabling the generation of more accurate estimations.
17 citations
TL;DR: The International Journal of Strategic Property Management (IJSPM) as mentioned in this paper is an interdisciplinary journal which provides a forum for a broad range of strategic property management research, such as asset and facilities management, property policy, risk management, residential property value enhancement, and housing finance.
Abstract: The International Journal of Strategic Property Management (IJSPM) is an interdisciplinary journal which provides a forum for a broad range of strategic property management research. The topics such as asset and facilities management, property policy, risk management, residential property value enhancement, and housing finance are included in the scope of the IJSPM’s investigation. The aim of this study is to provide a bibliometric analysis of the papers published by the IJSPM which is collected in the well-known Social Science Citation Index database and analyse the current status and the emerging trends of the research outputs in the IJSPM with some broadly utilized as well as diversely designed indicators. By analysing the annual publication distribution, the citation structure, the co-citation and cooperation networks, and the influential contributors on the aspects of specific countries/regions, institutions, cited journals, and authors, the status quo of the IJSPM publications is presented. Also, the emerging trends are explored through the analyses of timeline view and burst detection. We make the contributions in terms of visualizing the complex and significant results based on the objective and quantitative data. This paper assists researchers with an understanding of the development of the IJSPM, which gives useful information for further researches and submitting works.
16 citations
TL;DR: The research aims at providing a critical review concerning the Facility Condition Index and its use, finding that FCI provides a reliable economic measurement of maintenance needs, though it must be tied to a strong condition assessment methodology.
Abstract: Measurement of performances in asset management is an enabling factor to define an effective strategy. The scope of this research concerns the investigation on the Facility Condition Index (FCI): one of the most common metrics related to the built environment. The research aims at providing a critical review concerning the FCI and its use. The research methodology has been developed according to three steps: bibliographic research, bibliometric analysis and critical review. Most of the sources agree that FCI provides a reliable economic measurement of maintenance needs, though it must be tied to a strong condition assessment methodology. Moreover, different methodologies for computation of the deferred maintenance and the current replacement value can be found in literature and many researchers emphasised the limits of FCI when dealing with components characterised by a considerable difference in replacement costs. In conclusion, FCI is included in the wider framework of asset management business process.
15 citations
TL;DR: Wang et al. as mentioned in this paper explored what hinders the development of the Chinese continuing care retirement community (CCRC) industry based on a comprehensive content analysis of news coverage retrieved from 14 major Chinese portal websites.
Abstract: The continuing care retirement community (CCRC) is an emerging institutional living arrangement for the increasing number of older Chinese and has attracted a variety of investors from different sectors in China. However, the development of this sector is still in its infancy and encounters various barriers. This paper aims to explore what hinders the development of the Chinese CCRC industry based on a comprehensive content analysis of news coverage retrieved from 14 major Chinese portal websites. Twenty-one barriers are identified, and they are closely related to the development and operation of CCRCs, government policies and industry management, and potential and current customers. Of all the barriers, the high risks involved in the delivery of CCRCs, lack of policy support, and affordability issue are the most frequently mentioned barriers relating to CCRC development and operation, government policies and industry management, and customers, respectively. These identified barriers call for close collaboration cross various CCRC stakeholders in order to ensure healthy development of the Chinese CCRC industry in the future. This study systemically explores the barriers hindering the development of the burgeoning Chinese CCRC sector, and its findings will benefit CCRC stakeholders and the Chinese CCRC industry in a number of ways.
14 citations
TL;DR: The findings indicate that proactive customer orientation enhances satisfaction to a level not reached by responsive customer orientation as well as suggesting the applicability of both customer orientations in different scenarios.
Abstract: This study presents a framework to measure and empirically validate the relationship between customer orientation and office space performance. The framework uses two types of customer orientation (i.e., responsive customer orientation and proactive customer orientation) and two types of office space performance metrics (i.e., tenant satisfaction and tenant loyalty). Moreover, the building grade (Grade A and Non-grade A) is incorporated into the framework to assess its moderating effect on the relationships. 380 usable responses were collected from building managers in Grade A and Non-grade A buildings using a questionnaire survey. Partial least squares structural equation modeling was utilized to perform latent variable and multi-group analyses. The findings indicate that proactive customer orientation enhances satisfaction to a level not reached by responsive customer orientation as well as suggesting the applicability of both customer orientations in different scenarios. While proactive customer orientation practices lead to higher satisfaction in Non-grade A office ten-ants, responsive customer orientation practices lead to greater satisfaction in grade A office tenants. The latter tend to be more satisfied with Grade A office and thus loyal. Theoretical and managerial implications are discussed.
14 citations
TL;DR: Wang et al. as discussed by the authors assessed the asymmetric impact of institutional quality on Chinese outward investment in real estate using an extended gravity model with a real estate institutional factor, showing that market size and cultural proximity have a positive influence on the FDIRE outflows from China.
Abstract: Chinese outward investment in real estate (FDIRE) has increased tremendously in recent years. However, it has attracted little attention in the literature. This study aims to assess the asymmetric impact of institutional quality on Chinese outward FDIRE using an extended gravity model with a real estate institutional factor. Using the unique dataset of Chinese outward real estate investment collected from Real Capital Analytics, we identify the main determinants of China’s outward FDIRE. The results show that the established gravity model and real estate institutional factor together explain China’s outward FDIRE. Specifically, market size and cultural proximity have a positive influence on the FDIRE outflows from China. In addition, institutional factor, namely real estate transparency, has an acute impact on China’s outward FDIRE, whilst it is conditional on the market size of and the economic growth speed of a country, highlighting an asymmetric effect of institutional quality on Chinese outward FDIRE. The implications of the findings have also been discussed.
12 citations
TL;DR: Sustainable project selection is a process that is involved with making important decisions under uncertainty in project management often the existing data is limited and vague.
Abstract: Project management is a process that is involved with making important decisions under uncertainty. In project management often the existing data is limited and vague. Sustainable project selection ha
TL;DR: In this article, a review of 724 academic journal papers on FM, between 1995 and 2018, were reviewed and a number of the latest advancements and emergent trends were identified based on knowledge maps in FM, including changing circumstances, enhancing information technology, all-around facility manager, strategic performance management, sustainable FM and innovative FM practice.
Abstract: Facility management (FM) has received extensive attention from practitioners and researchers While FM is continuously maturing as a scientific discipline and relevant studies are constantly growing, there are no holistic reviews of current research The information in previous studies is generally scattered, and existing literature reviews mostly focused on specific aspects of FM It is necessary for researchers and practitioners to obtain a thorough view of the current status in the FM field and future development trends that have been summarized and discussed in depth Using a bibliometricqualitative analysis, a total of 724 academic journal papers on FM, between 1995 and 2018, were reviewed A number of the latest advancements and emergent trends were identified based on knowledge maps in FM, including changing circumstances, enhancing information technology, all-around facility manager, strategic performance management, sustainable FM and innovative FM practice It is hoped that this review can help researchers understand the current body of FM knowledge The future directions were also highlighted in this study to help researchers identify areas where research is most needed This study could also help practitioners to address upcoming challenges in the FM field
TL;DR: In this paper, the WS PLP method is used to more accurately express decision-makers' stand regarding the desired preference ratings of criteria by incorporating ppr values into the decision-making process.
Abstract: The main goal of the manuscript is to propose the framework that would facilitate the selection of hotel construction projects for an investment based on the application of the WS PLP method. The key reason why the WS PLP method is used is reflected in its ability to more accurately express decision-makers’ stand regarding the desired preference ratings of criteria by incorporating ppr values into the decision-making process. Also, the WS PLP method implies the introduction of the compensation coefficient, which provides a possibility of the decision-maker’s selection between an alternative that has the best matching with the preferred performance ratings expressed through ppr values and the one that has the best overall performance ratings. The applicability and effectiveness of the proposed framework are demonstrated through a real case study on the five types of the hotels that should be constructed on Kopaonik Mountain in Serbia.
TL;DR: Wang et al. as mentioned in this paper adopted a recursive forward looking method to detect the presence of housing bubbles and investigate their potential cyclical patterns in China's large and medium sized cities.
Abstract: Based on the monthly data of 35 cities during the period 2006−2017, this study adopts a recursive forward looking method to detect the presence of housing bubbles and investigate their potential cyclical patterns in China’s large and medium sized cities. Empirical results show that the number of cities reporting housing bubbles has been increasing since 2013, before it declined in 2017. Regarding regional disparities of housing bubbles, 1st-tier and 1.5-tier cities have higher probability than 2nd-tier cities for housing bubbles. In general, eastern region cities have more housing bubbles than central and western region cities, which may indicate the problem of shrinking cities China is facing nowadays. Bubble signals for market correction in major cities and municipalities seemed alarming in particular for the period 2013−2016, however it is difficult to conclude if the market adjustment in 2017 indicates a cyclical pattern.
TL;DR: In this paper, the authors developed an economic relevance assessment model for on-site construction activities of ETICS to increase economic rationality of resource allocation and emphasise the high-risk systematic shortcomings.
Abstract: The systematic inadequacies of the External Thermal Insulation Composite System (ETICS), which occur during the construction phase, increase the financial risk for stakeholders, while reducing the long-term durability of the facade. The economic effect of on-site shortcomings can be reduced if the most significant on-site activities are recognised. The current paper develops an economic relevance assessment model for on-site construction activities of ETICS to increase economic rationality of resource allocation and emphasise the high-risk systematic shortcomings. The economic assessment model quantifies the financial risk of the on-site degradation factors with the method of modified Failure Mode Effects Analysis (FMEA). The data collection is followed by experts’ judgments and is validated with the Delphi technique. The study reveals that degradation factors in the early phases of construction have the highest relevance due to high costs of repair as well as high occurrence possibility and higher detection difficulty due to rapid coverage. Ninety percent of the shortcomings appear during the first five years of completion of the construction. The on-site failures occurring during the application of mechanical anchors and finishing layer cause the lowest financial risk. The model enables the economic effect of the on-site activities to be prioritised for better resource allocation.
TL;DR: In this paper, the authors investigated the value of accessible housing and the consumer's willingness to pay (WTP) using the Contingent Valuation Method (CVM) and found that more than half of the respondents were willing to pay more for accessible housing compared to conventional housing.
Abstract: The demands and requirements for accessible housing of a diverse population can vary considerably, especially considering that “aging in place” is a growing trend among the elderly. In an aging society, accessibility can be a housingmarket commodity, and the demand in Korea for this commodity is expected to increase. The purpose of this study is to investigate the value of accessible housing and the consumer᾽s willingness to pay (WTP) using the Contingent Valuation Method (CVM). For the analysis, 700 people were interviewed based on the housing type and age group. More than half of the respondents were willing to pay more for accessible housing compared to conventional housing. The WTP amount differed considerably with the age group, gender, housing type, size of unit, and tenure type. The elderly showed a greater WTP than the younger group; higher economic status (as indicated by monthly household income), educational level, and home ownership influenced WTP. The results showed that accessible housing could be an important housing choice for the elderly and can be adopted as an affordable option. Moreover, the results can help reduce the negative perception of accessible housing, which is commonly associated with its supposed high costs.
TL;DR: In this paper, a longitudinal analysis of the relationship between housing prices and inflation by employing new housing price indices from 29 large Chinese cities over the 2003-2013 period was presented. But the authors found no long-run co-integration relationship between the two variables.
Abstract: This paper presents a longitudinal analysis of the relationship between housing prices and inflation by employing new housing price indices from 29 large Chinese cities over the 2003–2013 period. Based on the Autoregressive Distributive Lag (ARDL) model and bounds test, we find no long-run co-integration relationship between housing prices and inflation. This result is robust for different types of inflation (actual, expected, unexpected inflation). Furthermore, it is found that the housing prices in China grow spectacularly in the sample period owing to the dramatic development of the Chinese economy, while inflation grows in a more modest way. Although the study is conducted in the context of China, the results can provide useful evidence to the debate on the relationship between housing prices and inflation.
TL;DR: In this paper, a study was conducted to identify possible services that property management companies can provide to elderly residents of apartment complexes in response to changing demographics, where factor analysis was performed to identify the main areas of service demands or service demand aspects.
Abstract: An aging population results in an increased demand for services designed to meet the needs of elderly people. To enable elderly individuals to age successfully in their original residence environments, property management companies that provide services to apartment complex residents play an important role as service providers. The purpose of this study was to identify possible services that property management companies can provide to elderly residents of apartment complexes in response to changing demographics. Factor analysis was performed to identify the main areas of service demands or service demand aspects. Cluster analysis and a chi-square test were also used to identify and highlight the varied demographic characteristics and residence conditions of respondents and how they affect the level of importance attributed to each service demand aspect. Results showed seven main service aspects that were of concern to elderly individuals. Specific characteristics of elderly people that led to higher demands for certain other service aspects were also identified. The results of this study can serve as a reference for property management companies to help them provide custom design services for apartment complexes they serve and to expand their business scope and opportunities.
First published online 9 October 2019
TL;DR: A multi-expert multi-criterion decision-making method integrating the double normalization-based multi-aggregation method with a cardinal consensus reaching process, where the assessments of alternatives over multiple criteria are expressed as hesitant fuzzy linguistic term sets.
Abstract: The hesitant fuzzy linguistic term set is an effective tool to express qualitative evaluations since it is close to human reasoning and expressing habits. In this paper, we propose a multi-expert multi-criterion decision-making method integrating the double normalization-based multi-aggregation (DNMA) method with a cardinal consensus reaching process, where the assessments of alternatives over multiple criteria are expressed as hesitant fuzzy linguistic term sets. To do so, the DNMA method involving double normalizations and three aggregation tools is extended to deal with the hesitant fuzzy linguistic information and derive the ranking of alternatives with respect to each expert. In addition, a cardinal consensus reaching process is introduced to help experts reach an acceptable consensus level. In other words, the soft consensus is considered in the multi-expert multi-criterion decision-making process. Subsequently, an extended Borda rule is developed to aggregate the subordinate ranks and integrated scores of alternatives, and then deduce the comprehensive ranking of alternatives. A case study is given to illustrate the practicability of the proposed method for selecting the optimal geographical location of a larger-scale shopping mall in the new urbanization for a construction investment agency. The proposed method is compared with other ranking methods to illustrate its advantages.
TL;DR: In this article, the authors analyzed the efficiency and determinants of the construction and operation stages of Chinese infrastructure PPP projects conducted by thirty provinces from 2008-2013, and found that government supervision was one of the most significant positive influences on construction efficiency, while risk allocation had a greater positive impact on efficiency during operation stage.
Abstract: Public-private partnerships (PPPs) are used for infrastructure projects, but they usually involve risk because of their complexity. The construction and operation stages are the core of successful infrastructure PPP projects. This study analysed the efficiency and determinants of the construction and operation stages of Chinese infrastructure PPP projects conducted by thirty provinces from 2008–2013. During the five years examined, the efficiency of infrastructure PPP projects in the construction stage exhibited a downward spiral, but showed a gradual upward trend in the operation stage. The results showed that government supervision was one of the most significant positive influences on construction efficiency, while risk allocation had a greater positive impact on efficiency during the operation stage. The evidence in this study is impactful because it provides insights for practitioners regarding key determinants for improving efficiency in the construction and operation stages of infrastructure PPP projects.
TL;DR: In this article, the authors applied the fuzzy Delphi method, analytical hierarchy process, utility theory, and other research methods to construct an evaluation model for residential environment location, which can help decision makers to evaluate utility values and profitability, in order to select the most suitable environment.
Abstract: Inappropriate land development decisions lead to wasted land resources; such bad decisions can negatively impact urban landscapes and the environment, which makes the decision of an appropriate residential environment difficult. Therefore, a suitable assessment model is required to resolve this complexity. The present study applied the fuzzy Delphi method, analytical hierarchy process, utility theory, and other research methods to construct an evaluation model for residential environment location. the study findings reveal that consumers are attracted by regional environmental conditions and architectural design. However, the study found that community welfare is neglected. This model can help decision makers to evaluate utility values and profitability, in order to select the most suitable environment. Therefore, related authorities should strengthen community welfare and neighborhood development. Furthermore, social resources should be integrated in order to deliver social welfare and services to the community, thus enabling people in the community to obtain the necessary resources and assistance.
TL;DR: In this article, the authors focused on assessment of socio-economic profile and satisfaction of residents of single unit houses vis-à-vis of those living in apartments and found that residents of both housing types were equally satisfied with housing attributes and surrounding neighborhood while the residents of a single unit house were more satisfied with facilities, maintenance and culture.
Abstract: Cities in Pakistan, because of rapid pace of urbanization, are unable to provide adequate housing supply to cater to the needs of the people. Islamabad, the capital of Pakistan, has a population of two million with a growth rate of six percent. Construction of apartment buildings, as one of the alternatives to fulfil the housing needs, is on the rise. However, apartments are being designed without considering the needs of the residents. This research focuses on assessment of socio-economic profile and satisfaction of residents of single unit houses vis-à-vis of those living in apartments. Fried and Gleicher’s approach was used in this research. This study analysed the socioeconomic characteristics, level of satisfaction of residents; drivers and barriers that influence the residential satisfaction of residents in two types of residential units in Islamabad. This study finds that residents of both housing types were equally satisfied with housing attributes and surrounding neighborhood while the residents of single unit houses were more satisfied with facilities, maintenance and culture. This study suggests that more focus should be given to factors like open space, basic amenities, privacy while designing an apartment building.
TL;DR: In this article, the authors used a hedonic-model based on a sample of 67 prime office buildings (including non-green comparables) certified by HKBEAM, BEAM-plus and LEED in Hong Kong.
Abstract: A barrier to green-building development is the uncertainty and scepticism about the financial implications. This study aimed to investigate whether the green-certification schemes help buyers to recognize the benefits of green office buildings by their willingness to pay a premium for such buildings. The study used a hedonic-model based on a sample of 67 prime office buildings (including non-green comparables) certified by HKBEAM, BEAM-Plus and LEED in Hong Kong. The empirical findings suggest that green certification schemes add extra value to an office property. The rental value of office properties certified by HKBEAM, BEAM Plus and LEED is about 10.9% higher than for non-certified office buildings. More specifically, tenants/users are willing to pay a premium of 10.9% for green-certified office properties. The findings have practical implications in encouraging green building development in Hong Kong and elsewhere. The findings indicate that the higher rental income from green office buildings can cover the additional cost of obtaining green certification within a period of 22-months (22.32 months) in Hong Kong. The results provide references for various stakeholders (developers/investors/users) in establishing the business case for green-office buildings, because of the ability of the market to capitalize the environmental benefits of green office properties.
TL;DR: In this article, the authors compared the predictive powers of hierarchical generalized linear modeling (HGLM), logistic regression, and discriminant analysis with regard to tenure choices between buying property and renting property by sampling the residents of the Greater Taipei area.
Abstract: This paper compares the predictive powers of hierarchical generalized linear modeling (HGLM), logistic regression, and discriminant analysis with regard to tenure choices between buying property and renting property by sampling the residents of the Greater Taipei area. The results imply that the hit rate and other indicators included in HGLM have better predictive power with regard to tenure choices than the binary logistic regression model and the discriminant analysis model. That is, using HGLM to process nested data can increase prediction accuracy regarding household tenure choices. Furthermore, cross-validation is performed to analyze hit rate stability. The hit rate sequencing from this cross-validation is found to be consistent with the HGLM results, implying that the comparison of the three models in terms of hit rate performance prediction in this study is stable and reliable.
TL;DR: In this article, the performance of Shariah compliant portfolios with US equity REIT portfolio during 1993-2017 was compared by examining the abnormal returns using CAPM and Carhart four-factor model.
Abstract: This paper investigates whether faith has impact on investment returns. Specifically, we choose the Shariah compliance and REITs investment for the purpose of investigation. Synthetic Shariah compliant portfolios are constructed with various interpretation of compliance. We compare the performance of Shariah compliant portfolios with US Equity REIT portfolio during 1993–2017 by examining the abnormal returns using CAPM and Carhart four-factor model. We find no evidence of underperformance or outperformance of the Shariah compliant investments. This is also true during the financial crisis periods which is confirmed by the sub-sample analysis. Our findings suggest that Shariah compliant REIT investor faces no cost or gain in his investments as a result of his faith.
TL;DR: In this article, the authors developed a dynamic simulation model to analyze the economic feasibility of apartment development projects and verified the model with a case study of a 1,794-unit apartment development project.
Abstract: Many factors influence the success of apartment development projects, but it is difficult to quantitatively measure them. In terms of risk control, the five most direct influence factors are sales ratio, unit sale price, financial cost, land cost, and construction cost. These factors will vary during the project, from planning to land purchase to design to sale to construction, and the levels of these factors will also affect project performance. Therefore, it is necessary to dynamically forecast, control and monitor, and manage these factors in order to successfully implement apartment development projects. This study develops a dynamic simulation model to analyze the economic feasibility of apartment development projects. It draws a causal loop diagram of the aforementioned influence factors, develops a simulation model using system dynamics, and verifies the model with a case study of a 1,794-unit apartment development project. Using this simulation model, it is possible to quickly and easily simulate the economic effects of the risk factors that change throughout the project, analyze its economic feasibility, and develop a plan to reduce economic losses, if necessary. The simulation model can also identify the optimal conditions for project feasibility and develop a risk-control model for apartment development projects.
TL;DR: Wang et al. as mentioned in this paper investigated the overall impacts of the World Heritage List (WHL) inscription in China from different socioeconomic aspects and found that cultural cognition, sense of belonging, community cohesion and infrastructure were positively improved by the WHL inscription, whereas damage to the community cultural environment slightly increased.
Abstract: This study aims to investigate the overall impacts of the World Heritage List (WHL) inscription in China from different socioeconomic aspects. Kaiping Diaolou and Villages was chosen as the case study because the long period of preparation for WHL inscription led to residents’ deep understanding of its heritage values. Results are as follows. (1) Cultural cognition, sense of belonging, community cohesion and infrastructure were positively improved by the WHL inscription, whereas damage to the community cultural environment slightly increased. (2) In the economic domain, the WHL inscription had generated positive (increase in tourism development and villagers’ income and employment and solution to the Diaolou property rights problem) and negative impacts (worse tourism development, unequal income and unsolved property rights problems). (3) The WHL inscription improved the ecological environment and people’s attention to environmental protection. Although it also caused environmental damage due to an increase in tourists. (4) The positive impacts on the political domain were reflected by government leadership, community participation and plan and legislation, whereas the negative impacts included limited community participation and insufficient planning. Innovations of this study include constructing a theoretical framework to evaluate the impacts of WHL inscription, analysing the present factors of WHL inscription’s impacts and providing development suggestions.
TL;DR: In this article, the relationship between SPP and metrics for business and CRE through a period of significant change, by examining company annual reports using a distributed time lag auto-regression model.
Abstract: Very little work has been undertaken on the consequences of economic recession on Corporate Real Estate (CRE) and its realignment following strategy changes. Only those CRE portfolios with short term leases have a dynamic alignment capability allowing them to readily adjust to change. For those with longer leases this leads to the creation of a surplus property provision (SPP). This paper analyses the relationship between SPP and metrics for business and CRE through a period of significant change, by examining company annual reports using a distributed time lag auto-regression model. The results show an inverse relationship between SPP and profits but a positive relationship with both turnover and employment, suggesting that declining profits trigger the re-shaping of CRE. SPP is used to provide portfolio flexibility because of the lack of dynamic alignment capability. SPP increases as the commitment to short leases (<5 years) increases. The estimated time for SPP to revert to zero ranges from 3 to 9 years, but one category, financial services, is continuing to increase its liability. CRE agility has yet to be visible in the financial reports of companies, suggesting its impact remains limited, indicating the relationship between business parameters and CRE is more complicated than envisaged.
TL;DR: In this article, an internal rating system is presented that instantly screens features of a deal proposal and provides a rating compatible with the global rating standard. But, the features of illiquidity and uniqueness involved in an individual real asset deal require private investors to review the full dimensions associated with the transaction structure.
Abstract: Real asset investment, which is assumed to be worthier than traditional assets in regards to exposure to income volatility, has become central to investment portfolios in financial institutions. However, the features of illiquidity and uniqueness involved in an individual real asset deal require private investors to review the full dimensions associated with the transaction structure. Banks and global credit rating agencies assess the quality of products by relying heavily on qualitative research executed by human insights and experiences. Such an approach ensures the comprehensiveness of the review process but it requires excessive resources in time and money. This study presents an internal rating system that instantly screens features of a deal proposal and provides a rating compatible with the global rating standard. The result shows that the outcomes created by this model are mostly clustered from BBB to BB. These findings match the average ratings for real assets, as determined by global rating agencies, which strengthens the practicality of the proposed model.
TL;DR: In this article, the authors empirically analyzed the factors affecting the price of flatted factories by using the real transacted sales prices of 785 flatted factory units in Seoul and Gyeong-gi Province, Korea.
Abstract: Recently flatted factories have drawn attention as investment goods from developers and investors. The strengths and merits of these investments are that they are low priced and less strictly regulated. The purpose of this study is to empirically analyse the factors affecting the price of flatted factories by using the real transacted sales prices of 785 flatted factory units in Seoul and Gyeong-gi Province, Korea. A Hedonic Price Model (HPM) is employed for the study. The result finds that the price of flatted factories is affected by various factors: Location, Property, and Unit characteristics. In addition, the result outlines that flatted factories have commercial and industrial characteristics of both office buildings and factories. The result confirms that flatted factory price is affected by both industrial transportation accessibility and local transportation convenience. It also finds that property characteristics, such as gross area, age of the building, ratio of amenity facilities, core location, and parking space count are significant factors affecting the value. Moreover, the availability of floor level and two balcony unit types significantly relates to the price. Based on the results, it is also verified that the price of flatted factories is affected by factors similar to those of apartments or office buildings. This means that price decision factors of commercial and residential properties should be considered.