Consumption, Housing Rents and Housing Price: A Test of a Real Estate Pricing Model Using Hong Kong Data

15 Pages Posted: 16 Aug 2003

See all articles by Francis K. Cheung

Francis K. Cheung

The Chinese University of Hong Kong (CUHK) - Department of Decision Sciences & Managerial Economics

Shawn X. Ni

University of Missouri at Columbia - Department of Economics

Alan K. Siu

National Bureau of Economic Research (NBER)

Abstract

The present study investigates whether Hong Kong's volatile real estate market is consistent with a non-linear consumption-based-asset-pricing model. It finds that the asset-pricing model is not rejected for some types of properties. However, the differentials between the returns to residential properties and risk-free rate are too large to be explained by the model.

Suggested Citation

Cheung, Kwok Hung Francis and Ni, Shawn X. and Siu, Alan K., Consumption, Housing Rents and Housing Price: A Test of a Real Estate Pricing Model Using Hong Kong Data. Available at SSRN: https://ssrn.com/abstract=416822

Kwok Hung Francis Cheung (Contact Author)

The Chinese University of Hong Kong (CUHK) - Department of Decision Sciences & Managerial Economics ( email )

Shatin, N.T.
Hong Kong
(852) 2609-7654 (Phone)
(852) 2603-6840 (Fax)

Shawn X. Ni

University of Missouri at Columbia - Department of Economics ( email )

118 Professional Building
Columbia, MO 65211
United States
573-882-6878 (Phone)
573-882-2697 (Fax)

HOME PAGE: http://www.missouri.edu/~econni/

Alan K. Siu

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
34
Abstract Views
1,342
PlumX Metrics