The impact of property management in buying private residential housing in Hong Kong

2003 ◽  
Author(s):  
Yun-wah Chan
Keyword(s):  
Hong Kong ◽  
Property Management ◽  
Residential Housing ◽  
The Impact

The effect of ISO14001 certification in property management on property price

2014 ◽  
Vol 12 (2) ◽  
pp. 97-117 ◽  
Author(s):  
Eddie Chi-man Hui ◽  
Cheuk-kin Tse ◽  
Ka-hung Yu
Keyword(s):  
Hong Kong ◽  
Public Relations ◽  
Housing Price ◽  
Environmental Management System ◽  
Property Management ◽  
Hedonic Price ◽  
Content Type ◽  
Property Price ◽  
The Impact ◽  
A Company

Purpose – As environmental awareness has become increasingly pronounced among various stakeholders such as governments and communities, many businesses start to adopt a more environmental-friendly approach in their operations. Even a service-oriented industry such as property management is no exception. One way to showcase a company's commitment to this cause is to become ISO14001-certified, under which it is required to implement an environmental management system. In light of this, this paper aims to investigate the impact of this certification in property management, along with two other well-known management certifications/awards in ISO9001 and Hong Kong Management Association Quality Award (HKMAQA), on property price. Design/methodology/approach – The hedonic price model was used to determine whether or not there is a relationship between ISO14001 certification (as well as ISO9001 and HKMAQA) and property price, and if so, its impact. Three districts from different parts of Hong Kong, including 17 private residential developments, were covered in this research. Findings – The results show that a flat managed by a company with ISO9001 certification is 8.87 percent higher than another flat managed by a non-ISO9001-certified property management companies (PMC); the adoption of ISO14001 certification appears to help generate a premium of about 3.65 percent in property price for a PMC which has already been ISO9001-certified; and for a company already with both ISO9001/14001 certifications, the obtaining of HKMAQA brings about an extra 15.37 percent in housing price. It can be said that the impact of ISO14001 certification on property value is smaller than that of the other two management standards. Research limitations/implications – The findings do not necessarily suggest that the adoption of ISO14001 (or HKMAMA) generates the exact same premium to a residential property by itself, as two or more components in tandem may create more value than the sum of the parts. Nonetheless, considering that most companies have already been ISO9001-certified prior to considering an ISO14001 certification, they, as separate variables, are inevitably highly correlated which could be an issue when using methods such as hedonic models. This renders the assessment of the impact on property price solely attributed to ISO14001 rather problematic if they are studied together. Practical implications – In the short run, ISO14001 certification, as a public relations tool, might actually help flats within these developments to gain an advantage over the competitors within the district, or at least offset the adverse impact of some of its intrinsic defects in order to stay competitive (for instance, the age issue and the smaller brand name effect due to the development's lack of scope), but not in the long run. Originality/value – The paper has provided some insights regarding the effect of various management standard certifications in property management, from the perspective of the end-users (i.e. homebuyers), rather than from that of those involved in the operations as seen in previous studies. This serves as a reference for developers, property managers, buyers, and users alike.

The impact of environmental management awards and certifications in property management on property price

Facilities ◽  
2016 ◽  
Vol 34 (5/6) ◽  
pp. 314-338 ◽  
Author(s):  
Eddie Chi-man Hui ◽  
Ka-hung Yu ◽  
Cheuk-kin Tse
Keyword(s):  
Environmental Management ◽  
Hong Kong ◽  
Environmental Management System ◽  
End Users ◽  
Iso 14001 ◽  
Property Management ◽  
Hedonic Price ◽  
Content Type ◽  
Property Price ◽  
The Impact

Purpose As the awareness of environmental preservation and of sustainable development have become increasingly pronounced among various stakeholders, such as governments and communities, many businesses, in response, commence to introduce environmental-friendly measures and/or implement an environmental management system (EMS) in their daily operations. Even a service-oriented industry such as property management is no exception. To showcase their commitment to this cause, property management companies tend to obtain different environmental certifications. This study aims to investigate the effect of green property management, through environmental certifications, on property price. Design/methodology/approach The hedonic price model is used to determine the impacts of different environmental certifications on prices of selected residential properties in Hong Kong. Three districts from different parts of Hong Kong, including 16 private residential developments, are covered in this study. Findings The results show that ISO 14001 certification itself is not statistically significant in explaining property price. It is only when a property management company has obtained other local environmental management awards/certificates that varying levels of (positive) property price premiums are found. Nonetheless, the authors also find that controlling for other housing attributes, obtaining as many environmental certifications as possible does not necessarily result in the highest property price premium. Research limitations/implications Nonetheless, the data sample has its limitations, such as its relatively small size and the unavailability of housing attribute(s) such as orientations. Practical implications For the implications, the value of environmental management awards/certificates, from the perspective of the end-users of property management services, is based on the scopes of these environmental certifications; the promotional effort on the part of organizations behind these awards/certificates; the disclosure of information about the EMS itself and the assessment criteria; and the public’s perceptions as to the companies’ rationale behind such certifications. Originality/value The study has provided some insights regarding the effect of various management standard certifications in property management, from the perspective of the end-users of the service (i.e. homeowners and potential homebuyers). This serves as a reference for developers, property managers, buyers and users alike.

scholarly journals Share Contract Revisited: A New Transaction Cost Approach

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Jian Ding ◽  
Yixiao Zhou
Keyword(s):  
Hong Kong ◽  
Transaction Cost ◽  
Empirical Studies ◽  
Theoretical Explanation ◽  
Empirical Testing ◽  
Cost Approach ◽  
Satisfactory Answer ◽  
The Impact

Abstract The purpose of this paper is to explore how sharecropping contracts are chosen over fixed-rent contracts. There are two concerning issues. First, theoretical explanation has been criticized for not providing a satisfactory answer to the question as to why share contracts are chosen. Second, among the existing empirical studies, there are great controversies about the impact of variance of output. Inspired by the latest insights from (Cheung, S. N. S. 2014. Economic Explanation. Hong Kong: Arcadia Press.), this paper not only provides an explanation for the choice of share contract that is suitable for empirical testing, but also solves the puzzle over variance of output.

scholarly journals The impact of SARS and COVID-19 on major trauma in Hong Kong

2021 ◽  
Author(s):  
Joseph Harold Walline ◽  
Kevin Kei Ching Hung ◽  
Janice Hiu Hung Yeung ◽  
Priscilla P. Song ◽  
Nai-Kwong Cheung ◽  
...  
Keyword(s):  
Hong Kong ◽  
Major Trauma ◽  
The Impact
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