Analysis of Hong Kong real estate investment trusts on asset portfolio performance

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Analysis of Hong Kong real estate investment trusts on asset portfolio performance

 

Author: Zhang, Weiya
Title: Analysis of Hong Kong real estate investment trusts on asset portfolio performance
Degree: M.Sc.
Year: 2011
Subject: Real estate investment trusts -- China -- Hong Kong.
Asset allocation
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Building and Real Estate
Pages: 71 leaves : ill. (some col.) ; 30 cm.
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b2462962
URI: http://theses.lib.polyu.edu.hk/handle/200/6356
Abstract: This dissertation investigates the effects of real estate investment trusts in Hong Kong to asset portfolio performance. Through use of quantitative analysis methods in accordance to Modern Portfolio Theory (MPT), an optimal investment portfolio should maximize expected returns without adding more risk. The objective of this study is to prove that an investment portfolio of moderately diverse Hong Kong assets that are not highly correlated with each other, such as bonds, equities, and direct real estate investment, can be improved by introducing REITs as a component asset. With the nascent, but ever maturing expansion of the REIT industry in Hong Kong, investors can now take advantage of the portfolio efficiency improvement effects of this asset class. Likewise, the Hong Kong real estate and investment communities can benefit from the diversification effects as more REITs are created and launched on the Hong Kong stock exchange, creating more funding opportunities and liquidity to the overall markets. This study has quantitatively determined the effects of REITs by calculating and plotting the risk and return on the Efficient Frontier for identical investment portfolios with and without REITs. The results indicate that Hong Kong REITs provide fairly consistent return enhancement and risk reduction benefits to investment portfolios.

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