The significance and performance of property securities markets in the Asian IFCs

The Significance and Performance of Japan REITs in a Mixed-Asset Portfolio

“…To assess direct property performance in Japan, IPD produce an annual performance index from 2002, comprising 2,239 properties with an asset value of over US$105 billion (IPD, 2011). Most of the previous property research regarding Japan commercial property has been focused on listed Japan property companies and their role in a pan-Asia or global property company portfolio (eg: Liow and Adair, 2009;Liow and Sim, 2006;Newell et al, 2009). …”

The Dynamic of Returns and Volatility of Malaysian Listed Property Companies in Asian Property Market

“…The results indicate that over the period January 1998 to August 2012, listed property companies were the poorest performing asset classes. Furthermore, a study by Newell et al (2009a) revealed Malaysian property companies' Sharpe index had a negative ratio (-0.74) for the study period Q4 1998 to Q1 2007. Similar results were also found in a study by Nguyen (2011) and Liow and Adair (2009) which resulted in a Sharpe index of -0.0046 over the period January 1999 to December 2009 and -0.154 over the period 1996 to 2005.…”

“…There are extensive studies devoted to the Asian property markets, such as Liow and Adair (2009), Liow (2005Liow ( , 2008Liow ( , 2009, Jin et al (2007), Liow and Sim (2006), Ooi et al (2006), Wilson et al (2007), Gerlach et al (2006), Addae-Dapaah and Loh (2005), Ooi and Liow (2004), Mei and Hui (2004), Newell et al (2009aNewell et al ( , 2009b, Newell and Razali (2009), Nguyen (2011Nguyen ( , 2012 and Tsai et al (2010). Some authors, such as Ling and Naranjo (2002), observe cross-country analysis on commercial real estate returns.…”

“…The first research gap is that most studies that had concentrated on Asian property performance only put Malaysia as a case study comparison. For example, research undertaken by Newell et al (2004Newell et al ( , 2005Newell et al ( , 2007Newell et al ( , 2009aNewell et al ( , 2009b, Chau et al (2001Chau et al ( , 2003, Newell and Chau (1996) and Schwann and Chau (2003) studied the performance of the real estate sector in Malaysia from different case studies. These researchers extensively studied the performance of China and Hong Kong's property portfolios compared with the performance of Malaysia and other Asian countries to show the level of performance for each country.…”

“…Mei and Hui (2004) Examined the time variation of expected returns on Asian property stocks using a multi factor latent variable model. Newell et al (2009a) Assessed the significance, risk-adjusted performance and portfolio diversification benefits of the listed property securities markets in the Asian international financial centres (IFCs) contrasting the performance to 6 major non-IFC markets in Asia. Newell and Razali (2009) Assessed the impact of the GFC on commercial property investments in Asia.…”