Consumption, Housing Rents and Housing Price: A Test Of A Real Estate Pricing Model Using Hong Kong Data |
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| Authors: | Francis K Cheung Shawn Ni & Alan Siu |
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| Institution: | The Chinese University of Hong Kong;, University of Missouri,;University of Hong Kong |
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| 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. |
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