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题名The Value of Sustainable Property Management in Real Estate: Evidence From Hong Kong
作者
发表日期2024
发表期刊Journal of Real Estate Research
ISSN/eISSN0896-5803
卷号46期号:3页码:389-419
摘要

This study investigates whether sustainability in property management is valued by property buyers. Using a sample of 312,474 property transactions in Hong Kong from 2007 to 2021 and based on a hedonic pricing model, we find that the environmental, social, and governance (ESG) performance of property management companies is positively associated with housing prices, and that housing prices drop if property management companies experience ESG-related risk incidents. The results are robust when the sample is restricted to repeat-sales transactions and when using a location-based matching approach and an instrumental variable approach. Further analysis shows that housing prices increase with the social and governance performance of property management companies but not with their environmental performance. The negative effect of ESG incidents on housing prices increases if the incidents are reported by high-reach media. Homebuyers and nonlocal buyers are more willing to pay a premium for sustainability in property management than are real estate speculators and local buyers. Additional evidence suggests that ESG practices play a more significant role in affecting property value through lower risk or a higher rental income growth rate than through higher gross rents. Overall, this study provides evidence of the value of sustainable property management in real estate.

关键词environmental, social, and governance (ESG) rating ESG incident homebuyer housing price nonlocal buyer Sustainable property management
DOI10.1080/08965803.2024.2346413
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收录类别SSCI
语种英语English
WOS研究方向Business & Economics
WOS类目Business, Finance ; Economics
WOS记录号WOS:001227862100001
Scopus入藏号2-s2.0-85193495926
引用统计
被引频次:2[WOS]   [WOS记录]     [WOS相关记录]
文献类型期刊论文
条目标识符https://repository.uic.edu.cn/handle/39GCC9TT/12783
专题北师香港浸会大学
通讯作者Shen, Jianfu
作者单位
1.Department of Building and Real Estate,the Hong Kong Polytechnic University,Hong Kong,China
2.Department of Finance,Beijing Normal University–Hong Kong Baptist University United International College,Zhuhai,China
3.Department of Public and International Affairs,City University of Hong Kong,Hong Kong,China
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GB/T 7714
Shen, Jianfu,Fan, Kwok Yuen,Hui, Eddie C.M.et al. The Value of Sustainable Property Management in Real Estate: Evidence From Hong Kong[J]. Journal of Real Estate Research, 2024, 46(3): 389-419.
APA Shen, Jianfu, Fan, Kwok Yuen, Hui, Eddie C.M., & Ho, Sik Man. (2024). The Value of Sustainable Property Management in Real Estate: Evidence From Hong Kong. Journal of Real Estate Research, 46(3), 389-419.
MLA Shen, Jianfu,et al."The Value of Sustainable Property Management in Real Estate: Evidence From Hong Kong". Journal of Real Estate Research 46.3(2024): 389-419.
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