Abstract: By sampling the housing and office market data in Beijing and Shanghai,this paper examines the return and risk characteristics in these markets and tests whether they are efficient or not.It is found that a number of instruments to predict future returns,including lagged quarterly and annual excess returns and a measure of the deviation of price from intrinsic value.So weak form and semi-strong form efficiency can both be rejected in any of these real estate markets.There is a slow price adjustment in Chinese real estate markets which may attribute to the long time of searching and the heavy transaction costs in those market.
Publication Year: 2006
Publication Date: 2006-01-01
Language: en
Type: article
Access and Citation
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot