Institutional and Cross-Border Real Estate Investments

The global real estate and capital markets have become increasingly integrated attracting large cross-border capital flows through acquisitions and investments in real estate assets. What is the potential impact of global flows of capital on local economies and real estate markets?  Do foreign investors learn from past experiences when investing in local real estate markets? Does a new REIT market structure help improve market transparency and thus attract more cross-border investments?

IREUS Current Research Projects

Using data on cross-border real estate investments by institutional investors, IREUS examines various research topics on experience and learning by foreign investors, home bias, imperfect market structure, and new REIT markets. The studies investigate the channels through which cross-border institutional investments could impact local real estate market.

Selected Publications

Badarinza C, and Ramadorai T. 2018. Home Away from Home? Foreign Demand and London House Prices. Journal of Financial Economics.

Chiang M-C, Sing TF, and Tsai I-C. 2017. Spillover Risks in REITs and other Asset Markets. Journal of Real Estate Finance and Economics 54 (4): 579-604.

Downs DH, Ooi JT, Wong WC, and Ong SE. 2016. Related Party Transactions and Firm Value: Evidence from Property Markets in Hong Kong, Malaysia and Singapore. Journal of Real Estate Finance and Economics 52 (4): 408-427.

Glaeser E, Huang W, Ma Y, and Shleifer A. 2017. A Real Estate Boom with Chinese Characteristics. Journal of Economic Perspectives 31 (1): 93-116.

Liow KH, Zhou X, and Li Q. 2019. Co-Movement Between the US and the Securitised Real Estate Markets of the Asian-Pacific Economies. Journal of Property Research.

 

Working papers

Agarwal S, Sing TF, and Wang L. 2019. Information Asymmetries and Learning in Commercial Real Estate Markets.

Badarinza C, Ramadorai T, and Shimizu C. 2019. Nationality Bias at Home and Abroad: Evidence from Commercial Real Estate.

Cheng H, Lim KG, Sing TF, and Wang L. 2019. Integration, Concentration and Stock Return Synchronicity.

Huang Y, Li Q, and Liow KH. 2019. Is Housing the Business Cycles? A Multi-Resolution Analysis for OECD Countries.

Sing TF, and Wang L. 2019. Corruption and Home Bias in  Global Real Estate Investments.

 

Research Team

BADARINZA, Cristian

LI, Qiang

LIOW, Kim Hiang

SING, Tien Foo