Competitive advantages and the proximity of investment: evidence from Hong Kong-listed real estate development firms in Mainland China

Shi, S; Wu, S; Yang, Z

Competitive advantages and the proximity of investment: evidence from Hong Kong-listed real estate development firms in Mainland China

Shi, S

Wu, S Yang, Z

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Publisher:: Taylor & Francis
Publication Type:: Journal Article
Citation:: Journal of Property Research, 2023, pp. 1-22
Issue Date:: 2023-01-01

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Field	Value	Language
dc.contributor.author	Shi, S https://orcid.org/0000-0003-4188-5151
dc.contributor.author	Wu, S
dc.contributor.author	Yang, Z
dc.date.accessioned	2024-01-26T00:40:03Z
dc.date.available	2024-01-26T00:40:03Z
dc.date.issued	2023-01-01
dc.identifier.citation	Journal of Property Research, 2023, pp. 1-22
dc.identifier.issn	0959-9916
dc.identifier.issn	1466-4453
dc.identifier.uri	http://hdl.handle.net/10453/174965
dc.description.abstract	This study examines the investment behaviour of Hong Kong-based real estate firms in Mainland China. Using a sample of individual land transactions, we find that firms with higher value of growth options, as perceived in the capital market, are more likely to invest actively and further away from their home base. However, over time, Hong Kong developers tend to decrease their level of activity in Mainland China, indicating that the ‘liability of foreignness’ becomes a significant challenge. Our findings highlight the importance of balancing strategic expansion with the inherent risks of operating in distant emerging markets.
dc.language	en
dc.publisher	Taylor & Francis
dc.relation.ispartof	Journal of Property Research
dc.relation.isbasedon	10.1080/09599916.2023.2279761
dc.rights	info:eu-repo/semantics/embargoedAccess
dc.rights	This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Property Research on 2023-11-14, available online: https://www.tandfonline.com/10.1080/09599916.2023.2279761.
dc.subject	1402 Applied Economics, 1502 Banking, Finance and Investment, 1504 Commercial Services
dc.subject.classification	Finance
dc.subject.classification	3502 Banking, finance and investment
dc.subject.classification	3801 Applied economics
dc.title	Competitive advantages and the proximity of investment: evidence from Hong Kong-listed real estate development firms in Mainland China
dc.type	Journal Article
utslib.for	1402 Applied Economics
utslib.for	1502 Banking, Finance and Investment
utslib.for	1504 Commercial Services
pubs.organisational-group	University of Technology Sydney
pubs.organisational-group	University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	embargoed	*
utslib.copyright.embargo	2025-05-13T00:00:00+1000Z
dc.date.updated	2024-01-26T00:40:02Z
pubs.publication-status	Published

Abstract:

This study examines the investment behaviour of Hong Kong-based real estate firms in Mainland China. Using a sample of individual land transactions, we find that firms with higher value of growth options, as perceived in the capital market, are more likely to invest actively and further away from their home base. However, over time, Hong Kong developers tend to decrease their level of activity in Mainland China, indicating that the ‘liability of foreignness’ becomes a significant challenge. Our findings highlight the importance of balancing strategic expansion with the inherent risks of operating in distant emerging markets.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/174965