Using market transaction data, we construct the first price indicator for subsidised properties i... more Using market transaction data, we construct the first price indicator for subsidised properties in Hong Kong. Our findings show that both private and subsidised property prices have experienced tremendous growth over the past 16 years, but the growth rate of the subsidised property price at 430% is much higher than that of the private property price at 230%. We also observe that the prices of the two types of properties have shown very different trends since the COViD-19 pandemic started. lastly, it is found that the trend of subsidised property prices comes under the additional influence of specific policies aimed at this section of the housing market. these findings indicate the importance of having a specific price index to distinguish between the private and the subsidised property market for studying how housing policies and the economic environment will affect the latter in Hong Kong.
The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regio... more The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The Series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments. Working papers published under this Series may subsequently be published elsewhere. Disclaimer: The views expressed in this publication are those of the author(s) and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.
This paper investigates the e¤ects on the asset market of bank actions in dealing with their non-... more This paper investigates the e¤ects on the asset market of bank actions in dealing with their non-performing loans. It is demonstrated that liquidation of bad loans may not be as detrimental to asset prices as commonly argued, because funds recouped from liquidation can be recycled into new loans which support the asset market. While capital regulation protects the health of banks, it may limit the amount of liquidation in some circumstances and hence reduce the impact of the recycling channel. This supports the idea that varying capital requirements countercyclically can dampen the economic cycle, notwithstanding the problems with making this a tool for economic management. JEL classi cation: E44, G21, G33, G38
The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regio... more The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The Series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments. Working papers published under this Series may subsequently be published elsewhere. Disclaimer: The views expressed in this publication are those of the author(s) and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.
Using market transaction data, we construct the first price indicator for subsidised properties i... more Using market transaction data, we construct the first price indicator for subsidised properties in Hong Kong. Our findings show that both private and subsidised property prices have experienced tremendous growth over the past 16 years, but the growth rate of the subsidised property price at 430% is much higher than that of the private property price at 230%. We also observe that the prices of the two types of properties have shown very different trends since the COViD-19 pandemic started. lastly, it is found that the trend of subsidised property prices comes under the additional influence of specific policies aimed at this section of the housing market. these findings indicate the importance of having a specific price index to distinguish between the private and the subsidised property market for studying how housing policies and the economic environment will affect the latter in Hong Kong.
The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regio... more The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The Series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments. Working papers published under this Series may subsequently be published elsewhere. Disclaimer: The views expressed in this publication are those of the author(s) and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.
This paper investigates the e¤ects on the asset market of bank actions in dealing with their non-... more This paper investigates the e¤ects on the asset market of bank actions in dealing with their non-performing loans. It is demonstrated that liquidation of bad loans may not be as detrimental to asset prices as commonly argued, because funds recouped from liquidation can be recycled into new loans which support the asset market. While capital regulation protects the health of banks, it may limit the amount of liquidation in some circumstances and hence reduce the impact of the recycling channel. This supports the idea that varying capital requirements countercyclically can dampen the economic cycle, notwithstanding the problems with making this a tool for economic management. JEL classi cation: E44, G21, G33, G38
The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regio... more The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The Series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments. Working papers published under this Series may subsequently be published elsewhere. Disclaimer: The views expressed in this publication are those of the author(s) and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.
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Papers by Eddie Cheung