Editorial for JREFE Special Issue
The National University of Singapore (NUS) and the University of Hong Kong (HKU)
are pleased to put together this special issue in the Journal of Real Estate Finance &
Economics, kindly sponsored by the Royal Institute of Chartered Surveyors Foundation.
This special issue is based on papers presented at the inaugural Singapore-Hong Kong
International Real Estate Research symposium held from July 18Y19, 2003. The
symposium aims to provide a vehicle for a select group of renowned and emerging
researchers to have an active and intensive exchange of research ﬁndings. The opportunity
to participate actively in the discussion of high quality and select number of papers
would allow a strong bond to be developed between researchers from Asia with established
researchers from US and Europe. The main intent is that Biron sharpens iron.^
The overall objectives are
To sharpen skills and methodology in real estate research
To improve the research collaboration with international researchers
To promote more interaction and stronger bonds among real estate researchers
To raise the proﬁle of real estate research especially in the Asia academic
To encourage cross-country research
The scope for the symposium covers research in securitized real estate, housing, com-
mercial real estate, international real estate, institutional economic analysis of real estate
markets and sustainable development, recognizing that real estate markets in Asia are
largely emerging markets. The scope is also in line with the RICS Foundation objective
to explore the ways in which the operation of the property market can support moves
towards achieving objectives of sustainable development.
The response to the inaugural Singapore-Hong Kong International Real Estate
Research symposium was overwhelming, with more than 20 papers submitted. In spite
of the SARS outbreak in Asia, 11 papers were presented, discussed and reviewed. We are
pleased to put together seven of these papers in this special issue.
The ﬁrst paper BAn Early Assessment of Residential Mortgage Performance in China^
by Deng, Zheng and Ling examines the performance of the China residential mortgage
markets, widely recognized as a ﬁnancial engine for housing development and sustained
economic growth. Interestingly, they ﬁnd that non-option theory related ﬁnancial
economic factors are important determinants of prepayment and default risks and discuss
the implications for policy makers.
Chau, Wong and Yiu’s paper on BAdjusting for Non-linear Age Effects in the Repeat
Sales Index^ deals with the issue of controlling the effects of age in a repeat-sales model.
The Journal of Real Estate Finance and Economics, 31:2, 115–116, 2005
2005 Springer Science + Business Media, Inc. Manufactured in The Netherlands.