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Acar, E, Koçak, I, Sey, Y and Arditi, D (2005) Use of information and communication technologies by small and medium-sized enterprises (SMEs) in building construction. Construction Management and Economics, 23(07), 713-22.

Chan, P, Cooper, R and Tzortzopoulos, P (2005) Organizational learning: conceptual challenges from a project perspective. Construction Management and Economics, 23(07), 747-56.

Jin, X-H and Ling, F Y Y (2005) Constructing a framework for building relationships and trust in project organizations: two case studies of building projects in China. Construction Management and Economics, 23(07), 685-96.

Lam, K C, Hu, T S and Ng, S T (2005) Using the principal component analysis method as a tool in contractor pre-qualification. Construction Management and Economics, 23(07), 673-84.

Lingard, H and Francis, V (2005) Does work-family conflict mediate the relationship between job schedule demands and burnout in male construction professionals and managers?. Construction Management and Economics, 23(07), 733-45.

Polat, G and Arditi, D (2005) The JIT materials management system in developing countries. Construction Management and Economics, 23(07), 697-712.

Spaulding, W M, Bridge, A and Skitmore, M (2005) The use of function analysis as the basis of value management in the Australian construction industry. Construction Management and Economics, 23(07), 723-31.

Wong, J T-Y, Hui, E C M, Seabrooke, W and Raftery, J (2005) A study of the Hong Kong property market: housing price expectations. Construction Management and Economics, 23(07), 757-65.

  • Type: Journal Article
  • Keywords: Expectation formation; Hong Kong; housing price expectations
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446190500127260
  • Abstract:

    The size and direction of correlation between housing price movements and expectations differ between housing actors and change over time in Hong Kong. A cross‐sectional market outlook survey was conducted in November 2000 to measure housing price expectations and their formation. The study challenges the traditional adaptive expectations theory and finds that the pessimistic mindset of market actors in a deflationary period was due to a lack of economic confidence – the root cause for weak expectations. It also suggests that there exist differential price expectations between different actors. Homebuyers and investors tend to be unrealistically overconfident in the long‐term performance of the real estate market. Evidently, the determination of house sale prices is predominantly forward‐looking, based more upon macroeconomic fundamentals than the past price trend.