Abstracts – Browse Results
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Farrell, M L (1999) The evolution of value theory and the practice of real estate valuation. Journal of Financial Management of Property and Construction, 4(02), 5–32.
Goodhew, S, Fitzgerald, D and Southcombe, C (1999) Water efficient dwellings :- do UK house builders recognise a need?. Journal of Financial Management of Property and Construction, 4(02), 49–62.
Leung, M-K and Shing, G T-y (1999) The growing mortgage market in China. Journal of Financial Management of Property and Construction, 4(02), 33–48.
Liow, K H (1999) Corporate real estate in financial statements: evidence from Singapore hotel corporations. Journal of Financial Management of Property and Construction, 4(02), 63–80.
- Type: Journal Article
- Keywords: hotel development; property assets; real estate; Singapore
- ISBN/ISSN: 1366-4387
- URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
- Abstract:
Real estate is one of essential and largest assets in hotel corporations. This paper empirically assesses the absolute and relative importance of real estate in corporate financial management of Singapore hotel companies in the period 1987-1996. We find that real estate comprise over more than half of a hotel firm's total tangible assets, with some large hotel companies investing and developing properties. Average growth in real estate holdings has been remarkable. In addition, real estate is able to influence significantly shareholders' equity and market value of a hotel firm. Finally, 'property intensive " hotel firms differ significantly from "property-less-intensive" ones in key financial characteristics. For example, higher relative level of property asset holdings is associated with higher financial leverage, lower return on equity and less favourable market valuation of properties.