{"id":731,"date":"2020-04-28T10:17:02","date_gmt":"2020-04-28T02:17:02","guid":{"rendered":"http:\/\/localhost:8888\/?p=731"},"modified":"2025-12-26T19:55:45","modified_gmt":"2025-12-26T11:55:45","slug":"diversification-as-a-value-adding-strategy-for-asian-reits-a-myth-or-reality","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2020\/04\/28\/diversification-as-a-value-adding-strategy-for-asian-reits-a-myth-or-reality\/","title":{"rendered":"Diversification as a Value-Adding Strategy for Asian REITs: A Myth or Reality?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"731\" class=\"elementor elementor-731\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2611bf29 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2611bf29\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2f757287\" data-id=\"2f757287\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-28df2b06 elementor-widget elementor-widget-text-editor\" data-id=\"28df2b06\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Diversification as a Value-Adding Strategy for Asian REITs: A Myth or Reality?<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Shan Min Charmaine Cheok, Tien Foo Sing, I-Chun Tsai<\/p><p class=\"title_text_large\">184 \/ 207<\/p><p class=\"title_text\">14<\/p><p class=\"title_text\">2<\/p><p class=\"title_text\">2011<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p><!-- Abstract Content --><br \/>This study tests the impact of diversification strategies on the cash flows, expenses, risks and returns of REITs in Asia. Hirschman-Herfindahl indices (HHI) are computed based on 2281 properties owned by 63 sample Asian REITs for the periods from 2002 to 2007 to measure the levels of diversification by property type and geographical region. In our empirical tests that use weighted least square regressions, we find no significant effects of diversification by property types on cash flows, expenses and risk premiums of Asian REITs. However, significant variations in expenses and risk premiums of the REITs are explained by a geographical diversification strategy. REITs with assets distributed across different countries incur higher total expenses, interest expenses, general and administrative expenses and capital expenditure. Regionally diversified REITs have higher risk premiums. The results remain unchanged after controlling for country factor and simultaneity between the cash flows, expenses, risk and return variables.<\/p><p><!-- PDF DownloadLink --><\/p><p>\u00a0<\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2020\/10\/vol14no2-diversification-as-a-value-adding-strategy-for-asian-reits.pdf\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100139<\/strong><\/a><\/p><div class=\"empty\">\u00a0<\/div><p><a class=\"backpage\">Back to Previous Page<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<div>\n<p class=\"title_label_large\">Author<\/p>\n<p class=\"title_label_large\">Start Page \/ End Page<\/p>\n<p class=\"title_label\">Volume<\/p>\n<p class=\"title_label\">Issue Number<\/p>\n<p class=\"title_label\">Year<\/p>\n<p class=\"title_label_large\">Publication<\/p>\n<\/div>\n<div>\n<!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p>\n<p class=\"title_text_large\">Shan Min Charmaine Cheok, Tien Foo Sing, I-Chun Tsai<\/p>\n<p class=\"title_text_large\"> 184 \/ 207<\/p>\n<p class=\"title_text\">14<\/p>\n<p class=\"title_text\">2<\/p>\n<p class=\"title_text\">2011<\/p>\n<p class=\"title_text_large\">International Real Estate Review<\/p>\n<\/div>\n<p class=\"downloadLine\"><a href=\"https:\/\/www.um.edu.mo\/fba\/irer\/papers\/past\/vol14n2_pdf\/03.pdf\">Download Entire Article.<img src=\"https:\/\/i.ibb.co\/m8rCXNQ\/download-pdf-large.png\" alt=\"download-pdf-large\" border=\"0\"> <\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[108,107],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/731"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=731"}],"version-history":[{"count":3,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/731\/revisions"}],"predecessor-version":[{"id":4929,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/731\/revisions\/4929"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}