Research

Hong Kong property bad debts build pressure on banks

Nikkei Asia report dated 21 February 2025 on bad debts at Hong Kong-listed banks tied to property developers. A third-party reference for education, not an endorsement of any investment product.

Nikkei Asia2025-02-21Echo Wong

Swire, Wharf valuation losses highlight Hong Kong property pressure

Nikkei Asia report dated 7 August 2025 on Swire Properties' interim results and Hong Kong valuation pressure. A third-party reference for education, not an endorsement of any investment product.

Nikkei Asia2025-08-07Kenji Kawase; Peggy Ye

Hong Kong property slump spurs shift of hotels to student housing

Nikkei Asia report dated 12 March 2025 on conversions of some hotels and offices into student housing. A third-party reference for education, not an endorsement of any investment product.

Nikkei Asia2025-03-12Peggy Ye

Hong Kong goes all-in on digital tokens to modernize finance

Nikkei Asia report dated 14 October 2024 on the HKMA Project Ensemble Sandbox and digital tokens for traditional assets. A third-party reference for education, not an endorsement of any investment product.

Nikkei Asia2024-10-14Kensaku Ihara; Peggy Ye

Hong Kong greenlights tokenized securities in further digital push

Nikkei Asia report dated 2 November 2023 on the SFC allowing regulated intermediaries to deal in tokenised securities. The circulars themselves are on the regulatory page. A third-party reference for education, not an endorsement of any investment product.

Nikkei Asia2023-11-02Pak Yiu; Echo Wong

HK economy grew 3.5% last year

Hong Kong government news page dated 25 February 2026. It says residential prices rose 3.3% in 2025, ending a three-year decline, and rents rose 4.3%. A third-party reference for education, not an endorsement of any investment product.

news.gov.hk2026-02-25

Property sales up 26.4%

Hong Kong government news page dated 5 January 2026 on Land Registry sale-and-purchase agreements lodged in December 2025. A third-party reference for education, not an endorsement of any investment product.

news.gov.hk2026-01-05

Property sales up 10.5%

Hong Kong government news page dated 3 July 2026 on Land Registry sale-and-purchase agreements lodged in June 2026. A third-party reference for education, not an endorsement of any investment product.

news.gov.hk2026-07-03

Private property fundraising up 29% yoy to US$222.2 billion in 2025 after three-year slump: report

Business Times report of a PERE tally of private real-estate fundraising in 2025, including the Asia-Pacific share. A third-party reference for education, not an endorsement of any investment product.

The Business Times

Real estate security token offerings and the secondary market: Driven by crypto hype or fundamentals?

September 2023 article in the Journal of Banking and Finance. It studies real-estate tokens and digital fractional ownership in the United States. It is not an arrangement of this site. A third-party reference for education, not an endorsement of any investment product.

Journal of Banking & Finance2023-09Julia Kreppmeier; Ralf Laschinger; Bertram I. Steininger; Gregor DorfleitnerDOI 10.1016/j.jbankfin.2023.106940

A First Look at the Historical Performance of the New NAV REITs

Open-access article published 12 July 2025. It studies non-listed net-asset-value REIT funds and private commercial real estate. A third-party reference for education, not an endorsement of any investment product.

The Journal of Real Estate Finance and Economics2025-07-12Spencer J. Couts; Andrei S. GonçalvesDOI 10.1007/s11146-025-10014-x

ESG investing and the financial performance: A panel data analysis of developed REIT markets

EconStor working-paper record. It uses REIT samples from five developed economies to discuss ESG and financial performance. A third-party reference for education, not an endorsement of any investment product.

EconStorIsil Erol; Umut Unal; Yener Coskun

New financial frontiers in housing: Innovation, accessibility, and tokenization in emerging markets

EconStor record of a 2025 working paper on how housing tokenization is described in Chilean online sources. It is not a Hong Kong product. A third-party reference for education, not an endorsement of any investment product.

EconStorFrancisco Vergara-Perucich; Carlos Aguirre-Nuñez

Blockchain and tokenized securities: The potential for green finance

ADBI Working Paper 1079. The EconStor cover page names the authors and discusses fractional ownership of tokenised assets. A third-party reference for education, not an endorsement of any investment product.

Asian Development Bank InstituteMarco Schletz; Darius Nassiry; Myung-Kyoon Lee

Uncovering Volatility Dynamics in Daily REIT Returns

arXiv record submitted on 28 March 2011. It studies volatility in daily REIT returns. A third-party reference for education, not an endorsement of any investment product.

arXiv2011-03-28John Cotter; Simon StevensonDOI 10.48550/arXiv.1103.5417

Embedded Supervision: How to Build Regulation into Decentralised Finance

CESifo Working Paper 9771. The record says tokenised claims on real assets, including real estate, still depend on the legal system. A third-party reference for education, not an endorsement of any investment product.

CESifoRaphael A. Auer

What is a REIT?

Nareit association page defining a real estate investment trust. It is an industry explainer, not a peer-reviewed paper. A third-party reference for education, not an endorsement of any investment product.

Nareit

Market basics and characteristics

European Public Real Estate Association page on listed real estate companies and REITs. It is not a product list. A third-party reference for education, not an endorsement of any investment product.

European Public Real Estate Association

Real Estate Economics

Official AREUEA journal page. It says publication began in 1973. Crossref lists online ISSN 1540-6229.

American Real Estate and Urban Economics AssociationISSN 1540-6229

The Journal of Real Estate Finance and Economics

Springer Nature journal page. Crossref lists print ISSN 0895-5638.

Springer NatureISSN 0895-5638

Journal of Real Estate Research

Taylor & Francis journal page for the American Real Estate Society. The ISSN portal and Crossref both list 0896-5803.

Taylor & FrancisISSN 0896-5803

Journal of Housing Economics

Elsevier journal page. It describes publication of economic research on housing. Crossref lists print ISSN 1051-1377.

ElsevierISSN 1051-1377

Journal of Property Investment & Finance

Emerald journal page. The ISSN portal and Crossref both list print ISSN 1463-578X.

EmeraldISSN 1463-578X

Journal of Urban Economics

Elsevier journal page. It describes publication of urban economics research. Crossref lists print ISSN 0094-1190.

ElsevierISSN 0094-1190

Tokenisation in the context of money and other assets: concepts and implications for central banks

Joint Bank for International Settlements and CPMI report. The page is dated 21 October 2024.

BIS and CPMI2024-10-21

The tokenisation continuum

BIS Bulletin 72. The page is dated 11 April 2023.

Bank for International Settlements2023-04-11Iñaki Aldasoro, Sebastian Doerr, Leonardo Gambacorta, Rodney Garratt, Priscilla Koo Wilkens

Tokenization and Financial Market Inefficiencies

IMF Fintech Note. The DOI opens the IMF eLibrary record dated 29 January 2025.

International Monetary Fund2025-01-29Itai Agur, German Villegas Bauer, Tommaso Mancini-Griffoli, Maria Soledad Martinez PeriaDOI 10.5089/9798400298905.063

HKMA unveils Project Ensemble to support the development of the Hong Kong tokenisation market

HKMA press release of 7 March 2024 announcing Project Ensemble.

Hong Kong Monetary Authority2024-03-07

Project Ensemble Business Use Case Report

HKMA PDF. The file’s copyright line says October 2026. It reports Project Ensemble Sandbox use cases.

Hong Kong Monetary Authority2026-10

Circular on intermediaries engaging in tokenised securities-related activities

SFC circular dated 2 November 2023, reference 23EC52.

Securities and Futures Commission2023-11-02

Circular on tokenisation of SFC-authorised investment products

SFC circular. The public file is dated 2023-11-02, reference 23EC53.

Securities and Futures Commission2023-11-02

Property market statistics

Official Rating and Valuation Department page for private domestic price and rent index publications. The market data centre uses these public files. A third-party reference for education, not an endorsement of any investment product.

Rating and Valuation Department

Rating and Valuation Department releases Hong Kong Property Review 2025

Rating and Valuation Department press release dated 25 April 2025 announcing the Hong Kong Property Review 2025. A third-party reference for education, not an endorsement of any investment product.

Rating and Valuation Department2025-04-25

Latest monthly statistics

Official Land Registry page for monthly statistics. It says figures usually relate to transactions lodged up to about four weeks after they are signed. A third-party reference for education, not an endorsement of any investment product.

Land Registry

Property market statistics on data.gov.hk

Official open-data record for the Rating and Valuation Department property market statistics. The market data centre uses this public set. A third-party reference for education, not an endorsement of any investment product.

data.gov.hk

Real Estate Investment Trusts

HKEX product page describing listed real estate investment trusts in Hong Kong. This website does not sell those securities. A third-party reference for education, not an endorsement of any investment product.

Hong Kong Exchanges and Clearing

Ad valorem stamp duty FAQ

Inland Revenue Department FAQ on ad valorem stamp duty. The market data centre uses this page for its illustration. It is not a tax assessment. A third-party reference for education, not an endorsement of any investment product.

Inland Revenue Department

Department of Real Estate and Construction

Department page for Real Estate and Construction in the HKU Faculty of Architecture.

The University of Hong Kong

Centre for Hospitality and Real Estate Research

CUHK Business School page for the Centre for Hospitality and Real Estate Research.

CUHK Business School

A Revisit of Supply Elasticity and Within-city Heterogeneity of Housing Price Movements

Open-access article published 28 April 2023. The publisher page lists HKU affiliations for Wong and Chau and uses Hong Kong neighbourhood prices from 2003 to 2018.

The Journal of Real Estate Finance and Economics2023-04-28Ren Ren; Siu Kei Wong; Kwong Wing ChauDOI 10.1007/s11146-023-09952-1

Property RWA research report

The Google Doc link is not added yet. This is not a published report.