ID499 品牌对预售楼花信息不对称的环境下定价的影响.pdfVIP

品牌對预售樓花信息不对稱的環境下定價的影响 Brand attachment on Pricing Presale Properties with Asymmetric Information 1 LEUNG, B.Y.P (1. Hong Kong Polytechnic University, Hong Kong, China (email: bsbleung@.hk) 2 MA, A.S.C. (2. Hong Kong Polytechnic University, Hong Kong, China (email: athenda@) Abstract: The study has been conducted to investigate the relationship between quality and the value perceived in presale property markets in which asymmetric information problem is inherent. Presale property buyers do not have the chance to see the houses before making the purchase, therefore, many have to rely on market signals to choose a branded developer who they vest their trust in producing quality products. A hedonic model has been built which has combined the utilitarian (physical) attributes and the hedonic (quality) attribute to study whether any premium is imposed on the pricing of the properties developed by branded developers who are supposed to offer quality attribute in their products. The results shows that a premium of 2.6% of the property prices has been imposed on the properties built by branded developers to cover the additional costs incurred for building the quality work and promotion of their brands. Key words: Brand, presale property, asymmetric information, hedonic model 1. INTRODUCTION It has been widely considered that presale property markets are highly inefficient due to the asymmetric information problem in trading uncompleted properties (Chau et al., 2001; Choy et al. 2006; Leung et al., 2007). Since buyers do not have the chance to inspect the trading properties which