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China Real Estate Investment Hangbook 2011 Edition

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Using the property transaction data, we compute manager-specific characteristic timing and characteristic selectivity measures. We use property portfolio index returns at a CBSA level, a state level, a divisional level, a regional level and at the whole national level. The resulting characteristic timing and characteristic selectivity measures suggest that the vast majority of both public REIT and private portfolio managers possess little or even negative ability to successfully time their investments vis a vis the market regardless of the level of benchmark specialization. However, a small number of top quartile managers do appear to possess statistically significant ability to time the market at all levels of specialization....
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China Real Estate Investment Hangbook 2011 Edition