Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

 
 
Session Overview
Session
AsRES - Real Estate Potpurri 1
Time:
Friday, 14/July/2023:
4:00pm - 5:30pm

Chair: Piyush TIWARI, University of Melbourne
Location: CYT 607

Room 607, 6/F, Cheng Yu Tung Building, The Chinese University of Hong Kong 香港中文大学郑裕彤楼 6楼 607 室

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Presentations

Consequences of corporate real estate investment: evidence from listed non-real estate firms in China

Zhiwei LIAO1,2, Ying FAN1

1The Hong Kong Polytechnic University (PolyU), Hong Kong S.A.R. (China); 2School of Economics and Management, Tongji University, Shanghai, China;

Discussant: Daizhong TANG (Tongji University);

Surging housing prices and attractive yields attract a significant amount of capital and many non-real estate firms to the real estate market. In China, the fact that non-real estate firms engage in the real estate industry is ubiquitous. This paper investigates the consequences of non-real estate firms investing in the real estate industry (e.g., real estate development and real estate holdings) using the listed non-real estate firms and land transaction data in China from 2007 to 2019. Using the home purchase restriction policy as an exogenous shock, we examine the impact of this behavior on corporate financial performance (e.g., profitability, liability and liquidity) in the short run and on corporate R&D inputs and outputs in the long run. Empirical results show that real estate investment crowds out investing in the main business and R&D of non-real estate firms, hindering the sustainable development of enterprises in the long term. This paper provides a fresh understanding of the risks and benefits of real estate investment and guides the optimal investment strategy of non-real estate firms.



Activating Data to Recapture the Magic of Hospitality at The Peninsula

Francois CHABAUDIE

Neoma Ltd;

Discussant: Tiffany TIVASURADEJ (CBRE);

Abstract:
In an increasingly competitive hospitality industry, hotels are constantly seeking innovative ways to enhance guest experiences and improve operational efficiency. Our company, Neoma helped The Peninsula Hotel leverage data activation to revolutionise their guest services. By implementing highly targeted guest experiences through the Gaia app and guest room key, utilising area correlation, and providing comprehensive business reports with operational impacts, Neoma enabled The Peninsula Hotel to recapture the magic of hospitality. The results were measured through improved guest satisfaction, enhanced staff efficiency and coordination, better reviews, and the creation of wow moments for every guest, not just VIPs. Additionally, Neoma's solution facilitated 5x guest recognition for all staff members and reduced the time taken for staff to receive data of nearby guests to a remarkable 0.2 seconds.

*There were opportunities for technology to step in - with predictive and well-timed guest insights to help staff operate at peak efficiency.*

The Challenge:
How do you repeat an extraordinary level of care and service for every guest, at every opportunity, without exception?

The Project:
For over a century, the unmatched elegance and service of this luxury hotel chain has captured the imaginations of guests across the world. Delivering on the brand promise of a superlative experience demanded an extraordinary level of attention to ensure that every aspect of the stay was carefully orchestrated. While the hotel already had a rich database of guest information via preexisting property and customer relationship management systems and loyalty programmes, the challenge was to access, activate and monetise this data in a timely fashion.

What We Did:
*Empowering staff with personalised AI insights*

We deployed Gaia to activate data from PMS, and paired it with a tag on the room key to pull up relevant insights each time a guest approached staff. Staff received simple alerts on their smartphones enabling them to anticipate what a particular guest might want from their stay - their favourite dish at the restaurant, what they were allergic to, spa treatments or a thoughtful local itinerary. With the app, front office staff no longer spent valuable time relaying guest information to the next shift, but were freed up to create a personal relationship with the people in front of them.

The Impact:
*Achieving "wow" moments for every guest, not just VIPs*

By bridging the gap between data gathered and data utilised, hotel staff were able to offer predictive services, creating truly personalised experiences for every guest. A data-driven, people first approach not only improved staff efficiency but led to positive feedback loop with consistently great service, driving loyalty and enhanced guest satisfaction.

Conclusion:
The collaboration between Neoma and The Peninsula Hotel exemplifies the power of data activation in recapturing the magic of hospitality. Through the implementation of the Gaia app and guest room key, area correlation, and the provision of comprehensive business reports, Neoma enabled The Peninsula Hotel to deliver highly targeted guest experiences, enhance staff efficiency and coordination, and achieve better reviews. By leveraging data activation, The Peninsula Hotel transformed every guest interaction into a wow moment, ensuring that each guest felt valued and catered to.



Measuring Housing Well-being of Disaster Affected persons in Chennai (India)

Piyush TIWARI

University of Melbourne, Australia;

Discussant: Jianfu SHEN (The Hong Kong Polytechnic University);

The impact of disasters on human well-being extends beyond loss of assets. Asset based compensation approach, usually in monetary form, that the governments adopt for reconstruction of losses of affected persons is marred with challenges in identification of compensable disasters; identification of eligible claimants; identification of compensable losses; and valuation of losses. The largest asset that a household possesses is their house, which suffers major damage. Loss to a house goes beyond the asset itself and affects many dimensions of human well-being. This paper identifies housing well-being determinants as a functioning achievement when seen through the lens of ‘capability approach’, using the case of households relocated in resettlement colonies in Chennai (India) after disasters since 2004. This paper reveals that the opportunities for higher income at resettlement colonies is important for restoring housing well-being. Neighbourhood security, social capital, safety level in the neighbourhood, access to informal/social system for childcare, social and economic associations are significant contributors to housing well-being.



 
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