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Abstract
This paper assesses the significance, risk‐adjusted performance and portfolio diversification benefits of the listed property securities markets in the Asian international financial centres (IFCs) of Tokyo, Singapore and Hong Kong over January 1998 – March 2008, contrasting this performance to six major non‐IFC markets in Asia. Significant risk‐adjusted returns are evident for these Asian IFCs, with this having been enhanced in recent years. Portfolio diversification benefits are also evident for these Asian IFCs; however, superior portfolio diversification benefits are provided by the Asian non‐IFC markets in a pan‐Asia property portfolio context for global investors. These results highlight the need for global investors in the Asian markets to include both the major IFC markets and the non‐IFC markets to achieve effective portfolio diversification benefits in their pan‐Asia property portfolios.