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This paper aims to make a systematic review of the manpower prediction model of the construction industry. It aims to determine the forecasting model's development trend, analyse the use limitations and applicable conditions of each forecasting model and then identify the impact indicators of the human resource forecasting model from an economic point of view. It is hoped that this study will provide insights into the selection of forecasting models for governments and groups that are dealing with human resource forecasts.

The common search engine, Scopus, was used to retrieve construction manpower forecast-related articles for this review. Keywords such as “construction”, “building”, “labour”, “manpower” were searched. Papers that not related to the manpower prediction model of the construction industry were excluded. A total of 27 articles were obtained and rated according to the publication time, author and organisation of the article. The prediction model used in the selected paper was analysed.

The number of papers focussing on the prediction of manpower in the construction industry is on the rise. Hong Kong is the region with the largest number of published papers. Different methods have different requirements for the quality of historical data. Most forecasting methods are not suitable for sudden changes in the labour market. This paper also finds that the construction output is the economic indicator with the most significant influence on the forecasting model.

The research results discuss the problem that the prediction results are not accurate due to the sudden change of data in the current prediction model. Besides, the study results take stock of the published literature and can provide an overall understanding of the forecasting methods of human resources in the construction industry.

Through this study, decision-makers can choose a reasonable prediction model according to their situation. Decision-makers can make clear plans for future construction projects specifically when there are changes in the labour market caused by emergencies. Also, this study can help decision-makers understand the current research trend of human resources forecasting models.

Although the human resource prediction model's effectiveness in the construction industry is affected by the dynamic change of data, the research results show that it is expected to solve the problem using artificial intelligence. No one has researched this area, and it is expected to become the focus of research in the future.

This study aims to analyse the impact on employee productivity of adopting the activity-based working (ABW) a form of new work practices (NWPs). A study of this nature has never been made in Asia.

A mixed methods design was used, which combined a comprehensive literature review, three interviews with senior professionals and a questionnaire survey with 37 office occupiers all from one international real estate consultancy firm in Hong Kong, as a case study, to analyse the impact of ABW on employee productivity.

Findings suggest that ABW influences employee productivity to a certain degree. Though both physical and behavioural working environmental factors influence employee productivity in general, the latter factors were relatively more influential. Interestingly, though space-per-employee has been reduced under the ABW, this has not affected employee performance negatively. However, findings indicate that distraction elements (e.g. interruptions, overcrowding and noise) do have a negative influence on employee performance.

The scope of this exploratory study is limited to Hong Kong and to a small sample of respondents representing one international real estate firm. However, the results could be interpreted for critical learning in other similarly expensive real estate rental markets.

The study highlighted the impact of not only physical but also behavioural working environment factors on employee productivity. The maximum benefits of NWPs can only be accomplished by striking a balance between aspects of physical and behavioural working environments.

This paper aims to explore the use of the data envelopment analysis (DEA), Cobb-Douglas and translog production function methods in estimating contractors’ efficiency.

In this paper, the DEA, translog and Cobb-Douglas methods were used to estimate the technical efficiency of 23 contractors in Hong Kong from 2003 to 2009. For this research, four input and three output variables were identified.

The results suggest that the efficiency scores obtained from the DEA method were significantly different from those obtained from the translog and Cobb-Douglas methods, while the efficiency scores from the translog method were similar to those from the Cobb-Douglas method. The DEA method further reveals that the company had poor utilisation of its resources over the past few years. On the output side, the current ratio was too small, implying that the company suffered from excess current liabilities relative to its current assets.

Application of efficiency measurement in the built environment is still in its infancy. The current research, therefore, calls for more research to be undertaken to establish the applied literature base for the construction industry.

The DEA method helps the inefficient company explore ways to improve the utilisation of the inputs as well as the process and to maximise the outputs.

Knowing the relative performance of contractors helps understand their competitiveness in the construction industry. By estimating their technical efficiency, contractors can improve the conditions for enhancing performance.

The purpose of this paper is to investigate whether a few leading Hong Kong construction firms are also efficient contractors. Theoretically, market leaders can exploit the virtue of economy of scale, learning curve and cost leadership to consolidate their competitiveness. However, if market share is key success factor for firms to become and stay competitive, smaller contractors will be further marginalized if the construction market continues to shrink as Hong Kong's economy approaches maturity. Hence the research question is: Have a few leading contractors been taking advantage of their market size to be efficient in Hong Kong?

Based on the Data Envelopment Analysis Assurance Region (DEA_AR) model, the efficiency scores of 17 major Hong Kong contractors are compiled over the last ten years. DEA is a non‐parametric approach to examine the relative efficiency among different firms, in terms of output/input ratios. Unlike traditional I‐O analysis which relies on a static table of coefficients, DEA does not require any priori and usually subjective weights for inputs or outputs.

The results identify efficient contractors, among which the three leading ones (China State Construction, Shui On Construction and Yau Lee Holdings) have captured the majority of housing construction contract values. Nevertheless, only China State Construction has ranked consistently as most efficient over time. The efficiency scores of Shui On Construction have decreased successively from 2002 to 2009, and it has been the least efficient contractor from 2006 to 2009. Yau Lee Holdings has a V‐curve of efficiency scores.

This study represents the first attempt to adopt a DEA_AR model to evaluate construction contractors' efficiency, which reduces the number of zeroes and the variation in weights for estimation and enhances the adequacy for individual contractor's efficiency scores, compared to other types of DEA models such as the CCR model and the BCC model.

This paper examines the inter‐relationship between profitability, cost of capital and capital structure among property developers and contractors in Hong Kong. Whilst major indigenous local developers are among the largest and the most profitable in the world, their contractor counterparts are generally small and nowhere near as profitable. An analysis of financial data suggests that gearing is generally higher among contractors than developers. However, it does not mean that contractors borrow more than developers. Indeed they do not need to borrow as much as developers even if they have the assets to pledge as collateral. Contractors do not have to pay for high land costs, and they obtain project finance from developers through interim payments in lump sum contracts that are widely adopted in the industry. Their high gearing reflects more their low equity base than high level of debts. Their costs of equities are about double the developers’, probably due to their usually low or negative profit margins. This conclusion is substantiated by further regression analysis of the data. The findings indicate that capital gearing is positively related with asset but negatively with profit margins. This article concludes with a discussion on implications of such profitability divide between the two sectors on the unequal relationship between developers and contractors, and on their competitiveness.

This paper aims to identify a set of potential determinants of capital structure. By knowing the key determinants, it is possible to understand how building contractors make decisions on capital structure.

A questionnaire survey was conducted to solicit Hong Kong building contractors' view on the predictive power of a set of financial ratios on capital structure. Each of the seven proxies of capital structure was regressed on the five financial ratios. The usual diagnostic tests (i.e. Durbin‐Watson and variance inflation factor tests) and plots of residuals and normality were carried out to ensure that assumptions of linear regression analysis were met. To validate the findings, eight contractors were further interviewed.

Both measures of long‐term debts (i.e. “long‐term debt divided by total assets” and “long‐term debt divided by total debt”) are proven to be related to “tangibility” significantly. Also, perceived growth opportunities are significantly related to three proxies for capital structure (i.e. total debt to capital, long‐term debt and long‐term leverage).

Further research should be undertaken to improve the quality of data and to enrich the understanding of how contractors define their capital structures.

Despite a plethora of research having been done by financial researchers, there are very few relevant papers in the construction field. This paper is intended to explore how building contractors made decisions on capital structure.

The aim of the paper is to determine the dynamic relationships between REIT returns and those of other financial and real unsecuritized assets internationally.

Using a multi‐factor model the flexible least squares (FLS) coefficients of REIT returns against stock, bond and direct property returns are derived for the REIT markets of the USA, Australia, Japan and Singapore.

The correlation between REIT returns and those of other financial and real assets varies not only across countries but also inter‐temporally. REITs can certainly provide diversification benefits to a multi‐asset investment portfolio. However, due to the time‐varying nature of the correlation, active management is advised and REITs should be not be viewed as a complete substitute for direct property investment.

There are two major limitations to the study. Firstly, the sampling periods used are not the same across the countries due to differing market maturity. Secondly, there are also sheer differences in market sizes. However, as REIT markets around the world continue to grow and become more mature in terms of their breath and depth, there will be a richer set of data available for more in‐depth analyses based on the methodology presented here.

The conclusions on both mature and emerging REIT markets could provide some ideas for international investors as to how they should formulate their time‐varying investment strategies and reconstruct their portfolios as mature markets become more efficient and emerging ones more mature.

The inclusion of Asian markets enables investigation of the correlation between REITs and different assets in respect not only of different market conditions, but also different geographical locations and market maturity. The international dimension of this paper may appeal to readers and investors who are interested in identifying diversification opportunities around the globe, especially so when the capital and property markets around the world are becoming more integrated and globalized.

The purpose of this study is to present and compare the productive efficiency of China Mainland and China Hong Kong contractors, and to identify and investigate the components and sources of their efficiency under different economic and institutional environments.

Data envelopment analysis (DEA) is a non‐parametric approach to examine the relative efficiency among different firms. This study employs DEA based Malmquist Productivity Index (MPI) to compile the efficiency scores of 20 construction companies listed in the Hong Kong Exchange and Clearing Limited (HKEx) from 2004 to 2010.

A decomposition of MPI suggests that catch‐up effect has contributed more to contractor's efficiency than frontier‐shift effect. Compared to their Mainland counterparts, Hong Kong contractors have higher MPI mainly due to higher efficiency scores in catch‐up effect.

Hong Kong contractors have advantage over Mainland contractors in their managerial and strategic capabilities. Hence Hong Kong contractors should lever on their managerial expertise in accounting, financing and legal services when exporting their services. Meanwhile, Mainland contractors should improve their efficiency by making the most use of their technological and human resources, thus improving upon their international entrepreneurship.

This study is the first attempt to apply MPI to compare the productive efficiency of listed contractors in China Mainland and China Hong Kong. The findings contribute to the body of knowledge for productive efficiency measurement.