Dr Zhi Dong

PhD, MSc, BE, PGCert (Academic Practice)

Biography

Zhi is enthusiastic about applying microeconomic theory to identify the forces and factors driving real asset and capital markets. She supports the notion that microeconomic theory is the basis of important theoretical developments in such areas as finance, investment, auction theory and industrial organisation. Her true passion lies in discovering the linkage between what we observe in the real world and what is documented and can be advanced in economic and financial theory.

Her vision is to find simple and straightforward, but nonetheless logically rigorous ways to analyse asset-market performance.

Her mission is to present conceptual frameworks, identify important forces and measures and empirically investigate currently significant issues in asset and capital markets.

She graduated from the National University of Singapore in Singapore with a PhD, in the area of real estate finance and economics, and Master of Science (by research) majoring in Estate Management. She obtained her Bachelor of Engineering at Tongji University in Shanghai, majoring in Building and Surveying. Upon graduating with a Bachelor's degree, she was appointed as (assistant) economist, at the Division of Credit Risk Management, Industrial and Commercial Bank of China (ICBC) in Shanghai. For the appointment, she also played the role of real estate valuer for residential, industrial and investment properties for ICBC in Shanghai for two years before she pursued postgraduate degrees. During the period of postgraduate study, she was selected and appointed as a researcher for a commercial research project on the analyses of time series risk premiums of investment properties for twelve major cities in the region of Asia-pacific. The project was jointly held and funded by the National University of Singapore and Jones Lang LaSalle (JLL) Singapore. She had participated in a few research projects in strategic land development and pricing before she started her career in tertiary education.

With a caring and passionate heart, she obtained Postgraduate Certificate (PGCert) in Academic Practice during her career with the University of Auckland. It was a two-year comprehensive study and practice programme. She further developed broad and in-depth understanding of theories on education and their application on the practice of teaching, research and providing service in local, regional and global educational communities.

Zhi is open to any comments, suggestions or debates about her research and teaching. Please feel free to email her with your thoughts. She will be duly grateful for any constructive input.

 

Selected Publications:

  • Dong, Z. (2016). Integration of the Urban Economy into National Development Policy - A Focus on Housing. In D. Reeves, S. Knight-Lenihan (Eds.) A State of New Zealand Report for UN Habitat III (pp. 82-83). Auckland, New Zealand: Urban Research Network, The University of Auckland.
  • Levy, D., Dong, Z., & Young, J. (2016) Unintended Consequences: The Use of Property Tax Valuations as Guide Prices in Wellington, New Zealand. Housing Studies, 31(6), 578-597.
  • Dong, Z., & Sing, T. (2016). How Do Land Auction Formats Influence the Market Structure and Aggregate Surplus of Real Estate Development? Real Estate Economics, 44(3), 691-725. DOI: 10.1111/1540-6229.12117. http://onlinelibrary.wiley.com/doi/10.1111/1540-6229.12117/abstract, URL at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2545999.
  • Liang, J., & Dong, Z. (2015). Security Choice and Earnings Management for A-REITs. Double-blind Peer Reviewed, Accepted as Refereed Paper for the 21st Pacific Rim Real Estate Society Conference, Kuala Lumpur, Malaysia, 18-21 January, 2015.
  • Liang, J., & Dong, Z. (2015). Interaction between and within Earnings Management Measurements Used by REITs. Double-blind Peer Reviewed, Accepted as Refereed Paper for the 21st Pacific Rim Real Estate Society Conference, Kuala Lumpur, Malaysia, 18-21 January, 2015.
  • Liang, J., & Dong, Z. (2014). Property Portfolio Composition and Earnings Management for Listed Property Portfolios. Journal of Real Estate Portfolio Management, 20(2), 111-124.
  • Dong, Z., & Sing, T. (2014). Developer Heterogeneity and Competitive Land Bidding. Journal of Real Estate Finance and Economics, 48(3), 441-466.
  • Dong, Z., & Li, N. (2012). Investment Property Diversification over Different Economic Phases in New Zealand. Pacific Rim Property Research Journal, 18(2), 106-128. Retrieved from http://www.prres.net/
  • Dong, Z. (2012). Capital Structure Decisions of LPTs in a Small Economy. Journal of Property Investment and Finance, 30(5), 493-504. doi:10.1108/14635781211256756
  • Liao, X., Dong, Z., & Young, J. (2011). Earnings Management: A Case of New Zealand Listed Property Trusts. Pacific Rim Property Research Journal, 17(1), 92-109.
  • Morrish, S., Levy, D. S., & Dong, Z. (2009). The role of property in a portfolio of small to medium enterprises. Pacific Rim Property Research Journal, 15(3), 261-277.

Research | Current

  • The influence of economic uncertainty on asset pricing
  • The effect of monetary policy on real asset price and urban growth
  • Investors' reference-dependent preference in real asset markets
  • Impact of investors' heterogeneity on asset prices
  • Capital structure decisions
  • Earnings management for listed property portfolios
  • Investment strategies and portfolio management
  • Real option applications and auction design
  • Risk pricing and volatility analysis
  • Strategic land development and property pricing

Teaching | Current

2016-2017 Property 380 Property Issues and Trends (Co-teaching)
2008-2017 Property 351 Advanced Property Finance and Investment (Sole-teaching)
2008-2017 Property 753 Seminar in Property Finance and Investment (Sole-teaching)
2013-2017 Property 713 Seminar in Valuation (Sole-teaching)
2008-2017 Property 755 International Property Markets  (Co-teaching)
2013 Property 311 Advanced Valuation (Course Director, co-teaching)
2012 Property 786 Special Topic - Risk Management and Analysis for Property Development (Sole-teaching)
2011 Property 786 Special Topic - The Structure of Global REITs (Sole-teaching)
2009 Property 786 Special Topic - Financial Modeling (Sole-teaching)

 

Postgraduate supervision

PhD

  • 2016-present Yang Yang – PhD topic in "Residential property investment in New Zealand: Fair and equitable taxation or state-subsidised speculation?" (on-going topic, co-supervisor)
  • 2012-2016 Jian Liang (Gerry) – PhD topic in "Regulatory and non-regulatory influential factors for earnings management for Real Estate Investment Trusts" (Successful completion, the primary supervisor)

Masters

  • 2017 Shuzhen Chen (Lisa) – MProp topic in "The relationship between consumer confidence and the risk-return performance of investment properties" (on-going topic, the sole supervisor)
  • 2012-2014 Ningkun Li (William) – MProp (part-time) topic in "The Effect of Tenant Quality on Risk-return Performance of Commercial Property Investments" (Successful Completion, the sole supervisor)

Honours

  • 2014 Justin Ting –  BProp (Hons.) topic in "The Effect of Ownership Structure on Capital Structure Decisions for New Zealand Listed Property Portfolios" (Successful completion, the sole supervisor)
  • 2012 Yueyi Zhao (Yuna) – BProp (Hons.) topic in "Signalling Effect of Lines of Credit for A-REITs before and beyond the Global Financial Crisis" (Successful completion, the sole supervisor)
  • 2011 Timothy Wiles – BProp (Hons.) topic in "Information Asymmetry and the Security Price Reaction to Seasoned Equity Offerings by Australian Real Estate Investment Trusts" (Successful completion, the sole supervisor)
  • 2011 Woo-Joon Kim (David) – BProp (Hons.) topic in "The Determinants of Capital Structure for A-REITs" (Successful completion, the sole supervisor)
  • 2010 Ningkun Li (William) – BProp (Hons.) topic in "Diversification Strategies under Different Market Phases for Properties Held by New Zealand LPTs" (Successful completion, the sole supervisor)
  • 2010 Ishveer Golian – BProp (Hons.) topic in "New Zealand Listed Property Trust Returns" (Successful completion, the sole supervisor)
  • 2008-2009 Xuemei Liao – BProp (Hons.) topic in "The Relationship between Accounting Accruals and Stock Performance: A Study for New Zealand Listed Property Trusts" (Successful completion, the sole supervisor)

Distinctions/Honours

  • 2017 New Zealand Centre at Peking University Visiting Fellowship Awarded by New Zealand Centre at Peking University
  • 2012 Faculty Fellowship in Academic Practice Awarded by The University of Auckland
  • 2002 and 2003 Full Research Scholarship Sponsored by Singapore Government 
  • 1996 to 1998 Top Student Academic Award at Tongji University 

Responsibilities

  • Committee Member for Board of Undergraduate Studies of Faculty of Business and Economics
  • Committee Member for Equity Committee of Faculty of Business and Economics
  • Committee Member for Assurance of Learning of Faculty of Business and Economics
  • Seminar Co-ordinator for the Department of Property
  • Asian Student Adviser
  • Director of the Asian Network for the Department of Property

Areas of expertise

  • Property and capital markets
  • Property finance and investment
  • Portfilio management
  • Urban economics
  • Property economics
  • Auction design
  • Strategic land development

Committees/Professional groups/Services

  • Nominated and Elected Board Member of Board of Directors (representing New Zealand) at Pacific Rim Real Estate Society (PRRES; term 2015-2017)
  • Editorial Board Member for Pacific Rim Property Research Journal
  • Editorial Board Member for the Journal of Reviews on Global Economics
  • Referee for Economic Modelling, the Journal of Real Estate Finance and Economic, the Journal of Property Finance and Investment, the International Journal of Housing Market Analysis, Pacific Rim Property Research Journal, the South African Journal of Economic and Management Sciences, the Journal of Accounting and Taxation, the Journal of Reviews on Global Economics
  • Academic membership for: American Real Estate and Urban Economics Association (AREUEA), Pacific Rim Real Estate Society (PRRES), Global Chinese Real Estate Congress (GCREC), The Asian Real Estate Society (AsRES)

Selected publications and creative works (Research Outputs)

  • Dong, Z. (2016). Integration of the Urban Economy into National Development Policy - A Focus on Housing. In D. Reeves, S. Knight-Lenihan (Eds.) A State of New Zealand Report for UN Habitat III (pp. 82-83). Auckland, New Zealand: Urban Research Network, The University of Auckland. Related URL.
  • Dong, Z. (2016). How do monetary and credit policies affect housing affordability? A case of the New Zealand housing market. Paper presented at Australasian Housing Researchers Conference (AHRC) 2016, Auckland, New Zealand. 17 February - 19 February 2016.
  • Dong, Z., & Sing, T. F. (2015). How Do Land Auction Formats Influence the Market Structure and Aggregate Surplus of Real Estate Development?. Real Estate Economics, n/a-n/a. 10.1111/1540-6229.12117
  • Liang, J., & Dong, Z. (2014). Property portfolio composition and earnings management for listed property portfolios. Journal of Real Estate Portfolio Management, 20 (2), 111-124.
  • Dong, Z., & Sing, T. (2013). Developer Heterogeneity and Competitive Land Bidding. Journal of Real Estate Finance and Economics10.1007/s11146-013-9408-1
  • Dong, Z., & Li, N. (2012). Investment Property Diversification over Different Economic Phases in New Zealand. Pacific Rim Property Research Journal, 18 (2), 106-128.
  • Dong, Z. (2012). Capital Structure Decisions of LPTs in a Small Economy. Journal of Property Investment and Finance, 30 (5), 493-504. 10.1108/14635781211256756
  • Dong, Z., & Sing, T. (2011). The Determinants of Land Prices with Heterogeneous Developers. Paper presented at 2011 Asia Pacific Real Estate Research Symposium, accepted after peer review based on invited submission, Adelaide, Australia. 16 July - 17 July 2011.
    URL: http://hdl.handle.net/2292/16932

Contact details

Alternative contact

Property Office: +64 9 923 8630

Primary location

OWEN G GLENN BUILDING - Bldg 260
Level 5, Room 534
12 GRAFTON RD
AUCKLAND 1010
New Zealand