Tsang, Desmond Tak-ming（曾德銘）

Biography

Professor Desmond Tsang is an Associate Professor of Real Estate at the School of Hotel and Tourism Management, CUHK Business School, where he also serves as Co-director of the Centre for Hospitality and Real Estate Research. He earned his PhD in Real Estate and Accounting from the University of California, Berkeley. His research in real estate focuses on Real Estate Investment Trusts (REITs), firm location, and the Chinese real estate market, while his accounting interests include corporate governance, firm behavior, and earnings management. Professor Tsang’s work has appeared in leading journals such as Management Science, Review of Accounting Studies, Real Estate Economics, Regional Science and Urban Economics, Journal of Real Estate Research, and Journal of Real Estate Finance and Economics. At CUHK, he teaches real estate across undergraduate, master’s, and doctoral programs. Beyond teaching and research, Professor Tsang has contributed extensively to the academic profession and industry. He is a Fellow of the Asian Real Estate Society (AsRES), and served as President of both AsRES and the Global Chinese Real Estate Congress (GCREC) during 2022–2023. He hosted the AsRES–GCREC Joint International Real Estate Conference in 2023 and the ANREV Research Conference in 2024. Looking ahead, he is President Elect of the International Real Estate Society (IRES) for 2026 and will assume the presidency in 2027.

Teaching Area

Real Estate

Research Interests

Real Estate Investment Trusts (REITs)
Firm Location
Chinese Real Estate Market
Corporate Governance
Firm Behaviour
Earnings Management

• Publications & Working Papers
  • Chu, X., Lo, K., & Tsang, D. (2026), “Needed but Not There: Firm Location, Corporate Site Visits, Transportation, and Stock Price Crash Risk,” Regional Science and Urban Economics, forthcoming.
  • Chu, X., Tsang, D., & Wong, S.K. (2026), “How do Political Connections Mitigate Policy Shocks? Evidence from Chinese Real Estate Firms,” Real Estate Economics, forthcoming.
  • Özgür, H, Tsang, D., & Yönder, E. (2025), “Human Mobility and Commercial Real Estate: Evidence from REIT Operating Performance,” Real Estate Economics, 53(5), 1045-1068.
  • Chu, X., Deng, Y., & Tsang, D. (2025), “Firm Leverage and Stock Price Crash Risk: The Chinese Real Estate Market and Three-Red-Lines Policy,” Journal of Real Estate Finance and Economics, 70, 544-582.
  • Hu, M., Tsang, D., & Wan, W.X. (2023), “Corporate Relocation and Residential Housing Market Spillover,” Management Science, forthcoming.
  • Chen, Z., Cheung, K.S., Tsang, D., & Yiu, C.Y. (2023), “Co-Living at its Best – An Empirical Study of Economies of Scale, Building Age, and Amenities of Housing Estates in Hong Kong,” Buildings, forthcoming.
  • Chu, X., Deng, Y., & Tsang, D. (2023), “Firm Leverage and Stock Price Crash Risk: The Chinese Real Estate Market and Three-Red-Lines Policy,” Journal of Real Estate Finance and Economics, forthcoming.
  • Chu, X., Tsang, D., & Wong, S.K. (2023), “Geographic Diversification and Firm Performance: Where Firms Diversify Matter,” Journal of Real Estate Research, forthcoming.
  • Pruijssers, J., Singer, G., Singer, Z., & Tsang, D. (2023), “Social Influence Pressures and the Risk Perceptions of Aspiring Financial Market Professionals,” Journal of Accounting Education, 62, 100828.
  • Devos, E., Devos, E., Li, H., & Tsang, D. (2022), “Operating Lease as Alternative Financing for REITs: A Viable Strategy or a Sign of Trouble?” Journal of Real Estate Finance and Economics, 65, 153-180.
  • Birz, G., Devos, E., Dutta, S., Nguyen, K., & Tsang, D. (2022), “Ex-Ante Performance of REIT Portfolios,” Review of Quantitative Finance and Accounting, 59, 995-1018.
  • Birz, G., Devos, E., Dutta, S., & Tsang, D. (2021), “Is Good News Good and Bad News Bad in the REIT Market?” Journal of Real Estate Portfolio Management, 27(1), 43-62.
  • Allan, R., Liusman, E., Lu, T., & Tsang, D. (2021), “The COVID-19 Pandemic and Commercial Property Rent Dynamics,” Journal of Risk and Financial Management, 14(8), 360.
  • X. Chu, C. Lu, and D. Tsang (2021), “Geographic Scope and Real Estate Firm Performance during the COVID-19 Pandemic,” Journal of Risk and Financial Management, 14, 7, 309.
  • Chen, C., K. Lo, D. Tsang, and J. Zhang (2020), “Understanding Accounting Discretion in China: An Analysis of Fair Value Reporting for Investment Property,” Journal of Accounting and Public Policy, 39, 4.
  • Y. Gao, J.B. Kim, D. Tsang, and H. Wu (2017), “Go Before the Whistle Blows: An Empirical Analysis of Director Turnover and Financial Fraud,” Review of Accounting Studies, 22(1), 320-360.
  • E. Devos, S. Rahman, and D. Tsang (2017), “Debt Covenants and the Speed of Capital Structure Adjustment,” Journal of Corporate Finance, 45, 1-18.
  • D. Ben-Shahar, E. Solganik, and D. Tsang (2016), “Does IFRS 10 on Consolidated Financial Statements Abandon Accepted Economic Principles?” Australian Accounting Review, 26(4), 341-345.
  • Y. Deng, E. Devos, S. Rahman, and D. Tsang (2016), “The Role of Debt Covenants in Investment Grade Bond Market – The REIT Experiment,” Journal of Real Estate Finance and Economics, 52(4), 428-448.
  • D. Chen, Y. Gao, M. Kaul, C. Leung, and D. Tsang (2016), “The Role of External Management and Sponsor on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore,” International Real Estate Review, 19(2), 197-221.
  • W.M.Y. Cheung, J. Lei, and D. Tsang (2016), “Does Property Transaction Matter in the Price Discovery of Real Estate Markets?” International Real Estate Review, 19(1), 27-49.
  • M.H. Chiou, C. Lu, and D. Tsang (2015), “The Impact of Property Luxury Tax on Related Publicly-Traded Company: The Evidence from Taiwan,” Journal of Real Estate, 2(1).
  • E. Devos, A. Spieler, and D. Tsang (2014), “Elective Stock Dividends and REITs: Evidence from the Financial Crisis,” Real Estate Economics, 42(1), 33-70.
  • P. Anglin, R. Edelstein, Y. Gao and D. Tsang (2013), “What is the Relationship between REIT Governance and Earnings Management?” Journal of Real Estate Finance and Economics, 47(3), 538-563.
  • E. Devos, S.E. Ong, A. Spieler, and D. Tsang (2013), “REIT Institutional Ownership Dynamics and the Financial Crisis,” Journal of Real Estate Finance and Economics, 47(2), 266-288.
  • R. Edelstein, S. Fortin, and D. Tsang (2012), “An International Exploration of Financial Reporting Practices in the Real Estate Industry,” International Real Estate Review, 15(3), 347-372.
  • D. Ben-Shahar, E. Solganik, and D. Tsang (2011), “Funds from Operations versus Net Income: Examining the Dividend-Relevance of REIT Performance Measures,” Journal of Real Estate Research, 33(3), 415-442.
  • R. Edelstein, W. Qian, and D. Tsang (2011), “How Do Institutional Factors Affect International Real Estate Returns?” Journal of Real Estate Finance and Economics, 43(1-2), 130-151.
  • P. Anglin, R. Edelstein, Y. Gao, and D. Tsang (2011), “How Does Corporate Governance Affect the Quality of Investor Information? The Curious Case of REITs,” Journal of Real Estate Research, 33(1), 1-24.
  • W. Ge, D. Drury, S. Fortin, F. Liu, and D. Tsang (2010), “Value Relevance of Disclosed Related Party Transactions,” Advances in Accounting, 26, 134-141.
  • A. D. Bardhan, R. Edelstein, and D. Tsang (2008), “Global Economic and Financial Integration and Real Estate Security Returns,” Real Estate Economics, 36(2), 285-311.

• Grants
  • CUHK Internationalization Faculty Mobility Scheme Award, 2024, 2025
  • The Chinese University of Hong Kong Conference Grant, 2022, 2024
  • The Chinese University of Hong Kong Direct Grant, 2024, 2025
  • Worldwide Universities Network (WUN) Research Development Fund (RDF), 2023-24
  • The Chinese University of Hong Kong Startup Competition Grant, 2021
  • Alrov Institute of Real Estate Research, with Maggie Hu and Wayne Wan, 2021-24
  • CPA Canada – CAAA Financial Accounting, Assurance & Tax Research Grant, with Ming Liu and Jingjing Zhang, $CDN 6,200, 2019-2021
  • CICA/CAAA Research Grant, with Jing Zhang, $CDN 6,500, 2012-2015
  • Li Ka Shing Foundation Faculty Exchange Awards, $CDN 10,000, 2015
  • FQRSC Research Grant, $CDN 36,256, 2010-2013
  • Real Property Association of Canada (RealPac) Research Grant, with Steve Fortin, $CDN 10,000, 2006

• Awards & Honours

  Research

  • Best Paper Award (First Class), AsRES-GCREC Joint International Real Estate Conference, 2023
  • Academy of Finance Best in Track Award in Real Estate, Academy of Finance Conference, 2021
  • Journal of Real Estate Portfolio Management Red Pen Award (for excellence in the review of articles), American Real Estate Society (ARES) Meeting, 2018
  • Best Paper Award on Innovative Thinking Out of the Box, American Real Estate Society (ARES) Meeting, 2017
  • Aareal Award of Excellence in Real Estate Research, Real Estate Management Institute and Aareal Bank AG, 2015
  • Homer Hoyt/ Weimer School of Advanced Studies in Real Estate and Land Economics Post-Doctoral Honoree, 2015
  • Best Paper Award on Real Estate Investment Trusts, American Real Estate Society (ARES) Meeting, 2013
  • Best Paper Award, Global Chinese Real Estate Congress (GCREC) Conference, 2011
  • Best Paper Award, Asian Real Estate Society (AsRES) Annual Meeting, 2010
  • Best Paper Award, Global Chinese Real Estate Congress (GCREC) Conference, 2010
  • Best Research Paper Award on REIT Analysis, National Association of Real Estate Investment Trusts (NAREIT) and Baruch College (CUNY), 2009
  • Best Paper Award by a New Faculty, American Accounting Association (AAA) Northeast Regional Meeting, 2007

  Teaching

  • Faculty Teaching Merit Award, CUHK, 2021-2022
  • Nominee, BCom Teaching Award for Excellence in Core Teaching, McGill University, 2021
  • Master of Management in Finance (MMF) Teaching Award, McGill University, 2019
  • Desautels Faculty of Management Distinguished Teaching Award, McGill University, 2018
  • RSM Richter Accounting Teaching Fellow, McGill University, 2014-2016
  • Nominee, Principal’s Prize for Excellence in Teaching – Associate Professor (University-Level), McGill University, 2013
  • Management Undergraduate Society’s Professor of the Year Award for implications of students’ lives, McGill University, 2012
  • Desautels Faculty of Management Distinguished Teaching Award, McGill University, 2010
  • Nominee, Principal’s Prize for Excellence in Teaching – Assistant Professor (University-Level), McGill University, 2009

• Academic/Professional Services

  Academic Organisations

  • President-Elect, International Real Estate Society (IRES), 2026
  • Fellows, Asian Real Estate Society (AsRES), 2024-present
  • President, Asian Real Estate Society (AsRES), 2022-23
  • President, Global Chinese Real Estate Congress (GCREC), 2022-23
  • Board of director, Pacific Rim Real Estate Society (PRRES), 2025-27
  • Board of director, Asian Real Estate Society (AsRES), 2018-26
  • Board of director, International Real Estate Society (IRES), 2022-25
  • Board of director, Global Chinese Real Estate Congress (GCREC), 2012-present

  Associate Editor

  • International Real Estate Review, 2020-present
  • Asia-Pacific Journal of Accounting and Economics, 2013-25
  • Journal of Financial Research, 2018-23

  Guest Editor (Special Issue: Real Estate & COVID-19)

  • Journal of Risk and Financial Management, 2020-2022

  Editorial Board Member

  • Journal of Real Estate Research, 2024-present
  • Cornell Hospitality Quarterly, 2024-present
  • Journal of Real Estate Literature, 2023-present
  • Journal of Real Estate Portfolio Management, 2016-18
  • Journal of Real Estate (in Chinese), 2013-16