Property Market Liquidity and Secured or Unsecured Debt

David H. Downs; Chen Zheng; Bing Zhu

The Journal of Real Estate Finance and Economics · 2025-01-04 · Issue: 2026-07
Research article · Published version of record · CC BY 4.0 · 13,460 words

Original source: Volume 73 · 1–39

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Title: Property Market Liquidity and Secured or Unsecured Debt
Human authorship: David H. Downs; Chen Zheng; Bing Zhu
Source: Complete manuscript edition 2026-10-22
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Original authors / creators: David H. Downs; Chen Zheng; Bing Zhu
Original publication: The Journal of Real Estate Finance and Economics · Springer Nature · 2025-01-04 · Issue date 2026-07
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doi:10.1007/s11146-024-10005-4
License & retained notices: CC BY 4.0
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Open Access This article is licensed under a Creative Commons Attribution 4.0 International License
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Evidence limits: REIT financing institutions differ from family-owned entities and personal wealth structures. Historical liquidity indices use 2005–2018 transaction data. Instrumental-variable results depend on identifying assumptions and should not be treated as a randomized financing experiment. Not a universal rule preferring secured or unsecured borrowing, a leverage target or a prediction of refinancing terms.
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