Search Results (24)

At the crossroads of technological innovation and established practice, property valuation is experiencing a significant shift with the introduction of artificial intelligence (AI) and machine learning (ML). While these technologies offer new efficiencies and predictive capabilities, their integration raises important legal, ethical, and professional questions. This paper addresses these challenges by proposing a structured framework for incorporating Explainable Artificial Intelligence (XAI) techniques into valuation practices. The primary aim is to improve their consistency, objectivity, and transparency to ensure the internal accountability of AI-driven methodologies. Drawing from the international valuation standards, the discussion centres on the essential balance between automated precision and the professional duty of care—a balance that is crucial for maintaining trust in and upholding the integrity of property valuations. By examining the role of AI within the property market and the consequent legal debates about and requirements of transparency, this article underscores the importance of developing AI-enabled valuation models that professionals and consumers alike can trust and understand. The proposed framework calls for a concerted cross-disciplinary effort to establish industry standards that support the responsible and effective integration of AI into property valuation, ensuring that these new tools meet the same high standards of reliability and clarity expected by the industry and its clients. Full article

Background: This study explored neutralizing IgG antibody levels against COVID-19 decline over time post-vaccination. We conducted this prospective cohort study to investigate the function of gut microbiota in the host immune response following three doses of BNT162b2. Methods: Subjects who received three doses of BNT162b2 were recruited from three centers in Hong Kong. Blood samples were obtained before the first dose and at the one-year timepoint for IgG ELISA to determine the level of neutralizing antibody (NAb). The primary outcome was a high immune response (NAb > 600 AU/mL). We performed shotgun DNA metagenomic sequencing on baseline fecal samples to identify bacterial species and metabolic pathways associated with high immune response using linear discriminant analysis effect size analysis. Results: A total of 125 subjects were recruited (median age: 52 years [IQR: 46.2–59.0]; male: 43 [34.4%]), and 20 were regarded as low responders at the one-year timepoint. Streptococcus parasanguinis (log₁₀LDA score = 2.38, p = 0.003; relative abundance of 2.97 × 10⁻⁵ vs. 0.03%, p = 0.001), Bacteroides stercoris (log₁₀LDA score = 4.29, p = 0.024; relative abundance of 0.14% vs. 2.40%, p = 0.014) and Haemophilus parainfluenzae (log₁₀LDA score = 2.15, p = 0.022; relative abundance of 0.01% vs. 0, p = 0.010) were enriched in low responders. Bifidobacterium pseudocatenulatum (log₁₀LDA score = 2.99, p = 0.048; relative abundance of 0.09% vs. 0.36%, p = 0.049) and Clostridium leptum (log₁₀LDA score = 2.38, p = 0.014; relative abundance of 1.2 × 10⁻⁵% vs. 0, p = 0.044) were enriched in high responders. S. parasanguinis was negatively correlated with the superpathway of pyrimidine ribonucleotides de novo biosynthesis (log₁₀LDA score = 2.63), which contributes to inflammation and antibody production. H. parainfluenzae was positively correlated with pathways related to anti-inflammatory processes, including the superpathway of histidine, purine, and pyrimidine biosynthesis (log₁₀LDA score = 2.14). Conclusion: Among three-dose BNT162b2 recipients, S. parasanguinis, B. stercoris and H. parainfluenzae were associated with poorer immunogenicity at one year, while B. pseudocatenulatum and C. leptum was associated with a better response. Full article

Urban planning education must address the Modifiable Areal Unit Problem (MAUP) to comprehend the critical impact of urban density on sustainable city development. Quantitative studies using administrative area units face indefinite aggregate level biases. This paper introduces an efficient block-searching method to calculate property densities around residences of various boundary scales and empirically examines their relationship with housing prices in Auckland, New Zealand. Results reveal negative associations between housing prices and densities within neighbourhoods, emphasising the limitations of administrative boundaries. These findings underscore the necessity for planning education to navigate MAUP’s complexities in shaping urban development policies. Full article

Background: Neutralizing antibody level wanes with time after COVID-19 vaccination. We aimed to study the relationship between baseline gut microbiota and immunogenicity after three doses of CoronaVac. Methods: This was a prospective cohort study recruiting three-dose CoronaVac recipients from two centers in Hong Kong. Blood samples were collected at baseline and one year post-first dose for virus microneutralization (vMN) assays to determine neutralization titers. The primary outcome was high immune response (defined as with vMN titer ≥ 40). Shotgun DNA metagenomic sequencing of baseline fecal samples identified potential bacterial species and metabolic pathways using Linear Discriminant Analysis Effect Size (LEfSe) analysis. Univariate and multivariable logistic regression models were used to identify high response predictors. Results: In total, 36 subjects were recruited (median age: 52.7 years [IQR: 47.9–56.4]; male: 14 [38.9%]), and 18 had low immune response at one year post-first dose vaccination. Eubacterium rectale (log₁₀LDA score = 4.15, p = 0.001; relative abundance of 1.4% vs. 0, p = 0.002), Collinsella aerofaciens (log₁₀LDA score = 3.31, p = 0.037; 0.39% vs. 0.18%, p = 0.038), and Streptococcus salivarius (log₁₀LDA score = 2.79, p = 0.021; 0.05% vs. 0.02%, p = 0.022) were enriched in low responders. The aOR of high immune response with E. rectale, C. aerofaciens, and S. salivarius was 0.03 (95% CI: 9.56 × 10⁻⁴–0.32), 0.03 (95% CI: 4.47 × 10⁻⁴–0.59), and 10.19 (95% CI: 0.81–323.88), respectively. S. salivarius had a positive correlation with pathways enriched in high responders like incomplete reductive TCA cycle (log₁₀LDA score = 2.23). C. aerofaciens similarly correlated with amino acid biosynthesis-related pathways. These pathways all showed anti-inflammation functions. Conclusion: E. rectale,C. aerofaciens, and S. salivarius correlated with poorer long-term immunogenicity following three doses of CoronaVac. Full article

CoronaVac immunogenicity decreases with time, and we aimed to investigate whether gut microbiota associate with longer-term immunogenicity of CoronaVac. This was a prospective cohort study recruiting two-dose CoronaVac recipients from three centres in Hong Kong. We collected blood samples at baseline and day 180 after the first dose and used chemiluminescence immunoassay to test for neutralizing antibodies (NAbs) against the receptor-binding domain (RBD) of wild-type SARS-CoV-2 virus. We performed shotgun metagenomic sequencing performed on baseline stool samples. The primary outcome was the NAb seroconversion rate (seropositivity defined as NAb ≥ 15AU/mL) at day 180. Linear discriminant analysis [LDA] effect size analysis was used to identify putative bacterial species and metabolic pathways. A univariate logistic regression model was used to derive the odds ratio (OR) of seropositivity with bacterial species. Of 119 CoronaVac recipients (median age: 53.4 years [IQR: 47.8–61.3]; male: 39 [32.8%]), only 8 (6.7%) remained seropositive at 6 months after vaccination. Bacteroides uniformis (log₁₀LDA score = 4.39) and Bacteroides eggerthii (log₁₀LDA score = 3.89) were significantly enriched in seropositive than seronegative participants. Seropositivity was associated with B. eggerthii (OR: 5.73; 95% CI: 1.32–29.55; p = 0.022) and B. uniformis with borderline significance (OR: 3.27; 95% CI: 0.73–14.72; p = 0.110). Additionally, B. uniformis was positively correlated with most enriched metabolic pathways in seropositive vaccinees, including the superpathway of adenosine nucleotide de novo biosynthesis I (log₁₀LDA score = 2.88) and II (log₁₀LDA score = 2.91), as well as pathways related to vitamin B biosynthesis, all of which are known to promote immune functions. In conclusion, certain gut bacterial species (B. eggerthii and B. uniformis) and metabolic pathways were associated with longer-term CoronaVac immunogenicity. Full article

Co-living is commonly considered as an arrangement for rental housing. However, co-living in housing estates by sharing common amenities among co-owners has been practiced for many years in high-density cities. Yet, there have been very few empirical studies on the estate premium and the economies/diseconomies of scale effect on house prices, probably due to the lack of data. This study is a novel attempt to examine the economies/diseconomies of scale effect using the hedonic price model to estimate the impact of the number of housing units in a housing estate on house prices, ceteris paribus, using Hong Kong housing transaction data. The results confirm the hypothesis of estate premium and the economies of scale effect of co-living in housing estates. Economies of scale are observed, with larger estates commanding a premium of up to 5031 units, beyond which the effect declines, hinting at potential diseconomies. Building age moderates this effect, as we observe a larger scale effect in especially younger estates with lower maintenance costs. Additional tests confirm the positive correlation between amenities and prices, with an optimal amenity number enhancing prices, while excess amenities lead to diminishing returns. A case study reinforces these findings, demonstrating a general trend of decreasing management fees with increasing estate size, supporting the notion of economies of scale. Overall, this study contributes valuable insights for developers and homebuyers, emphasizing the importance of balancing estate size and amenities for cost-sharing advantages and effective management in co-living housing estates. Full article

This study retrospectively evaluates clinical outcomes of dose escalation to involved nodes using volumetric modulated arc therapy (VMAT) with simultaneous integrated boost (SIB) for node-positive locally advanced cervical cancer (LACC) at a single institution. Consecutive patients with node-positive LACC (FIGO₂₀₁₈ IIIC1-IVA) who received definitive chemoradiotherapy by VMAT 45 Gy in 25 fractions with SIB to 55–57.5 Gy, followed by magnetic resonance image-guided adaptive brachytherapy (IGABT) between 2018 and 2022 were identified. A standardized strategy regarding nodal boost delivery and elective para-aortic (PAO) irradiation was employed. Primary endpoints were involved nodal control (INC) and regional nodal control (RNC). Secondary endpoints were pelvic control (PC), locoregional control (LRC), disease-free survival (DFS), overall survival (OS), failure pattern, and radiotherapy-related toxicities. A total of 234 involved nodes (182 pelvic and 52 PAO) in 54 patients, with a median of 3 involved nodes per patient (range 1–16), were analyzed. After a median follow-up of 19.6 months, excellent INC was achieved, with four (2%) boost-volume failures occurring in three patients. The 2-year actuarial RNC, PC, LRC, DFS, and OS were 93%, 87%, 87%, 78%, and 85%, respectively. Adenocarcinoma histology was associated with worse RNC (p = 0.02) and OS (p = 0.04), whereas the primary tumor maximum standardized uptake value (SUVmax) was associated with worse PC (p = 0.04) and LRC (p = 0.046) on univariate analysis. The incidence of grade ≥3 acute and late radiotherapy-related toxicity were 2% and 4%, respectively. Treatment of node-positive LACC with VMAT with SIB allows safe and effective dose escalation. The 5-year local experience demonstrated excellent treatment outcomes without additional toxicity. Full article

Background: Antibiotics may increase the risk of COVID-19 among non-vaccinated subjects via probable gut dysbiosis. We aimed to investigate whether antibiotics also affect the clinical outcomes of COVID-19 vaccine recipients. Methods: This was a territory-wide cohort study of 3,821,302 COVID-19 vaccine recipients (aged ≥ 18 years) with ≥2 doses of either BNT162b2 or CoronaVac. Exclusion criteria included prior COVID-19, prior gastrointestinal surgery, and immunocompromised status. The primary outcome was COVID-19 infection and secondary outcomes included COVID-19-related hospitalization and severe infection (composite of intensive care unit admission, ventilatory support, and/or death). Exposure was pre-vaccination antibiotic use (within 180 days of first vaccine dose). Covariates included age, sex, Charlson Comorbidity Index, and concomitant medication use. Subjects were followed from the index date (first dose vaccination) until outcome occurrence, death, an additional dose of vaccination, or 15 November 2022. Propensity score (PS) matching and a Poisson regression model were used to estimate the adjusted incidence rate ratio (aIRR) of outcomes with antibiotic use. Results: Among 342,338 PS matched three-dose vaccine recipients (mean age: 57.4 years; male: 45.1%) with a median follow-up of 13.6 months (IQR: 9.2–16.3), antibiotics were associated with a higher risk of COVID-19 infection (aIRR: 1.16;95% CI: 1.14–1.19), hospitalization (aIRR: 1.75;95% CI: 1.65–1.86), and severe infection (aIRR: 1.60; 95% CI: 1.21–2.11). Notably, antibiotic use was associated with a higher risk of severe infection and death among CoronaVac recipients (aIRR: 1.62 95% CI: 1.18–2.22 and aIRR: 2.70, 95% CI: 1.54–4.73 for the two secondary outcomes, respectively), but not BNT162b2 recipients. Conclusions: Pre-vaccination use of antibiotics was associated with a higher risk of COVID-19 infection, hospitalization, and severe disease outcomes. Full article

While construction costs and housing prices are implicitly examined in the construction economics literature, dedicated studies on their theoretical underpinning are rare. In this study, we investigated the application of different pricing theories in Auckland by testing the relationship between house prices and construction costs in Auckland from 1995 to 2021. The results contrast the tendering pricing theory, which posits that construction prices are optimal mark-ups unaffected by market demand, with the full-cost pricing theory, which acknowledges the market-dependent nature of pricing. By using the Toda-Yamamoto’s granger-causality test and Pesaran’s Autoregressive Distributive Lag (ARDL) bound tests, we analysed the relationship between the house price index (HPI) and construction cost index (CCI). The result suggests a significant relationship between housing prices and construction costs in both the short and long term, supporting the predominance of the full-cost pricing theory in Auckland’s housing market. The finding highlights the potential need for property industry participants to evaluate the market structure of the construction industry, fostering a more competitive environment and paving the way for more effective supply-related housing policies. Full article

Despite the declining trend of Helicobacter pylori (H. pylori) prevalence around the globe, ongoing efforts are still needed to optimize current and future regimens in view of the increasing antibiotic resistance. The resistance of H. pylori to different antibiotics is caused by different molecular mechanisms, and advancements in sequencing technology have come a far way in broadening our understanding and in facilitating the testing of antibiotic susceptibility to H. pylori. In this literature review, we give an overview of the molecular mechanisms behind resistance, as well as discuss and compare different antibiotic susceptibility tests based on the latest research. We also discuss the principles of antibiotic stewardship and compare the performance of empirical therapies based on up-to-date resistance patterns and susceptibility-guided therapies in providing effective H. pylori treatment. Studies and clinical guidelines should ensure that the treatment being tested or recommended can reliably achieve a pre-agreed acceptable level of eradication rate and take into account the variations in antibiotic resistance across populations. Local, regional and international organizations must work together to establish routine antibiotic susceptibility surveillance programs and enforce antibiotic stewardship in the treatment of H. pylori, so that it can be managed in a sustainable and efficient manner. Full article

Background: We aimed to investigate the effect of non-alcoholic fatty liver disease (NAFLD) on BNT162b2 immunogenicity against wild-type SARS-CoV-2 and variants and infection outcome, as data are lacking. Methods: Recipients of two doses of BNT162b2 were prospectively recruited. Outcomes of interest were seroconversion of neutralizing antibody by live virus microneutralization (vMN) to SARS-CoV-2 strains (wild-type, delta and omicron variants) at day 21, 56 and 180 after first dose. Exposure of interest was moderate-to-severe NAFLD (controlled attenuation parameter ≥ 268 dB/M on transient elastography). We calculated adjusted odds ratio (aOR) of infection with NAFLD by adjusting for age, sex, overweight/obesity, diabetes and antibiotic use. Results: Of 259 BNT162b2 recipients (90 (34.7%) male; median age: 50.8 years (IQR: 43.6–57.8)), 68 (26.3%) had NAFLD. For wild type, there was no difference in seroconversion rate between NAFLD and control groups at day 21 (72.1% vs. 77.0%; p = 0.42), day 56 (100% vs. 100%) and day 180 (100% and 97.2%; p = 0.22), respectively. For the delta variant, there was no difference also at day 21 (25.0% vs. 29.5%; p = 0.70), day 56 (100% vs. 98.4%; p = 0.57) and day 180 (89.5% vs. 93.3%; p = 0.58), respectively. For the omicron variant, none achieved seroconversion at day 21 and 180. At day 56, there was no difference in seroconversion rate (15.0% vs. 18.0%; p = 0.76). NAFLD was not an independent risk factor of infection (aOR: 1.50; 95% CI: 0.68–3.24). Conclusions: NAFLD patients receiving two doses of BNT162b2 had good immunogenicity to wild-type SARS-CoV-2 and the delta variant but not the omicron variant, and they were not at higher risk of infection compared with controls. Full article

Conventional real estate education emphasises the application of knowledge from various disciplines. While this approach has its merits, its efficacy is affected by the stage of development of the discipline referenced. A notable case in point is the adoption of financial technologies (or FinTech) in real estate. How we prepare our next generation with creative thinking skills, an innovation mindset, and a risk-taking attitude to embrace the rapid transformation to an innovation-based economy is therefore critical. In this study, we advocate that the case study method is an effective teaching pedagogy that enables students to learn from analysing real cases and applying knowledge from a complex discipline in real estate. The method motivates students to acquire new knowledge to establish new practices and theories in innovative applications, such as FinTech, in real estate. This study provides a teaching reflection on adopting the case study method in an undergraduate Property Technology (PropTech) course. Students are required to use real business cases to analyse how FinTech is solving real estate problems. Discussions with lecturers and peer reviews in the online discussion forum enable students to wrestle with the knowledge they learn and encourage an atmosphere of knowledge co-creation. Full article

Gut microbiota is increasingly recognized to play a pivotal role in various human physiological functions and diseases. Amidst the COVID-19 pandemic, research has suggested that dysbiosis of the gut microbiota is also involved in the development and severity of COVID-19 symptoms by regulating SARS-CoV-2 entry and modulating inflammation. Previous studies have also suggested that gut microbiota and their metabolites could have immunomodulatory effects on vaccine immunogenicity, including influenza vaccines and oral rotavirus vaccines. In light of these observations, it is possible that gut microbiota plays a role in influencing the immune responses to COVID-19 vaccinations via similar mechanisms including effects of lipopolysaccharides, flagellin, peptidoglycan, and short-chain fatty acids. In this review, we give an overview of the current understanding on the role of the gut microbiota in COVID-19 manifestations and vaccine immunogenicity. We then discuss the limitations of currently published studies on the associations between gut microbiota and COVID-19 vaccine outcomes. Future research directions shall be focused on the development of microbiota-based interventions on improving immune response to SARS-CoV-2 infection and vaccinations. Full article

Moving homes has long been considered stressful, but how stressful is it? This study is an original attempt to utilise a micro-level individual dataset in the New Zealand Government’s Integrated Data Infrastructure (IDI) to reconstruct the Social Readjustment Rating Scale (SRRS) and thereby measure stress at a whole-of-population level. The effects of residential mobility on people’s mental well-being in the context of their stress-of-moving homes are examined. By using difference-in-differences analysis, this study scrutinises the stress level across movers, namely homeowners and renters (i.e., treatment groups) and non-movers (i.e., a control group). The results show that the change in residence increases people’s overall stress levels. Homeowners are more stressed than renters, with non-movers as the counterfactuals. Furthermore, the frequency of change in residences increases individual baseline stress levels. By progressing the understanding of such stresses, residential mobility researchers can contribute to broader discussions on how individuals’ interpersonal history and social mobility influence their experience. The whole-of-population-based SRRS will better advance our current ways of measuring mental stress at a population level, which is crucial to broader discussions of people’s well-being. Full article

Understanding risk-adjusted returns in real estate investment are crucial, but little is known about the risk-adjusted returns for direct real estate. This paper examines risk-adjusted total returns by developing an extended capital asset pricing model (CAPM) to investigate whether direct real estate returns compensate for their risk levels. Based on a panel dataset of the residential property transaction in 62 Territorial Authorities of New Zealand from 2002Q1 to 2018Q4, a direct real estate portfolio performance in the single-factor CAPM model is compared with the national housing markets stock markets and REITs markets in New Zealand before the pandemic. The results demonstrate that the direct real estate returns outperform the market returns with a significant positive alpha and beta smaller than one but positive. The alpha is further evaluated by the five-factor CAPM model, which includes the factors of liquidity risk, value risk, time risk, credit-rating risk, and currency risk. The assessment shows that most of the excess return (alpha) can be attributed to direct real estate market risks. Full article