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Dr Chen Zheng

Associate Professor in Real Estate Finance and Investment

Programme Director: MSc Flexible Programmes



  • Corporate finance, 
  • International finance, 
  • IPOs, 
  • Real Estate Securities


HBS 214, Whiteknights Campus

Chen Zheng holds a PhD in Real Estate Finance from University of Reading, UK. She has been a Lecturer in Real Estate Finance and Economics at University of Reading since 2017. She is currently the Programme Director for the MSc Flexible Programs. She is also the research organiser for the departmental seminar series. Before joining University of Reading, she was a Lecturer in Finance at University of Essex, UK, where her primary teaching was on Behavioural Finance.

Dr Zheng was a vising scholar at University of Florida for three months in 2016. She has a wide research interests in Corporate Finance, International Finance and Real Estate Finance. She is currently working on projects about IPOs, Cross-border M&As, Agglomeration Economics, Urban Economics, Real Estate Finance and REITs. She has published in internationally-recognised finance and real estate journals. She also serves as a referee for academic journals such as Journal of Corporate Finance.


  • 2018: PhD in Real Estate Finance, University of Reading
  • 2011-2012: Master Degree in International Accounting and Finance, University of Birmingham

Research Grants

  • Real Estate Research Institute (RERI) 2021 Funding: Horizontal or Vertical? The Agglomerate Effects of Building and Neighbourhood Specialisation on Property Valuation
  • Hong Kong General Research Fund: 'Urban Network Capital: How do Chinese Cities Grow in a Networked Economy?', 2020-21

PhD Supervision Interests

Corporate Finance; Listed Real Estate; REITs; Behavioural Finance; IPOs; International Finance

Current PhD students

Oluwaseun Fajana: Labour income risk and the home ownership decisions of female-headed households in Britain. Lead supervisor.

Fengting Zhang: Media effects on real estate and financial markets. Co-supervisor.

Qi Dong: Board reforms and IPO underpricing. Lead Supervisor

Hua Fan: The impact of Smart City development on real estate prices. Lead Supervisor

Reference: Zheng, C. and Zhu, B. (2021) Concentrate or diversify? The relationship between tenant concentration and REIT performance. Review of Quantitative Finance and Accounting. ISSN 1573-7179 doi:
Henley faculty authors:
Dr Chen Zheng
Reference: Shi, S., Wong, S. K. and Zheng, C. (2021) Network capital and urban development: an inter-urban capital flow network analysis. Regional Studies. ISSN 1360-0591 doi:
Henley faculty authors:
Dr Chen Zheng
Reference: Ling, D. C., Marcato, G. and Zheng, C. (2020) Does asset location and concentration explain REIT IPO valuation? Real Estate Economics. ISSN 1540-6229 doi:
Henley faculty authors:
Professor Gianluca Marcato - Dr Chen Zheng
Reference: Marcato, G. , Milcheva, S. and Zheng, C. (2018) Market integration, country institutions and IPO underpricing. Journal of Corporate Finance, 53. pp. 87-105. ISSN 0929-1199 doi:
Henley faculty authors:
Professor Gianluca Marcato - Dr Chen Zheng
Reference: Zheng, C. (2018) Essays on IPO underpricing: an economic approach. PhD thesis, University of Reading.
Henley faculty authors:
Dr Chen Zheng
Reference: Marcato, G. , Milcheva, S. and Zheng, C. (2018) Urban economic openness and IPO underpricing. Journal of Real Estate Finance and Economics, 56 (3). pp. 325-351. ISSN 1573-045X doi:
Henley faculty authors:
Professor Gianluca Marcato - Dr Chen Zheng


This module permits a student to conduct a substantial research study on a relevant topic in either real estate or real estate investment and finance that is selected by the...

Module code: REMBDISS

Introduction to Property Investment

This is an e-learning module introducing the vocabulary, concepts and methods typically encountered in the further study of property investment....

Module code: RE2IPI

Finance and Markets

After introducing the main concepts of corporate finance and their application to real estate markets in the Autumn term, the module presents and analyses the structuring, functioning and pricing of...

Module code: RE3FM

Real Estate Securities

This module aims to provide students with knowledge of market structures and the pricing of financial products available for indirect investment in real estate, in order to develop a critical...

Module code: REMFRES