中文摘要：

基于现代投资组合理论，探讨了房地产投资组合风险管理中，按照物业类型与按照地理区域分散投资风险的选择问题。利用Jennrich相关检验和有效边界方法，对北京、上海、广州和深圳四城市的住宅市场与写字楼市场进行的实证分析表明：按照物业类型与按照地理区域构建房地产投资组合都可以有效的分散投资风险；但是，与在同一地理区域中按照不同物业类型构建投资组合的策略相比，在同一物业类型中按照不同地理区域进行房地产投资是更好的风险分散效果。

英文摘要：

Based on the Modern Portfolio Theory （MPT）, this paper examines the choice of risk diversification strategies between property type and region within the real estate market. By using the Jennrich correlation test and the effective frontier method, empirical study which focused on the residential and office sectors of Beijing, Shanghai, Guangzhou and Shenzhen indicates that both strategies are effective in risk diversification, but compared with the strategy of investing across property types within one region, investing across regions within the same property type is a better choice.