Peng (Peter) Liu

Peng (Peter) Liu

  • Professor
  • Faculty Director of the Cornell-Peking Program
  • Singapore Tourism Board Distinguished Professor in Asian Hospitality Management
  • Editor, Journal of Real Estate Portfolio Management

Download Vita

Faculty Expertise

  • Finance
  • Real Estate
  • Economics
  • Tourism


Cornell Peter and Stephanie Nolan School of Hotel Administration


Cornell Directory Entry


Peng Liu is a full professor of real estate and finance at Cornell SC Johnson College of Business. He has held the position of Singapore Tourism Distinguished Chair Professor in Asian Hospitality Management at the Cornell Peter and Stephanie Nolan School of Hotel Administration since 2016 and became an inaugural faculty member at the Paul Rubacha Department of Real Estate in 2023. Liu is an active researcher and serves as the editor for the Journal of Real Estate Portfolio Management, an official journal of the American Real Estate Society.

Liu's research focuses on the interaction between the financial market and the real economy, with a broad interest in the valuations of real assets such as commercial real estate and commodities. Additionally, he explores topics related to hospitality management, securitization, and REITs, as well as market analysis in various industries including retail, airline, hotel, and recreational sectors. Liu has an impressive publication record in esteemed journals, including the Review of Financial Studies, Management Science, Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Banking and Finance, Journal of Empirical Finance, Tourism Management, and International Journal of Hospitality Management, among others.

Before transitioning to academia, Liu garnered valuable industry experience through his tenure at Goldman Sachs Asset Management in New York City and as a senior consultant at Deloitte Consulting in Beijing. His expertise in securitization is highly respected, particularly within the Chinese market. Presently, he holds advisory positions with esteemed organizations such as the Shenzhen Security Exchange, the China Insurance Asset Management Association, and the Global Asset Allocation and Securitization Forum.

Liu earned a PhD with a co-major in finance and real estate from the Haas School of Business at University of California, Berkeley. He also holds a master's degree in financial economics from Peking University and a bachelor's degree in engineering from Tsinghua University, China.

Selected Publications

Awards and Honors

  • INFORMS Society Long Term Impact Award Finalist (2022) INFORMS Society
  • Research Award on Real Estate Finance (2021) China Academy of Financial Research
  • 2020 Best Paper Award (2020) Tourism Tribune
  • Outstanding Achievement, 2019 Asia Travel and Hotel Awards (2019) Asia Hotel Forum and Hotel Asset Manager Association China Chapter
  • The William N. Kinnard Scholar Award (2014) American Real Estate Society

Recent Courses

  • HADM 6065 - Industry Immersion I
  • HADM 3210 - Principles of Hospitality Real Estate
  • HADM 6200 - Principles of Real Estate

Academic Degrees

  • PhD Haas School of Business, University of California, Berkeley, 2007
  • MS Haas School of Business, University of California, Berkeley, 2007
  • MS Agricultural and Resource Economics, University of California, Berkeley, 2002
  • MA School of Economics, Peking University, 2000
  • BS Materials Science and Engineering, Tsinghua University, 1994