The hegemony of the real estate industry: Redevelopment of ‘Government/Institution or Community’ (G/IC) land in Hong Kong

Urban Studies ◽  
2016 ◽  
Vol 54 (15) ◽  
pp. 3403-3422 ◽  
Author(s):  
Joanna Wai Ying Lee ◽  
Wing-Shing Tang
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Capital Accumulation ◽  
Real Estate Industry ◽  
Property Development ◽  
The Real ◽  
The Real Estate ◽  
Local Literature ◽  
The Government ◽  
Government Institution

The high property price syndrome in Hong Kong has led to heightened concern about the role of landed capital in property development. Recently, the hegemony of the real estate industry has become a buzzword in local literature, but unfortunately there is neither adequate theoretical articulation nor informed understanding of the concept of hegemony. There is widespread misunderstanding of hegemony, equating it to domination by property tycoons. The local literature has overlooked the government-business collusion in constructing the common sense of society so as to dominate others. Through an empirical investigation of the redevelopment of ‘Government/Institution or Community’ (G/IC) land in Hong Kong, this article attempts to offer an alternative explanation to the land question of G/IC redevelopment by highlighting that the everyday life of the silent majority and of professionals has in fact perpetuated the hegemony of the real estate industry in Hong Kong. It is argued that the government, property developers, professionals, charitable organisations and the general public have altogether participated, in different ways and to different extents, in the capital accumulation projects of leading developer conglomerates in Hong Kong. A land (re)development regime has thus contributed to the property boom in Hong Kong.

scholarly journals PRODUCTIVITY ASSESSMENT OF THE REAL ESTATE INDUSTRY IN CHINA: A TWO-STAGE MALMQUIST PRODUCTIVITY INDEX

2021 ◽  
Vol 25 (2) ◽  
pp. 146-168
Author(s):  
Xiao-xiao Liu ◽  
Hui-hui Liu ◽  
Guo-liang Yang ◽  
Jiao-feng Pan
Keyword(s):  
Real Estate ◽  
Regional Analysis ◽  
Development Stage ◽  
Malmquist Productivity Index ◽  
Productivity Index ◽  
Real Estate Industry ◽  
Two Stage ◽  
The Real ◽  
The Real Estate ◽  
The Government

Considering that the real estate industry is a critical industry to promote the economy in China, it is necessary to measure the real estate performance. However, few studies about the performance evaluation of China’s real estate industry have focused on the production process. To fill this gap, this paper proposes a two-stage framework to investigate the real estate productivity of 30 sample provinces on mainland China from 2008 to 2015, based on a common-weight global Malmquist productivity index (MPI). The major findings are shown as follows: (a) the real estate efficiency is low, and it is mainly caused by the inefficiency in the sales stage, not the development stage; (b) the development trend of the real estate sector in China is sensitive to the government policies, and the fluctuations of MPI are consistent with the direction of policy adjustment during the observation period; (c) as for the regional analysis of MPI, we introduce the concept of the dependence degree of the economy on the real estate industry and predict that MPI in economically underdeveloped regions may decline in the future. Finally, policy recommendations are provided for the high-quality development of China’s real estate industry.

scholarly journals The Risk Spillover Effects of the Real Estate Industry on the Financial Industry: A GARCH-Time-Varying-Copula-CoVaR Approach on China

SAGE Open ◽  
2021 ◽  
Vol 11 (4) ◽  
pp. 215824402110672
Author(s):  
Yunsong Xu ◽  
Hanying Qi ◽  
Jiaqi Li ◽  
Ning Ding
Keyword(s):  
Real Estate ◽  
Spillover Effects ◽  
Time Varying ◽  
Real Estate Industry ◽  
Financial Industry ◽  
Financial Policies ◽  
The Real ◽  
The Real Estate ◽  
Regulatory Policies ◽  
The Government

This paper analyzes the multiple transmission mechanisms of the real estate industry’s risk spillovers to the financial industry. A GARCH-time-varying-copula-CoVaR model is used to measure the spillover effects and dynamic evolution trends of risk in the Chinese real estate industry. The results show that (1) in recent years, the risk spillovers from the real estate industry to the whole financial industry in China has been relatively high, and the possibility of systemic risks has increased. (2) The channel of the risk spillovers of the real estate industry into the financial industry has shifted from being concentrated within a traditional single banking industry to the accumulation and superposition of risk across the banking, securities, trust industries. (3) Current regulations have not fundamentally mitigated the risk spillovers. As such, this paper proposes three suggestions on financial policies and regulations: firstly, the government should reasonably regulate cooperation between the real estate industry and the financial industry, curb excessive speculation and abnormal fluctuations in real estate prices. Secondly, the government should maintain the continuity of regulatory policies, formulate differentiated policies according to the essential attributes of given industries, and eliminate risk contagion among the real estate industry and financial industries. Thirdly, the government should improve the macro prudential management framework.

Study on Business Integration Strategy for Real Estate Development

2013 ◽  
Vol 838-841 ◽  
pp. 3135-3141
Author(s):  
Yi Yong Lin ◽  
You Song Wang
Keyword(s):  
Real Estate ◽  
Cost Model ◽  
Market Competition ◽  
Business Management ◽  
Real Estate Industry ◽  
The Real ◽  
Real Estate Enterprise ◽  
The Real Estate ◽  
Management Capacity ◽  
Product Optimization

Based on the features of the real estate industry, a cost model was established for analyze integration strategies. The analysis results show that a real estate enterprise should give a priority to integration of the business activities, of which the costs themselves are not large but which will greatly influence the whole project and other development business activities; and that the integration in a real estate enterprise is influenced by the product optimization degree, the business management capacity, and the degree of market competition. The integration in the real estate industry is influenced by the product optimization degree and the business management capacity, but it has nothing to do with the degree of market competition.

scholarly journals Research on the Influence of Real Estate Development on Private Investment: A Case Study of China

2018 ◽  
Vol 10 (8) ◽  
pp. 2659 ◽  
Author(s):  
Jiangtao Li ◽  
Jianyue Ji ◽  
Huiwen Guo ◽  
Lei Chen
Keyword(s):  
Real Estate ◽  
Generalized Method Of Moments ◽  
Private Investment ◽  
Medium Size ◽  
Real Estate Development ◽  
Real Economy ◽  
Real Estate Industry ◽  
The Real ◽  
The Real Estate ◽  
Investment In China

Private investment in China, as a developing country, is an important source of financing for Chinese SMEs (Small and Medium-Size Enterprises) and has played a major role in the development of the real economy. However, in 2016, the growth rate of private investment in China dropped from 10.18% to 3.17%, which had a significant impact on the real economy. At the same time, China’s real estate market has developed rapidly, attracting a large number of capital inflows. The relationship between real estate development and private investment in China is worth considering. This study first, theoretically analyzes the influence mechanism of real estate industry on private investment, pointing out that within a modest development range, the development of real estate industry can promote private investment through the industrial linkage, urbanization, and balance sheet effects, but when real estate is overdeveloped, it has an inhibitory effect on private investment through vampire effect, raising costs and reducing demand effect. In other words, real estate has different effects on private investment in different developmental periods. Therefore, there is a non-linear relationship between the two variables. Second, the relevant provincial panel data of 31 provinces in mainland China from 2003 to 2015 were selected. Using the dynamic panel system Generalized Method of Moments (GMM), this study estimated the correlation between real estate development and private investment. The empirical results showed that the development of the real estate industry has a significant impact on the level of private investment; the two showing an “inverted U-shaped” relationship. At present, in some provinces in China, the real estate industry has exceeded the inverted U-shaped threshold. To boost the vitality of private investment in promoting real economic growth, the development of the real estate industry should be restricted, and house prices should be properly regulated.

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