Arena of Real Estate Investment in China – Game Rules for Foreign Investors

2001 ◽  
pp. 375-388
Keyword(s):  
Real Estate ◽  
Real Estate Investment ◽  
Foreign Investors ◽  
Investment In China

scholarly journals State Intervention in Land Supply and Its Impact on Real Estate Investment in China: Evidence from Prefecture-Level Cities

2020 ◽  
Vol 12 (3) ◽  
pp. 1019 ◽  
Author(s):  
Xing Su ◽  
Zhu Qian
Keyword(s):  
Real Estate ◽  
Land Development ◽  
State Intervention ◽  
Land Policy ◽  
Real Estate Investment ◽  
Central State ◽  
Land Supply ◽  
Chinese Cities ◽  
Investment In China ◽  
The Impact

State intervention in land supply can be a powerful tool in shaping real estate investment. Yet, few studies have examined the effect of central state intervention on land supply at the municipal level and the impact of land supply on real estate investment with respect to different tiers of prefecture-level cities in China. Varying central–local dynamics of land supply in different tiers of cities, and the often taken-for-granted relationship between land supply and real estate investment, warrant further investigation. This study aims to fill these gaps. It is found that the multi-purposed central land policy and the varying land leasing strategies adopted by different tiers of cities contribute to the varying land supply trajectories, calling for more nuanced and better-tailored central land policies that focus on the socioeconomic conditions of cities. The general significant and positive correlation between land supply and real estate investment, revealed by a panel regression analysis incorporating 280 prefecture-level Chinese cities, suggests that land supply control can function as a critical tool in governing real estate investment in China, which also sheds light on the governance and promotion of sustainable real estate markets in other parts of the world. This study also reveals a higher possibility of land speculation in first- and second-tier cities than that of low-tier cities. The nuanced correlations between land supply and real estate investment and the varying land development strategies employed in different tiers of Chinese cities imply that the effectiveness of land supply intervention in shaping healthy real estate investment may depend on local contingencies, calling for meticulous and tailored governance on land supply and real estate investment behaviors.

Region-specific Estimates of the Determinants of Real Estate Investment in China

Urban Studies ◽  
2011 ◽  
Vol 49 (4) ◽  
pp. 741-755 ◽  
Author(s):  
Stephen Mak ◽  
Lennon Choy ◽  
Winky Ho
Keyword(s):  
Real Estate ◽  
Real Estate Investment ◽  
Investment In China

Market transparency and international real estate investment

2019 ◽  
Vol 37 (5) ◽  
pp. 503-518
Author(s):  
Taisuke Sadayuki ◽  
Kei Harano ◽  
Fukuju Yamazaki
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Regression Method ◽  
Panel Regression ◽  
Accounting Quality ◽  
Market Information ◽  
Real Estate Investment ◽  
Foreign Investors ◽  
Content Type ◽  
Market Transparency

Purpose The purpose of this paper is to provide new empirical evidence on the important role of market transparency in international real estate investment. Design/methodology/approach The authors apply the augmented panel regression method (or the correlated random effects approach) by using national panel data from 44 countries from 2004 to 2016. Findings Countries with better accessibility to market information and higher enforceability of regulations have less information asymmetry and attract more inward real estate investment. In contrast, the accounting quality of corporate governance is negatively correlated with investment, indicating the possibility that foreign investors enjoy high excess returns by investing in real estate in countries with poor accounting quality. Practical implications Countries lacking market transparency can increase inward investments by providing richer market information to foreign investors and by boosting enforceability of regulation to mitigate the uncertainty of returns on investment. Investors and public sectors in countries facing a saturated real estate market may expand investment by investigating less-explored markets and by seeking bilateral negotiations to secure higher predictability of return on investment in targeted countries. Originality/value The authors utilize updated multiple transparency indices instead of a conventional aggregate index to examine how the investment is attributed to different aspects of market transparency and employ the augmented panel regression method for investigation of the intra- and international determinants of the investment.

scholarly journals THE EFFECTS OF MONETARY POLICY ON REAL ESTATE INVESTMENT IN CHINA: A REGIONAL PERSPECTIVE

2014 ◽  
Vol 18 (4) ◽  
pp. 368-379 ◽  
Author(s):  
Yigang Wei ◽  
Patrick T. I. Lam ◽  
Yat Hung Chiang ◽  
Barbara Y. P. Leung
Keyword(s):  
Monetary Policy ◽  
Real Estate ◽  
Regional Differences ◽  
The Other ◽  
Bank Loan ◽  
Property Market ◽  
Real Estate Investment ◽  
Policy Effects ◽  
The Government ◽  
Investment In China

Monetary policy on real estate investment in China has had varying impacts across the country due to regional differences. A supply-determined model is used to measure the policy effects on property investment volume based on a set of regional data from 2003 to 2010. This research yields several important findings contributing to an understanding of uneven policy effects on the unbalanced regional markets. Firstly, it is revealed that the eastern coastal provinces in China have a higher dependence on bank loans for housing investment than that of the other inland provinces. Secondly, this research has disentangled the specific transmission channels of monetary policy in the property market. Bank loan supply, instead of interest rates, would be a potentially effective policy tool for the government in making property market adjustment. Thirdly, the eastern coastal provinces are more sensitive in their responses to the changes of monetary stances than the other non-coastal central and western provinces. Therefore, the government must take note of the significant heterogeneity arising from the regional differences in estimating the policy impacts, although monetary policy is uniformly employed in the nation most of the time.

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