Where will China's real estate market go under the economy's new normal?

Zhang, Zeyu; Li, Linjun; Chen, Tiantian; Li, Vera

doi:10.1016/j.cities.2016.03.014

Cited by 51 publications

(36 citation statements)

References 2 publications

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“…Moreover, its economic construction has also made a remarkable achievement, the regional GDP has maintained a high growth, which increased from 15.10 billion RMB in 1997 to 157.20 billion in 2015, and the annual growth rate exceeds 13%. Especially in recent years, although China's economic development has entered a new normal and growth shifted from high-speed to medium-to-high-speed [41,52], Chongqing's economy continues to maintain strong growth and it does play an important role as the economic engine as one of China's "super-large" cities [53], and its GDP growth rate is up to 11%, which is far higher than the national average level 6.9% and leads in the 31 provinces all around mainland China [20]. However, due to natural resources, historical conditions, policy system and other factors, there are great differences in the resource conditions, sectoral structure, and development speed between different regions in Chongqing.…”

Section: Study Areamentioning

confidence: 99%

Analysis of Regional Inequality from Sectoral Structure, Spatial Policy and Economic Development: A Case Study of Chongqing, China

et al. 2017

Sustainability

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Inequality is a large challenge to sustainable development, and achieving equity has already become one of the top goals in sustainable development of the UN's post-2015 development agenda. Located in the western inland region of China, Chongqing is characterized by "big city, big countryside, big mountain area, big reservoir area" and its regional inequality is more serious. This paper is to explore Chongqing's regional inequality from sectoral structure, spatial policy and economic development by constructing, decomposing, and calculating the inter-county per capita GDP Gini Coefficient. Through this study, it is mainly found that: (1) Chongqing has experienced a dynamic evolution from unbalanced development to balanced development, and its regional inequality has been decreasing steadily in recent years; (2) the Tertiary Sector gradually contributes most to regional inequality; (3) inequality between regions is the main section of regional inequality; (4) the spatial policy as per regional division of Five Function Areas is more rational than the division of the main urban and suburb areas; and (5) economic development is the best way to reduce the regional inequality. Based on the results of empirical study and the reality of Chongqing, targeted and systematic policy suggestions are proposed to reduce regional inequality and promote sustainable development.

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Section: Study Areamentioning

confidence: 99%

Analysis of Regional Inequality from Sectoral Structure, Spatial Policy and Economic Development: A Case Study of Chongqing, China

et al. 2017

Sustainability

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“…The growth momentum faded away after 2012 when the central state resumed restrictive land and real estate policies to stabilize the real estate market, demonstrated by a sharp decline in land supply from 2012 to 2016. After 2014, accompanied by a relatively slower economic growth compared with the growth in previous years, and the emphasis on the supply-side structural reform, China's real estate market slowed down under the "economy's new normal"[54].…”

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confidence: 99%

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

Su¹,

Qian²

2020

Sustainability

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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.

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“…Real estate plays an important role in economic growth worldwide, greatly influencing regional development, urbanization, and quality of life [1]. Real estate refers to the industry that engages land and buildings as business objects through various economic activities.…”

Section: Introductionmentioning

confidence: 99%

Spatiotemporal Agglomeration of Real-Estate Industry in Guangzhou, China

2017

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Abstract:Real estate development is critical to healthy economic growth and regional development. Using real-estate data in Guangzhou, China from the 1970s to 2015, we examined the spatiotemporal agglomeration and evolution of Guangzhou's real estate industry with spatial and spatiotemporal techniques. This study shows that real estate businesses were initially agglomerated in the city center with socioeconomic advantages, and later spread into suburbs as new growth foundations. We also found that different business types, depending on their functions, evolved and agglomerated in different time periods. The findings provide valuable support to the formulation of effective government policy and the management of real estate enterprises in China.

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Where will China's real estate market go under the economy's new normal?

Cited by 51 publications

References 2 publications

Analysis of Regional Inequality from Sectoral Structure, Spatial Policy and Economic Development: A Case Study of Chongqing, China

Analysis of Regional Inequality from Sectoral Structure, Spatial Policy and Economic Development: A Case Study of Chongqing, China

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

Spatiotemporal Agglomeration of Real-Estate Industry in Guangzhou, China

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