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

Autor:	Stephen Mak, Lennon H.T. Choy, Winky K.O. Ho
Rok vydání:	2011
Předmět:	Urban Studies Economy Order (exchange) Real estate investment trust Economics Econometrics Real estate Environmental Science (miscellaneous) Real interest rate Investment (macroeconomics) China Panel data Capitalization rate
Zdroj:	Urban Studies. 49:741-755
ISSN:	1360-063X 0042-0980
DOI:	10.1177/0042098011407093
Popis:	This paper utilises a reduced-form equilibrium model to investigate the possible sources of real estate investment differentials among 22 provinces, five autonomous regions and four municipalities of the People’s Republic of China. The model is estimated using panel data from 2001 to 2006, yielding a total of 186 observations. Specifically, empirical results suggest that demographic, economic and planning factors are the major determinants to cause real estate investment to vary among Chinese regions. The relatively small coefficient estimate of real interest rates indicates that it has a significant but modest impact. Based on the coefficient estimates, this paper finally suggests that the Chinese government should focus and work on several policy parameters in order to achieve a more balanced state of real estate investment across Chinese regions.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::3cfb7bab1c75f245567f322095dbd8df https://doi.org/10.1177/0042098011407093 Zobrazit plný text záznamu