Appliance of DEA-CCR in Research on Sustainable Development of Real Estate Industry in China

During the period of 1995 to 2014, the urbanization rate in Mainland China increased from 29.04 to 54.77 %, with an annual increase of 1.28 %. Meanwhile, the real estate market also boosted dramatically and worked as a driving force for the national economy. The interaction between urbanization and development of housing markets has long been investigated by researchers. Theoretically, the urbanization process should boost the demand for various properties and nurture more investment in this sector. For another, real estate industry works as a foundation and provides a supporting environment to the urbanization process. Previous research mainly focuses on qualitative policy analysis instead of direct quantitative analysis and the majority discuss about the housing price. This paper would like to fill in the knowledge gap by exploring the relationship between urbanization and annual real estate investment. Based on the macro data in China over the past 20 years, empirical study is carried out, with application of Unit Root Test, Co-integration Test and Granger Causality Test. The findings suggest that there is a long-term equilibrium and a one-way granger relationship between urbanization rate and annual real estate investment. The findings are useful for understanding the sustainable development of real estate industry and forecast future property demanding caused by the urbanization process.

Since real estate industry is one of the national pillar industries in China, therefore, it has great contributions to China’s economy and society. for example, promoting the Chinese economic growth in the long-run, and it provide financial support to government and benefits for cities development. Secondly, real estate also helping the development of relevant business, creating large amount of job opportunities to society, for residents, they can enjoy higher living standard. However, at same time of rapid development of real estate industry and economic boost, they exist series of problems that harmful to society like real estate bubble, unfinished buildings and cooperates financing difficulties. aiming at these problems, this paper suggest that government can through promulgate some new policies, laws, and establish the compete financing channel mechanism to solve these kinds of problems. The target of this study is to help real estate industry in China keep healthy development.

This paper discusses the development of real estate industry in China in recent years. It argues that Hayek's theory of economic fluctuations can help to explain the contraction of the real estate market in 1994 in China as a whole. However, as a theory of the closed economy, Hayek's theory is found to be no longer robust when applied to cities where there is heavy foreign direct investment, such as Shanghai. We believe that it is the foreign direct investment that is making the real estate industry in Shanghai perform well, despite the government's tight monetary policy and the contraction of the industry in other parts of the country over the same period. The paper also argues that, while most foreign investment in real estate is classified as direct investment, it is very different from 'typical' foreign direct investment except in form and in fact shares most of the characteristics of portfolio investment. Foreign direct investment in real estate reflects the imperfections of China's capital markets.

With the rapid development of real estate industry in China, more and more people from all walks of life have started to pay attention to real estate prices. According to scholars of research data on real estate prices, we screen out seven relevant factors which affect the real estate prices. We use DEMATEL method to analyze cause and effect relation among these influence factors and find out the main factors which affect real estate prices, including supply and demand situation, oneself condition and population factors. We expect to provide scientific basis for the government in the real estate industry to achieve effective of macro-control and management, and provide technical support for the investment decisions of the enterprise and the home buyers.

Urbanization is in a period of rapid development nowadays in China. The real estate industry plays an important and supporting role in the development of urbanization and at the same time, the fast-developing urbanization has created a platform for the development of the real estate industry. In this paper, quantitative methods are used to figure out the relationship between urbanization and the price of real estate. Urbanization construction’s impacts on real estate industry are discussed in consideration of national conditions of China. The analysis shows that it will bring some risks if we regard urbanization as a driving force for sustainable development of the real estate industry in the future. Some brief suggestions for coordinated development of the urbanization and the real estate industry are given following analysis.

In recent years, due to the rapid development of the real estate industry in China, land speculation has begun in addition to the significant growth in economy. However, this rapid development has led to an extreme rise in housing prices, largely owing to high property tax. This article analyzed the impact of property tax on the development of real estate industry and provided countermeasures.

In the evaluation of real estate value and price, the analysis and grasp of regional factors in economic geography is the key. At present, the regional difference of China's real estate industry is very obvious, which restricts the further development of real estate industry to a large extent. From the perspective of economic geography, this paper makes a systematic study on the current situation of the price and spatial distribution of real estate in China, and makes a brief analysis on the development trend of the real estate industry in China.

PurposeThe high-quality development of the real estate industry is crucial to the transformation of China's economy. However, few studies apply the productivity to explore the development path of the real estate industry in China. To fill this gap, this study mainly investigates the total factor productivity (TFP) of the real estate industry of 30 sample provinces in mainland China from 2007 to 2016.Design/methodology/approachThe Malmquist index is applied to estimate the productivity (i.e. TFP) of the real estate industry, based on the data envelopment analysis (DEA). Then, the truncated tobit regression analysis explores the external influencing factors on the TFP of the real estate industry.FindingsThrough empirical analysis, it is found that the high-quality development of the real estate industry depends on the technological innovation by the real estate enterprises and the targeted policies by the provincial government. Moreover, the development of the real estate industry has a positive correlation with the growth of China's economy but a negative correlation with the development of other industries.Practical implicationsTFP mainly reveals the development status of the provincial real estate industry and identifies the driving force for exploring the high-quality development mode of the real estate sector. Furthermore, the fluctuation rule of TFP can be applied to predict the development trend of the real estate industry in the future.Originality/valueAs an application, this study measures the TFP of the Chinese real estate industry in different provinces and periods. The results have meaningful policy implications for policymakers regulating the real estate industry.

Real estate industry, closely related to national economy, is the basic, guiding and pillar industry for national economy, and it can be counted as "barometer" of national economy. Therefore, the sustainable, stable and healthy development of real estate industry can not only meet the housing consumption demands of the masses, but also ensure the stable development of national economy in a relatively fast way and promote the realization of our country's economic construction and social development goals. This article is revolved around the analysis of related concerning real estate industry in China, in which the land policies are paid special attention to. Combined with the status quo of real estate business, the strategies for the healthy development of real estate business are put forward.

In 2009, the central Chinese government invested 4000 billion into the Chinese economy, real estate industry expanded and the housing price increased very fast afterwards. In the construction of housing, demand of land is huge. One source of land is resumption of old area and land. Land users or owners had much conflict with government and real estate developers in land resumption and displacement issue in the past few years.
\nThis study investigates the difference of land resumption and displacement method between Hong Kong and Shanghai. This can provide information for Shanghai government to evaluate its policy and take Hong Kong as a good reference. It is because there were many problems and conflicts like imbalance of interest sharing between land users and government and real estate developers that were caused by unfair land resumption and displacement regulations and procedures. 
\nIn the beginning, concepts of property rights, rent seeking, eminent domain in United States are investigated. Also Hong Kong land tenure system, letter A/B, and situation in Shanghai are included. This shows the property rights are mature in United States and Hong Kong. Shanghai is comparatively weak in this concept. In the eminent domain concept, United States and Hong Kong are fully developed, but it is still weak in Shanghai.
\nIn the methodology, I compare the land resumption and displacement rules and regulations of Hong Kong and Shanghai. In Hong Kong, those are Urban Renewal Authority Ordinance, Lands Resumption Ordinance. While in Shanghai, they are Shanghai city land displacement housing management method, Urban Buildings Demolition Relocation Administration Regulations. By the results, we can see the system in Hong Kong is much more mature and complicate than that of Shanghai. Shanghai should consider the fairness and justice concept of Hong Kong land resumption and displacement regulations to modify its regulations. Example is like involving more parties in the land resumption procedure to monitor each other and minimize the chance of interest of conflict. 
\nAt last, some suggestions are made to Shanghai government. One is law court should be only responsible for judgment, while execution is done by other party. Although there are some limitations of this study like the rapid changing of land resumption and displacement regulations in Shanghai, this study still provide some valuable information for the development of real estate industry in China.

Real estate has always been a key industry associated with China’s economic and social development, and the real estate market has fluctuated violently in recent years. An objective and accurate evaluation of Chinese residents’ willingness to purchase housing provides a foundation for the sustainable development of the real estate industry. Accordingly, an evaluation index system and an evaluation model of Chinese residents’ willingness to buy housing were established in this study. First, the influencing factors of Chinese residents’ willingness to buy housing were systematically analyzed using Perceived Value Theory. Subsequently, the Continuous Ordered Weighted Averaging was used to assign weights to the selected index system, with smaller expert weights assigned to extreme expert opinions to reduce the subjectivity of the weight calculation results. Ultimately, an evaluation model based on the Extension Cloud Model was constructed. Residents of Nanyang City, Henan Province, China, were selected to find some distinctive conclusions. The empirical study showed that Nanyang residents were hesitant about the purchase intention of the case in April 2021, but quickly became resolute in not buying. Owing to the abrupt change in the real estate industry in China, perceived risk has become the most important risk factor. Several methods have been suggested to improve Chinese residents’ willingness to buy housing. Compared with the Analytic Hierarchy Process, the Entropy Weight Method, the fuzzy mathematics, and the grey cluster analysis, it was proved that the proposed model was more effective and advanced.

Real estate industry plays a significant role in Chinese economic growth and social progress with its rapid development in recent years. This paper introduces the background of real estate industry in China, reviews the history of its development and then analyzes the situation at present through the theories of market boundary and industrial value chain. Suggestions for the future development of Chinese real estate industry were also put forward at the end of the paper.

With the continuous improvement of people's environmental awareness, more people begin to pay attention to green building. Green building engineering in China's real estate is still in a high-speed development stage. Through the promotion of green technology, it can effectively reduce the cost of investment in the whole cycle of real estate development and further promote the sustainable development of the real estate industry. Based on the characteristics of green building, such as high efficiency and energy saving, low environmental impact, this paper analyzes its specific application in real estate development and discusses the main problems currently faced, and at the same time puts forward solutions. In terms of China's current national conditions, the application of green building in real estate development can not only play a role in protecting the environment, but also provide a new direction for the future development of China's real estate industry, which has a very realistic significance, and I hope that this paper can promote the sustainability of the real estate industry to provide effective suggestions.

Todays, the issue of environmental instability and destructive environmental behavior can leave many irreparable effects and damage on future ecosystems and the lives of future generations. Method: This study aimed to present an environmental model of sustainable development in the Iranian gas industry. The present study used a qualitative with grounded theory method. In-depth interviews were conducted with 25 academic experts (professors of public administration and environmental engineering at universities in Mazandaran province) and the heads of the National Iranian Gas Company in five regions of Iran using the rich information sampling method. Results: The results indicated that the environmental model of sustainable development in the Iranian gas industry had 15 dimensions in terms of causal conditions. 1. Services, 2. Safety and health requirements, 3. Social responsibility, (context condition) 4. Education and learning, 5. Acculturalization, 6. Managers' attitude and awareness (intervening conditions) 7. Contractors, 8. Technical facilities and equipment, 9. Technology and technical operations (Strategy) 10. Medium and long term policies of the Ministry of Energy, 11. Continuous monitoring and evaluation of project progress, 12. Consumption management programs, 13. Pollutants management programs and consequences 14. Improved environmental performance of the gas company and 15. Moving towards sustainable development. Conclusion: Since the gas industry is one of the most polluting industries and the lack of attention to environmental issues in this huge industry will lead the Iranian environment to very serious and perhaps irreparable crises, using the environmental model of sustainable development in this industry seems highly important and necessary.

In real estate industry, there exist some contradictions, including less land supply and higher residential demand, high residential vacancy rate and growing residential demand, resource waste owing to short-term investment and limited resources, high prices and low purchasing power. The paradox matter-element extension theory is fit for the contradictive study, and consistent with the sustainable development of the real estate industry in terms of research subject, logic theory, and variability. On basis of these, this Study establishes extension-theory-based evaluation index system for sustainable development of real estate industry, in which the indices are categorized into five groups: economy and finance, social equality, ecological environment, resources utilization, and government management.