Synergistic evolution of resilience and efficiency in the real estate industry: evidence from 35 large and medium-sized cities in China

Abstract

ABSTRACT This study measures the resilience and efficiency of the real estate industry in 35 large and medium-sized cities in China through the core variable method and the slacks-based measure of super-efficiency. The Haken model identifies the advantages of synergistic evolutionary states between systems and describes the synergistic evolution of resilience and efficiency in the real estate industry. The results show that (1) the evolution of the synergy in the real estate industry can be divided into three major cycles caused by the alternating effects of resilience and efficiency; (2) there are significant spatial and temporal differences in the evolution of the synergy between real estate resilience and efficiency, with the distribution of the synergy values being highly polarized; and (3) policy regulations tend to have short-term direct effects on the resilience of the real estate system, while for efficiency, the effects tend to be long-term and result in cross-cycle adjustments. This study enriches the literature on the robust and sustainable development of the real estate industry.