Real Estate In China Research Articles

Creating New Subjectivities: The Resistant Tactics of the Dislocated People in China's Real Estate Development

In the past 2 decades, real estate development in China has forced millions of people out of their properties. This article mobilizes the theoretical discussions of resistance and agency by Michel Foucault, Judith Butler, and Barbara Biesecker to present a poststructuralist interpretation of the dislocated people's resistant tactics. On the basis of these real-life cases of resistance, I explore answers to the theoretical questions on the location of agency and on the dichotomous divisions between individualized and collective actions, resistance and submission, activity and passivity. Finally, I use Michael Hanchard's concept of “coagulate politics” to describe the relationship between the seemingly isolated resistant incidents.

Study on the Investment Options Worth and Decision of Real Estate Enterprise under Limited Investment Time Limited

Based on the insufficient of indefinitely suppose on Project investment in general real option study, the paper studies Investment option evaluation problem of project, which has deadline requirements for Investing time. This paper is based on investment policy of real estate in China, and establishes a model, and the study give valid investment opportunities within time T, investors in which has investment flexible management of investment projects value evaluation.

Research on the sustainability of China's real estate market

Although China's real estate market (CREM) has made great development since the Chinese government adopted the reform and opening-up policy in 1978, it has been confronted with many problems during this period. This paper describes the background of CREM and its basic situation, outlines its main problems, and presents suggestions for its sustainable development.

Sinyi Real Estate in China: The Challenges of Maintaining an Ethical Business Culture

Sinyi was one of the most successful real estate agent companies in Taiwan and China mainland. Sinyi's founder, Chun-chi Chou, embraced Confucian perspective in his management and successfully cultivated a "people-centered" corporate culture for both Sinyi's employees and customers. Mr. Chou proclaimed "trustworthiness and fair dealing" as the guiding principles for the company. This was in contrast to the immature environment of the real estate brokerage industry in China, where immoral real estate agents were common. Sinyi also signed a master franchise agreement with Coldwell Banker Real Estate Corporation (Coldwell Banker) as its China market entry strategy. However, large international competitors and local real estate agents were aggressively seizing market share and it became difficult for Sinyi to sustain its vision and its unique management style with high-speed expansion. The case highlights the business ethics that has been a cornerstone of Sinyi's success and outlines competitor and industry conditions in China's real estate industry, focusing on the following questions: Should Sinyi adhere to its corporate philosophy of righteousness and trustworthiness among its staff? Does Sinyi need to change its business model in countering its competitors' aggressive moves? What necessary measures must Sinyi take in the ever-changing market? What role did Chou's responsible leadership play in Taiwan and would it be working in China mainland's market?

The Inflation Hedging Ability of Real Estate in China

Executive Summary. The investigation of the inflation hedging ability of real estate is very timely in view of the current widespread rising inflation expectations in the People's Republic of China. An autoregressive distributive lag (ARDL) cointegration technique is used to examine the long-run relationship between inflation and Chinese real estate prices. The study covers the time period from 2000 to 2008, which is after the privatization of real estate in China. Overall, no long-run equilibrium relationship between real estate price changes and inflation rate is found. Thus, Chinese real estate is not an effective inflation hedging asset.

Impact of Corporate Governance Structures on the Relationship between Direct and Indirect Real Estate in China

Executive Summary. While the indirect real estatemarket has been growing in Mainland China, the issueof corporate governance has emerged as a key concern forinvestors, as a number of cases involving stock manipulationhave been revealed in recent years. This studyinvestigates the degree to which corporate governancestructures might be affecting the link between direct andindirect real estate in Mainland China. Based on datafrom 1994 to 2008, it was found that Mainland-listedproperty companies had a weaker linkage between directand indirect real estate than Hong Kong-listed propertycompanies. Regulatory reforms in the Mainland stockmarkets have, however, tended to improve the linkage, aswell as selection returns for Mainland-listed companies.These findings suggest that corporate governance structureis in fact priced, and that it should be an importantfactor when considering between direct and indirect realestate investment in the PRC.

Does “hot money” drive China's real estate and stock markets?

The paper investigates the extent of the impact from “hot money” or speculative capital inflow on the fluctuations of China's real estate market and stock market. The results indicate that hot money has driven up property prices as well as contributed to the accelerating volatilities in both markets due to its enormous size and its short-term characteristic of investing. In particular, we find that hot money ranks as the second largest contributor in the fluctuations of China's real estate prices. In the “risky” regime, which corresponds to more inflows and higher volatility of hot money, the effects are even more prominent.

Hotel Valuation in China

This study applies the seven hotel-valuation techniques proposed by Rushmore to estimate the value of a state-owned hotel in China. The dearth of research on hotel real estate in China may be attributed to the fact that the historic data of hotel sales transactions is not available or difficult to obtain. Nevertheless, many international hotel investors are interested in China’s hotels because of its booming tourism business. This study analyzes the extent to which the seven generally accepted hotel valuation techniques might be appropriate for China, since those approaches rely on certain types of data and financial ratios that may not be readily available. Using a single hotel as a case study, the study found that each valuation technique has its own strengths and weaknesses. On balance, the income capitalization approach should work most reliably in China, while a sales comparison approach may be the least reliable technique.

Competitiveness factors: a study of the real estate market in China

The execution of ‘macro‐adjustment’ policies by the central government to cool down the overheated real estate market in the past few years has created an unfavourable operating environment for real estate developers in Mainland China. Developers need to rethink their business model and create a new form of competitive advantage in order to survive. Despite this, research into the factors that influence the competitiveness of the real estate market in China has been limited. Therefore, a survey of 58 real estate practitioners, experts and academics in China was conducted to probe opinion on the factors that influence competitiveness in real estate firms in China. Survey results suggest that the developer's financial competency, market coverage and management competencies are vital to its competitiveness. Findings also highlight the importance of industry recognition/award, share in different types of property sales/development projects, profit after tax, growth rate of their securities price, and diversification of R&D in reflecting the competitiveness of real estate developers in China. The findings provide an insight into the factors that influence competitiveness in China's real estate market and also assist practitioners to formulate competitiveness improvement strategies.

The Application of Experiential Marketing in China's Real Estate

This paper discusses Experiential Marketing as a new marketing model of a new era of economic, is necessary to be used in the real estate marketing, and propose that in real estate marketing processes works such as positioning, experiencing, surround ings and other aspects should be done well. We can conclude that in order to make the experiencing marketing become an important link in the process of improve the customer satisfaction and the brand loyalty.

Effects of Urban Land Supply Policy on Real Estate in China: An Econometric Analysis

Since 2005, the Chinese government has frequently strengthened controls on the real estate market. Land supply policy was included in the system of state macro-control on the real estate market and state economic development. This paper examines the following issues after analyzing the panel data of Yunnan Province and other provinces of China. (1) Does land supply have significant effects on the real estate market after more than ten years of urban land reforms? (2) Which land supply policy affected the real estate market in China? (3) Does it affect the real estate market and macro-economic control of China's existing land supply policy? The main conclusions of the paper are: (1) Land supply policy has a significant impact on the real estate market with the deepening of China's urban land system reform and the development of the land market. (2) China's land supply policy, as a powerful macro-control tool, has an impact on the real estate market under the government's monopoly. (3) The effects of the land tenure and use reform can mainly be seen in the land supply quota and the extent to which the market-driven supply effects the real estate market.

International Real Estate Review

Many existing studies on the China real estate industry are empirical, or policyoriented. This paper complements the literature by adopting the DiPasquale and Wheaton model (1996) to study the China housing market, and trace the impact of different policies. Surprisingly, the model is capable of accounting for several developments in the market. We also extend the model to a dual-class housing situation, not only for the analysis of a recent policy change in China, but also for the potentially independent interest of other countries. A summary of the evolution of recent China housing policies is provided.

China's Current Real Estate Cycle and Potential Financial Risks

AbstractThe real estate cycle and financial stability are closely correlated. In light of global real estate bubbles, China's real estate cycle has attracted wide attention since 1998. The present paper analyzes three driving factors in the context of the current real estate cycle; namely, economic growth, macroeconomic environment and institutional establishment. Supported by econometric analysis using quarterly data from 1992–2004, the present paper indicates that real estate will develop steadily and that housing prices will consistently rise in the relative long run. Based on quantitative analysis, it is concluded that the implications of the current real estate cycle for financial stability include risks of real estate credit exposure, government guarantees and maturity mismatch. Some corresponding policy implications are discussed, such as advancing banking reform, encouraging the rational behavior of local governments and strengthening the regulation of foreign capital flows in and out of China's real estate industry.(Edited by Xinyu Fan)

Real estate franchising: The case of Coldwell Banker expansion into China

This article discusses the Chinese real estate market, with special reference to Shanghai, and depicts an interview with Taiwan's largest real estate company, which bought the master international franchising rights of Coldwell Banker for China. As China's real estate market only recently opened to foreign investment, and since franchising in China is in its infancy, this article provides a unique examination of international franchising into a new product market area in the country. In addition, the article highlights some practices that could be adopted by professional service firms in their international expansion and discusses post-WTO implications to real estate franchising in China.

The political dynamics of regulatory change: Speculation and regulation in the real estate sector

China's real estate sector has experienced dramatic changes since the late 1980s. This article explores the political economy of China's recent ‘real estate fever’ and examines the government's efforts to deal with rampant speculation and foster the growth of a real estate industry. It suggests that the political dynamics of regulatory changes in the real estate sector illustrate the problems of Chinese policy making in the reform era.