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

2020 ◽  
Vol 12 (3) ◽  
pp. 1019 ◽  
Author(s):  
Xing Su ◽  
Zhu Qian
Keyword(s):  
Real Estate ◽  
Land Development ◽  
State Intervention ◽  
Land Policy ◽  
Real Estate Investment ◽  
Central State ◽  
Land Supply ◽  
Chinese Cities ◽  
Investment In China ◽  
The Impact

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.

The uneven geography of real estate investment by Mainland Chinese state-owned and private enterprises in the U.S.: Local market conditions, migration, and ethnic networks

2022 ◽  
pp. 0308518X2110675
Author(s):  
Lisha He ◽  
Mia M Bennett ◽  
Ronghao Jiang
Keyword(s):  
Real Estate ◽  
Institutional Environment ◽  
State Level ◽  
State Intervention ◽  
Private Enterprises ◽  
Local Market ◽  
Real Estate Investment ◽  
Mainland Chinese ◽  
Chinese Investment ◽  
The U.S

Since the 2010s, foreign direct investment in real estate (FDIRE) by Mainland Chinese firms has emerged as a major force within global real estate markets, challenging Western investors’ traditional dominance. It is unclear, however, whether Mainland Chinese FDIRE is fueled by the same motivations as those of investors from advanced economies, which to date have represented both the primary investors and main objects of study. One major difference may be that Mainland Chinese investment originates in an institutional environment comprised of strong state intervention and social networks important for fostering business and ethnic ties. To uncover the potentially unique determinants and heterogeneity of Mainland Chinese corporate real estate investors, we build and analyze a state-level panel dataset of Mainland Chinese FDIRE by state-owned enterprises and private enterprises in the U.S. from 2010 to 2017. Our empirical results reveal the importance of Chinese migrants in promoting Mainland Chinese real estate investment, especially by private enterprises. Our findings also demonstrate that at the state level, Mainland Chinese FDIRE exhibits few agglomerative tendencies.

scholarly journals The Impact of Single-Family Rental REITs on Regional Housing Markets: A Case Study of Nashville, TN

Societies ◽  
2018 ◽  
Vol 8 (4) ◽  
pp. 93 ◽  
Author(s):  
Ken Chilton ◽  
Robert Silverman ◽  
Rabia Chaudhrey ◽  
Chihaungji Wang
Keyword(s):  
Real Estate ◽  
Census Data ◽  
Housing Markets ◽  
Future Research ◽  
Individual Investors ◽  
Single Family ◽  
Real Estate Investment ◽  
Wealth Concentration ◽  
The Impact ◽  
The U.S

The U.S. Congress authorized the creation of real estate investment trusts (REITs) in 1960 so companies could develop publically traded real estate investment portfolios. REITs focus on commercial property, retail property, and rental property. During the last decade, REITs became more active in regional housing markets across the U.S. Single-family rental (SFR) REITs have grown tremendously, buying up residential properties across the country. In some regional housing markets, SFR REITs own noticeable shares of single-family homes. In those settings, SFR REITs take large numbers of housing units off of real estate markets where homeownership transactions occur and manage these properties as part of commercial rental inventories. This has resulted in a new category of multiple property owners, composed of institutional investors as opposed to individual investors, which further exacerbates property wealth concentration and polarization. This study examines the socio–spatial distribution of properties in SFR REIT portfolios to determine if SFR REIT properties tend to cluster in distinct areas. This study will focus on the regional housing market in Nashville, TN. Nashville has one of the most active SFR REIT sectors in the country. County tax assessor records were used to identify SFR REIT properties. These data were joined with U.S. Census data to create a profile of communities. The data were analyzed using SPSS statistical software and GIS software. Our analysis suggests that neighborhoods with clusters of SFR REITs fit the SFR REIT business model. Clusters occur in communities with newer homes, residents with higher levels of educational attainment, and middle to upper-middle incomes. The paper concludes with several recommendations for future research on SFR REITs.

scholarly journals Exploring the Impact of Individual Characteristics Associated with Government Officials on the Severity of Real Estate Corruption

2019 ◽  
Vol 11 (12) ◽  
pp. 3351
Author(s):  
Hongxia Zhang ◽  
Yan Song ◽  
Chaosu Li ◽  
Qi Liu ◽  
Huatai Cui ◽  
...  
Keyword(s):  
Real Estate ◽  
Social Sustainability ◽  
State Intervention ◽  
Individual Characteristics ◽  
Real Estate Development ◽  
Government Officials ◽  
Economic Competition ◽  
Key Factor ◽  
The Impact ◽  
Determinant Factor

In China, corruption by government officials in the field of real estate has increased at an unprecedented pace, which poses a huge threat to social sustainability. To date, scholars have primarily focused on the macroscopic determinant factors of corruption such as state intervention and economic competition; however, much less is known about the microscopic determinant factor of corruption. In this study, we use an analytical model to evaluate how individual characteristics of government officials involved in corruption cases influence and predict the scale of corruption in these cases. Based on data collected from 135 cases, the results show that age is not a key factor that affects the severity of real estate corruption; however, characteristics associated with amounts of power and levels of involvement in corruption significantly affect the severity of real estate corruption. Therefore, we propose the following countermeasures: (1) take into account the micro determinants of real estate corruption, (2) focus supervision on officials in charge of departments, key position managers, and top leaders, (3) reform the governance of each phase of real estate development and governmental involvement, and (4) enhance auditing during officials’ tenures and limit the possibility of promoting officials who have participated in corruption.

DOES CHANGE IN ECONOMIC POLICY UNCERTAINTY AFFECT REAL ESTATE INVESTMENT TRUSTS (REITs)?

2019 ◽  
Vol 14 (04) ◽  
pp. 1950016
Author(s):  
RANJEETA SADHWANI ◽  
SURESH KUMAR OAD RAJPUT ◽  
ASAD ALI-RIND ◽  
MUHAMMAD TAHIR SULEMAN
Keyword(s):  
Economic Policy ◽  
Real Estate ◽  
Positive Relationship ◽  
Real Estate Investment Trusts ◽  
Policy Uncertainty ◽  
Real Estate Investment ◽  
Macroeconomic Variables ◽  
Economic Policy Uncertainty ◽  
Investment Trusts ◽  
The Impact

This study aims to find the impact of change in economic policy uncertainty (EPU) on the returns and volatilities of 11 CRSP Ziman value-weighted US real estate investment trusts (REITs) during 1985–2016. The results indicate that the change in EPU has a positive relationship with volatility and a negative one with the REITs returns. Among EPU components, news-based component has the major impact than the others. Change in economic policy uncertainty has a significant impact on the returns of all the indices except hybrid, healthcare and unclassified REITs after controlling for macroeconomic variables. Whereas, the volatility is mainly explained by its own past values and macroeconomic variables.

Mechanism Analysis of the Impact on Chinese Urban Rail Transit Construction on the Surrounding Real Estate Prices

2012 ◽  
Vol 178-181 ◽  
pp. 1866-1869
Author(s):  
Jian Liang Lv ◽  
Ying Jiang
Keyword(s):  
Real Estate ◽  
Land Development ◽  
Value Added ◽  
Urban Rail Transit ◽  
Rail Transit ◽  
Mechanism Analysis ◽  
The Real Estate ◽  
Urban Rail ◽  
Real Estate Prices ◽  
The Impact

This paper first studies the real estate prices and and its effecting factors, and point out the construction of urban rail transit effects large on its surrounding real estate prices. Then, the paper clarifies the theoretical basis of its effects, and finally analyzes mechanism that construction of rail transit can make its surrounding real estate value-added. The urban rail transit construction can improve surrounding property accessibility, the residents travel convenient, increasing the intense of land development, changing nature of land use, adjusting industrial layout, accelerating expanded urbanized areas, raising employment opportunities, promoting socio-economic prosperity and development. It provides reference for the reasonable allocation of late-stage value-added benefits, and people can get a comprehensive and systematic understanding of the impact of urban rail transit construction and its surrounding real estate prices.

scholarly journals HOW DO LAND USE REGULATIONS INFLUENCE INDUSTRIAL LAND PRICES? EVIDENCE FROM CHINA

2020 ◽  
Vol 0 (0) ◽  
pp. 1-14
Author(s):  
Fan Tu ◽  
Shuangling Zou ◽  
Ran Ding
Keyword(s):  
Land Use ◽  
Central Government ◽  
Eastern China ◽  
Land Policy ◽  
Land Use Regulation ◽  
Land Supply ◽  
Industrial Land ◽  
Land Use Regulations ◽  
Land Prices ◽  
The Impact

Due to low industrial land prices and inefficiently used industrial land, China’s central government has reformed land regulations in order to promote more market-oriented industrial land. Considering the differences in land management between developed and developing countries, this study aims to investigate the impact of land use regulations on industrial land prices in China and the effect of market-oriented reforms of industrial land policy. Measures that capture multiple dimensions of land use regulation tools are incorporated into OLS models based on a micro dataset from 1999 to 2016 that covers Jiaxing City in Eastern China. The results show that (1) The land policy implemented in 2006 to promote industrial land marketization has had a very limited effect; (2) The impact of land supply on industrial land prices was decreased for land transferred through listings after 2006, which implies an immature marketization; (3) Zoning instruments has obvious effects on industrial land prices; (4) The results imply that the effect of land use regulations varies with firm ownership and development zones. The findings in this paper clearly show that the industrial land market should be more open and competitive and combined with a rational land supply to promote the market-oriented price mechanism.

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