Jiang, D; Chen, J J and Isaac, D (1999) Real estate and foreign investment in China. Journal of Financial Management of Property and Construction, 4(1), pp. 75-87. ISSN 1366-4387
Abstract
This paper discusses the development of real estate indust7y 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 of 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.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | capital markets, Chinese real estate, foreign investment |
| Index terms: | Shanghai, real estate, foreign investment, markets, China, foreign direct investment |
| Subjects: | economic analysis, Geography, real estate economics |
| Topics: | Urban Studies, Geographical Context, Business Strategy, International Construction |
| Descriptive scope: | 2 PC |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here