Skip to main content
SpringerLink
Log in

The Evolution of Chinese Commercial Property Market

  • Conference paper
  • First Online:
Proceedings of the 18th International Symposium on Advancement of Construction Management and Real Estate

  • 1654 Accesses

Abstract

With the adoption of an open door policy and economic reform, China began to integrate into the global economy. Marketisation and rapid economic growth in the 1980s at first created a market of user demand for land and buildings from overseas investments and local businesses, subsequently, the development market and investment market have emerged and been formed. After over three decades, the China’s real estate market has gone through the stages of experiment, evolution, transformation and maturing. Beijing and Shanghai, the two largest commercial property markets have attracted international investors’ interest. Thus, it is becoming increasingly important for investors to develop a better understanding of this largest emerging real estate market. This paper aims to explore perceptions of market maturity and issues of importance for investment in this property markets. In this research, we apply the key determinants based on previous work undertaken by Keogh and D’Arcy (Market maturity and property market behaviour: a European comparison of mature and emerging market. J Prop Res 11:215–235, 1994) in mature market to the analysis of Chinese real estate market, particularly focusing on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from property consultancy firms active in Beijing and Shanghai market.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 169.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 219.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Adair A, Berry J, McGreal S, SῩkora L, Parsa A, Redding B (1999) Globalization of real estate markets in central Europe. Eur Plan Stud 7(3):295–305

    Article  Google Scholar 

  2. Berry J, McGreal S (eds) (1995) European cities, planning systems and property markets. E & FN Spon, London

    Google Scholar 

  3. Chan N (1999) Land-use rights in mainland China: problems and recommendations for improvement. J Real Estate Lit 7(1):53–63

    Article  Google Scholar 

  4. Chin H, Dent P (2005) An analysis of the level of maturity in south-east Asian property markets. Pac Rim Prop Res J 11(4):355–372

    Google Scholar 

  5. Chin W, Dent P, Roberts C (2006) An exploratory analysis of barriers to investment and market maturity in southeast Asian cities. J Real Estate Portf Manag 12(1):49–57

    Google Scholar 

  6. D’Arcy E, Keogh G (1997) Towards a property market paradigm of urban change. Environ Plan A 29:685–706

    Article  Google Scholar 

  7. Deloitte (2006) China real estate investment handbook: the details that take a difference. 8 Apr 2012. http://www.deloitte.com/view/en_US/us/Services/additional-services/

  8. deMagalhães C (1999) Social agents, the provision of buildings and property booms: the case of São Paulo. Int J Urban Reg Res 23:445–463

    Article  Google Scholar 

  9. deMagalhães C (2001) International property consultants and the transformation of local markets. J Prop Res 18(1):99–121

    Article  Google Scholar 

  10. Fu Y, Tse DK, Zhou N (2000) Housing choice behaviour of urban workers in China’s transition to a housing market. J Urban Econ 47(1):61–87

    Article  Google Scholar 

  11. Ke Q, White M (2009) An econometric analysis of Shanghai office rents. J Prop Invest Financ 27(2):120–139

    Article  Google Scholar 

  12. Ke Q, White M (2013) A tale of two Chinese cities: the dynamics of Beijing and Shanghai office markets. J Real Estate Portf Manag 19(1):31–47

    Google Scholar 

  13. Keogh G (1996) The evolution of the Spanish property market. J Prop Valuat Invest 14(2):62–77

    Article  Google Scholar 

  14. Keogh G, D’Arcy E (1994) Market maturity and property market behaviour: a European comparison of mature and emerging market. J Prop Res 11:215–235

    Article  Google Scholar 

  15. Lecomte P (2013) Tiptoe past dragon: replicating and hedging Chinese direct real estate. J Real Estate Portfolio 19(1):49–72

    Google Scholar 

  16. Li L (1997) The political economy of the privatisation of the land market in Shanghai. Urban Stud 34(2):321–335

    Article  Google Scholar 

  17. Li SM (2000) The housing market and tenure decisions in Chinese cities: a multivariate analysis of the case of Guangzhou. Hous Stud 15(2):213–236

    Article  Google Scholar 

  18. Mak WK, Choy HT, Ho KO (2007) Privatization, housing conditions and affordability in the People’s Republic of China. Habitat Int 31(2):177–192

    Article  Google Scholar 

  19. McGreal S, Ali Parsa A, Keivani R (2002) Evolution of property investment markets in central Europe: opportunities and constraints. J Prop Res 19(3):213–230

    Article  Google Scholar 

  20. Walker A, Hin L (1994) Land use rights reform and the real estate market in China. J Real Estate Lit 2(2):199–211

    Google Scholar 

  21. White M, Ke Q (2013) Investigating the dynamics of, and interactions between, Shanghai office submarkets. J Prop Res http://dx.doi.org/10.1080/09599916.2013.765500

  22. Wu F (1995) Urban processes in the face of China’s transition to a socialist market economy. Environ Plan C Gov Policy 13:159–177

    Article  Google Scholar 

  23. Wu F (2000) The global and local dimensions of place-making: remaking Shanghai as a world city. Urban Stud 37(8):1359–1377

    Article  Google Scholar 

  24. Wu J, Joseph Gyourko J, Deng Y (2012) Evaluating conditions in major Chinese housing markets. Reg Sci Urban Econ 42(3):531–543

    Article  Google Scholar 

  25. Zu J (2002) Urban development under ambiguous property rights: a case of China’s transition economy. Int J Urban Reg Res 26(1):41–57

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. The Bartlett School of Built Environment, University College London, London, UK

    Qiulin Ke

  2. Dr Karen Sieracki, KASPAR Associates Ltd., Tonbridge, UK

    Qiulin Ke

Authors
  1. Qiulin Ke
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Qiulin Ke .

Editor information

Editors and Affiliations

  1. School of Public Policy and Administrati Institute of Real Estate Research, Xi'an Jiaotong University, Xi'an, Shaanxi, China

    Donglang Yang

  2. School of Public Policy and Administration Institute of Real Estate Research, Xi’an Jiaotong University, Xi'an, Shaanxi, China

    Yanjun Qian

Rights and permissions

Reprints and permissions

Copyright information

© 2014 Springer-Verlag Berlin Heidelberg

About this paper

Cite this paper

Ke, Q. (2014). The Evolution of Chinese Commercial Property Market. In: Yang, D., Qian, Y. (eds) Proceedings of the 18th International Symposium on Advancement of Construction Management and Real Estate. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-44916-1_66

Download citation

Publish with us

Policies and ethics

Search

Navigation