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Sustainability 2016, 8(1), 66; doi:10.3390/su8010066

An Investigation into Real Estate Investment and Economic Growth in China: A Dynamic Panel Data Approach

1
School of Public Affairs, Chongqing University, No. 174 Shazhengjie, Shapingba District, Chongqing 400030, China
2
Center for Real Estate and Urban Economic Studies, University of Connecticut, 2100 Hillside Rd, Storrs, CT 06269, USA
*
Author to whom correspondence should be addressed.
Academic Editor: Marc A. Rosen
Received: 8 November 2015 / Revised: 21 December 2015 / Accepted: 5 January 2016 / Published: 15 January 2016
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Abstract

Using a dynamic panel data approach to analyze national-level and province-level data in China from 2000 to 2012, this paper studies how real estate investment affects Chinese economic growth. We find that real estate investment has significantly positive contemporaneous effects on economic growth on both national and regional levels. Surprisingly, we also find that real estate investment has negative lagged effects on economic growth. Such negative lagged effects differ among the three regions we investigated: the eastern region shows the most significant effects from real estate investment; while the middle region shows the least. Further examinations of the four types of real estate investment (i.e. housing investment, office building investment, investment for commercial and business purposes, and other investment) show that housing investment exhibits the most influence on the economy in China. Additionally, we find that the four types of real estate investment exhibit significantly negative lagged effects on Chinese economic growth and there are regional differences in the repressive effects of the four types of real estate investments on economic growth. View Full-Text
Keywords: real estate investment; economic growth; regional difference; dynamic panel data model real estate investment; economic growth; regional difference; dynamic panel data model
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Kong, Y.; Glascock, J.L.; Lu-Andrews, R. An Investigation into Real Estate Investment and Economic Growth in China: A Dynamic Panel Data Approach. Sustainability 2016, 8, 66.

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