Management of Practitioners

Where will China's real estate market go under the economy's new normal?

At present, the importance of green finance in the world market is becoming increasingly prominent. Various kinds of green products have emerged, and auxiliary policies have also come into being. China is one of the world's largest carbon dioxide emissions and the world's largest investor in new energy. In the face of severe environmental problems and challenges of sustainable development, the Chinese government attaches great importance to the development of green finance, and has adopted a series of positive policy documents and guidance, including the establishment of special funds, providing preferential fiscal and tax policies, and the establishment of a green bond market to promote its role in the financial system. In addition, China has set up a set of green financial standards and evaluation system to guide financial institutions and enterprises to be more transparent and sustainable in environmental risk management and green investment.
 The emergence of green finance has brought a certain impact on the real estate industry, a pillar industry of China's economy. At present, many people in China, especially in some central cities, have speculated on housing prices. This behavior has led to a speculative increase in the real estate market, a rapid rise in housing prices, an excessive consumption of resources, and the aggravation of social inequality. This conflicts the concept of sustainable development and environmental friendliness advocated by green finance. At the same time, the investment in green finance will squeeze out a part of the real estate market share. By directing investment in real estate to the flow of green buildings and energy conservation technologies, green finance can also promote the efficient use of resources and sustainable environmental development.
 Therefore, it is of great significance to deeply study the impact of green finance on real estate. By discussing the application of green finance in the real estate field, effective ways can be found to reduce the consumption of resources in the real estate industry, improve the energy efficiency of buildings, promote the development of green buildings, and guide China's real estate market towards the direction of sustainable development in practice. This is of great practical significance for realizing the dual goal of economic growth and environmental protection.
 Previous scholars have discussed a wide range of factors affecting real estate, including the monetary system, consumption level and so on. The related discussion on green finance also focuses on the impact of the ecological environment and some green products on the financial market. No scholar has specifically discussed the impact of green finance on real estate as a whole.
 Therefore, in order to ensure that the regression results are not affected by the economic turbulence during the epidemic period, this paper selects the relevant data of provinces and cities from 2008 to 2020 to regression the fixed effect model panel, conducts a study on the real estate price, and draws the following basic conclusions: green finance has a negative impact on the real estate price.
 The marginal contribution of this paper is the use of various green coefficient to build green financial index, to explore the influence of green finance as a whole, and make up the green finance influence the lack of the real estate research, to solve the current real estate investment market proportion and rising prices put forward new slow problems.
 The chapters of this paper are arranged as follows: the second part is the literature review, the third part is the experimental design and data, the fourth part is the empirical results, the fifth part is the robustness test, and the sixth part is the conclusion and policy suggestions.

This paper examines the evolution of China's present real estate market and the illumination of the American subprime mortgage crisis through an analysis of the latter. The article explains and analyzes the causes of the subprime crisis, and then discusses its impact on the American real estate industry at that time. Subsequently, through the analysis of the supply and demand of the Chinese real estate industry, it is believed that China's real estate sector has three related points to the American real estate industry during the subprime crisis. Firstly, the excessive confidence in the US market and the large population of some cities in China. Secondly, the financial derivatives and the management of them in the US market and the Chinese market. Thirdly, the excessive issuance of personal credit in the US market and the loose regulation of property companies in the Chinese market. At the end of the paper, based on the experience learned from the US subprime mortgage crisis and taking into account the position of the Chinese real estate market today, preventive measures and countermeasures are put forward to provide a reference for future risk prevention.

In recent years, the heat of the real estate market has decreased, and the price of real estate in a few places has declined slightly, mainly due to the effect of the purchase restriction policy and the slowing down of economic growth. Is it difficult to develop the real estate industry in the future? Will the real estate market be depressed for a long time? For example, some people think that the real estate cannot be sold, and the price must be greatly reduced? I believe that the real estate industry will continue to develop. It is only the subjective desire of some people that the long-term price reduction of real estate will not rise. This desire is neither in the interests of the state nor in the interests of society, nor in line with the laws of the socialist market economy. Based on the comprehensive analysis of various factors, China's real estate industry will continue to develop, the real estate market will be more sound, and the real estate price will definitely not fall all the time, and will certainly "rise steadily".

The real estate industry is one of the most vital industries in any economy. The industry entails improvements to structures, roads, utility systems, and buildings and is responsible for creating many jobs. Many challenges have faced the real estate industry, including outbreaks of COVID-19 and Pneumoconiosis. The COVID-19 pandemic had a huge effect on the real estate industry, with sales of property declining significantly. There are three scenarios that can be used to explain the trajectory of the real estate industry after the pandemic. The first scenario, which is the negative scenario, shows that commercial property sales will decline by 13% year on year. The second optimistic scenario points out that sales will increase during the second half of the year and cause a 7% decrease year-on-year. Lastly, under the neutral scenario, sales will be the same as those of the previous years, and the decrease may exceed 10%. In conclusion, the real estate industry faces significant challenges due to the pandemic. There are likely to be differences in recovery as first-tier cities such as Shanghai and Beijing are expected to rebound due to a fall in mortgage rates and strong talent recruiting. Second-tier cities will experience the quickest recovery due to strong urban foundations, high population, housing demand, and economic resilience.

In the evaluation of real estate value and price, the analysis and grasp of regional factors in economic geography is the key. At present, the regional difference of China's real estate industry is very obvious, which restricts the further development of real estate industry to a large extent. From the perspective of economic geography, this paper makes a systematic study on the current situation of the price and spatial distribution of real estate in China, and makes a brief analysis on the development trend of the real estate industry in China.

With the continuous improvement of people's environmental awareness, more people begin to pay attention to green building. Green building engineering in China's real estate is still in a high-speed development stage. Through the promotion of green technology, it can effectively reduce the cost of investment in the whole cycle of real estate development and further promote the sustainable development of the real estate industry. Based on the characteristics of green building, such as high efficiency and energy saving, low environmental impact, this paper analyzes its specific application in real estate development and discusses the main problems currently faced, and at the same time puts forward solutions. In terms of China's current national conditions, the application of green building in real estate development can not only play a role in protecting the environment, but also provide a new direction for the future development of China's real estate industry, which has a very realistic significance, and I hope that this paper can promote the sustainability of the real estate industry to provide effective suggestions.

The real estate industry has been in a stage of rapid development since 2000, and its pulling effect on economic growth is very significant, but it has continued to develop at a rapid pace over the years. The rising prices that follow have also had a lot of impact on all aspects of society and economy. However, a country's macroeconomic control policy, especially monetary policy, has a very important impact on the development of the real estate industry. For example, the expansionary monetary policy since 2008 has increased the money supply, so that the real estate market investment and consumption rising, house prices accelerated. Although there are also a lot of restrictions of macroeconomic policy on the rise of house prices, the effect is not obvious. Therefore, it is necessary to make use of the policy means to regulate the real estate industry in order to achieve healthy development. This paper first analyzes the mechanism of monetary policy influencing real estate price, and then discusses the effect of monetary policy on real estate market by using empirical research method. It is found that both money supply and interest rate will have an impact on real estate price. Finally, combined with the conclusion of the analysis, some policy suggestions are put forward to improve the monetary policy system for the healthy development of the real estate industry.

As China strives to balance rapid urbanization with environmental conservation, increasing attention is being paid to the pursuit of green production efficiency (GPE) in the real estate industry. The undesirable super-SBM model was used to calculate the GPE of China's real estate industry from 2001 to 2020. Additionally, GPE spatial distribution characteristics in China's real estate industry were analyzed using the standard deviation ellipse (SDE), Moran’s index, Theil index, random kernel density estimation (RKDA), and spatial Markov chain (SMC) methods. The GPE exhibited a U-shaped trend, with 2008 as the inflection point, first decreasing and then increasing. It reached a maximum value of 0.747 in 2020. The Theil index increased from 0.043 to 0.121 nationwide, indicating the overall characteristics of low-level slow growth, and imbalance. Discrepancies in input–output scales, the southward shift of economic centers, and population movements contribute significantly to the disparities between the east and west, north and south, and regions divided by the Hu Huanyong Line (Hu Line). The GPE exhibited club convergence characteristics; however, polarization phenomena exist in local areas. Spatial spillover effects were also observed in GPE. Finally, we provide recommendations for promoting green development in the real estate industry, including green building technology, fiscal subsidy investment, and population migration management.

This paper explores the effect of the herd mentality on consumers’ buying decisions in the real estate industry, which is highly influenced by social media influences. It helps to understand how social media influencers shape consumer behavior and decision-making processes in the economy of real estate transactions. Social media influencers significantly impact herd mentality, leading to market jumps and potential risks in the real estate area. The paper also contributes to the debates on the role of social media in shaping consumer behavior and its connection with the real estate industry. This paper provides awareness for researchers seeking to understand and navigate the real estate market dynamics in the digital age and fast-changing economy today. Using social media in this industry today is indeed a significant determinant of essentially making your clients, your fans. The way homes and agents are perceived on social media is crucial to the success of the industry.

The German real estate and construction industry is facing a transformation, triggered by fundamental changes in technology, the economy and society. The purpose of this paper is to explore how these changes exert pressure to adapt on existing business models, while also offering opportunities for their further development. A model that attributes the transformation of the real estate industry to megatrends, specific structural change drivers, business models and the interaction of the groups of players in the value creation system is developed. The model is tested empirically by a survey. Structural equation modelling is used to measure the impact of various determinants of transformation and the relevance of adaptation strategies to the different groups of players. As a result, the study explains three impact mechanisms of the transformation in the real estate industry. The transformation originates from the occupiers, who need more flexible space and are focusing on holistic solutions that are not provided by the real estate industry. Service providers are striving to increase the efficiency of their traditional processes, rather than evolving new business models or services. The investors recognise the increasing importance of the occupiers but they are rarely pursuing the resulting strategies. Property developers recognise these requirements: their adaptation strategies most strongly question their previous business. For practitioners, the results point out the opportunities and risks of transformation and help to illustrate the need for change. For academicians, the results indicate a way to explain and measure the transformation of a value creation system.

Although the major economies have yet to display any clear development trends, and China's economic growth has yet to develop a solid foundation in 2009, China's real estate market has undergone a miraculous process from recession to recovery and then boom. In order to address the unfavourable circumstances of the international economic recession, slowdown in domestic economic growth and continued stock market depression, China implemented a wide range of policies and measures such as increasing investment, encouraging consumption and boosting domestic demand. In the three decades since China's reform and opening up to the outside world, urban residents have eliminated their housing issues, with an increase in per capita housing area from less than 7 square meters in 1978 to over 28 square meters in 2009. The real estate industry has high levels of association with other industries. Keywords:China; economic growth; real estate market

To examine the resource utilization in different phases such as development and sales within China's real estate industry, this paper employs a two-stage Data Envelopment Analysis (DEA) model to measure the production efficiency of the real estate industry across 31 provinces, municipalities, and autonomous regions of China from 2014 to 2022. By examining both overall and phase-specific trends, the study utilizes a panel Tobit model to explore the factors affecting efficiency. Empirical results indicate that the leverage ratio of companies, per capita GDP of regions, and real estate regulatory policies significantly impact production efficiency. Further analysis of regional heterogeneity and its effect on production efficiency revealed that the per capita residential building area, which reflects the housing stock configuration in different regions, exhibits a significant single threshold effect. This not only objectively assesses the utilization of real estate resources in different areas but also delves deeper into the principal factors and their mechanisms affecting the production efficiency of the real estate industry, thus providing theoretical support and policy recommendations for effectively enhancing production efficiency.

The explanation of the price and value of real estate is still a big challenge that limits forecasting the market value, and explaining bubbles and crashes in the real estate market. Thus, this paper extends the theory of market equilibrium to redefine the value concept for explaining market behavior in real estate. The demand–supply analysis is used to define market value and value distribution between sellers and buyers in the real estate market. From this base, the roles of investors and credit institutions are identified in promoting real estate activities, and also in causing bubbles and crashes in the real estate market. Moreover, numerical experiments are used to conduct market behavior in typical situations with defined demand and supply functions in the real estate market. The research results and findings provide key implications for providers, investors, customers, credit institutions, and governance in the real estate industry. The paper also contributes to the theoretical foundations for further research on market behavior and valuation in real estate.

With the continuous development of social economy and urbanization, increasing demand for housing, thus the real estate industry has developed rapidly. As the limited housing supply can not meet too much housing demand, forming the contradiction between excess demand and supply shortage, the housing price in the real estate market is also gradually increasing. The rapid development of the real estate market also leads to the emergence of some phenomena. The soaring housing price has become a common phenomenon in the real estate market. The rising housing price affects all aspects of social development and has a significant impact on the life of members of society. From the perspective of public economics, housing has the attribute of public goods, and people lack of understanding of this attribute, coupled with some irregularities in the market, which is not conducive to the development of China’s real estate industry. Based on the perspective of public economics, the paper analyzes the problems of the real estate market and puts forward corresponding countermeasures.