The Regional Differences of Real Estate Investment Based on the Local Preferences: An Analysis of China with Panel Data

摘要

This paper investigates the regional differences of the real estate investment based on a panel data of 30 provinces over the period 1998-2006. The local preferences are considered, the variable coefficients model with fixed-effect is also applied to examine those differences. The result indicates that China's real estate investment has obvious spatial-temporal differences. The local economy's dependence on the real estate investment is more obvious in some provinces of the eastern and western regions, while the central region is weak. From the time aspect, the eastern provinces' dependence shows a downward trend, but the dependence in some provinces of the central and western regions is on the rise, and the western region is more remarkable. This reflects the diffusion effects of real estate investments.