The consequences of Chinese outward real estate investment: Evidence from Hong Kong land market
The consequences of Chinese outward real estate investment: Evidence from Hong Kong land market
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DOI：
10.1016/j.habitatint.2020.102151
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发表时间：
2020-04
影响因子：
6.8
通讯作者：
Xin Li;E. Hui;Jianfu Shen
中科院分区：
文献类型：
--
作者：
Xin Li;E. Hui;Jianfu Shen
本文探讨了2011年至2019年中国在香港土地市场的对外真实的房地产投资。自二零一一年起，中国内地的房地产开发商被吸引至香港市场，并在政府土地拍卖中赢得大部分地块。结果显示，这些发展商支付的地价远高于本地发展商。以股市对土地收购的反应来衡量，土地开发的预期收益对中国开发商来说是非常积极的，远高于当地开发商的收益。研究结果表明，中国的真实的房地产对外投资有助于中国房地产开发商寻找新的市场，提高盈利能力和财务绩效;同时，中国的对外投资也推高了东道国市场的真实的房地产价格。
This paper explores the Chinese outward real estate investment in Hong Kong's land market from 2011 to 2019. The property developers from Mainland China are attracted to Hong Kong market and win a significant portion of land parcels in government land auctions since 2011. The results reveal that these developers pay much higher land premium to acquire land than local developers. The expected gain from the land development, measured by the stock market reaction to land acquisition, is significantly positive for Chinese developers and much larger than the gain for local developers. Taken together, our findings indicate that outward real estate investment helps Chinese property developers seek new markets and improves the profitability and financial performance; meanwhile, the Chinese outward investment also pushes up the real estate price in the host market.