Real estate has been a dominant industry in many countries. One problem for real estate companies is determining the most valuable area before starting a new project. Previous studies on this issue mainly focused on m...Real estate has been a dominant industry in many countries. One problem for real estate companies is determining the most valuable area before starting a new project. Previous studies on this issue mainly focused on market needs and economic prospects, ignoring the impact of natural disasters. We observe that natural disasters are important for real estate area selection because they will introduce considerable losses to real estate enterprises. Following this observation, we first develop a self-defined new indicator named Average Loss Ratio to predict the losses caused by natural disasters in an area. Then, we adopt the existing ARIMA model to predict the Average Loss Ratio of an area. After that, we propose to integrate the TOPSIS model and the Grey Prediction Model to rank the recommendation levels for candidate areas, thereby assisting real estate companies in their decision-making process. We conduct experiments on real datasets to validate our proposal, and the results suggest the effectiveness of the proposed method.展开更多
To better understand the potential and limitations of the tokenization of real asset mar-kets,empirical studies need to examine this radically new organization of financial mar-kets.In our study,we examine the financi...To better understand the potential and limitations of the tokenization of real asset mar-kets,empirical studies need to examine this radically new organization of financial mar-kets.In our study,we examine the financial and economic consequences of tokenizing 58 residential rental properties in the US,particularly those in Detroit.Tokenization aims at fragmented ownership.We found that the residential properties examined have 254 owners on average.Investors with a greater than USD 5,000 investment in real estate tokens,diversify their real estate ownership across properties within and across the cities.Property ownership changes about once yearly,with more changes for proper-ties on decentralized exchanges.We report that real estate token prices move accord-ing to the house price index;hence,investing in real estate tokens provides economic exposure to residential house prices.展开更多
Railway real estate is the fundamental element of railway transportation production and operation.Effective management and rational utilization of railway real estate is essential for railway asset operation.Based on ...Railway real estate is the fundamental element of railway transportation production and operation.Effective management and rational utilization of railway real estate is essential for railway asset operation.Based on the investigation of the requirements of railway real estate management and operation,combined with Beidou positioning,GIS(Geographic Information System),multi-source data fusion and other cutting-edge technologies,this paper puts forward the multi-dimensional dynamic statistical method of real estate information,the identification method of railway land occupation and the comprehensive evaluation method of real estate development and utilization potential,and build the railway real estate supervision and operation platform,design the function of the platform,so as to provide intelligent solutions for the railway real estate operation.展开更多
There has been disagreement over the value of purchasing space in the metaverse, but many businesses including Nike, The Wendy’s Company, and McDonald’s have jumped in headfirst. While the metaverse land rush has be...There has been disagreement over the value of purchasing space in the metaverse, but many businesses including Nike, The Wendy’s Company, and McDonald’s have jumped in headfirst. While the metaverse land rush has been called an “illusion” given underdeveloped infrastructure, including inadequate software and servers, and the potential opportunities for economic and legal abuse, the “real estate of the future” shows no signs of slowing. While the current virtual space of the metaverse is worth $6.30 billion, that is expected to grow to $84.09 billion by the end of 2028. But the long-term legal and regulatory considerations of capitalizing on the investment, as well as the manner in which blockchain technology can secure users’ data and digital assets, has yet to be properly investigated. With the metaverse still in a conceptual phase, building a new 3D social environment capable of digital transactions will represent most of the initial investment in time in human capital. Digital twin technologies, already well-established in industry, will be ported to support the need to architect and furnish the new digital world. The return on and viability of investing in the “real estate of the future” raises questions fundamental to the success or failure of the enterprise. As such this paper proposes a novel framing of the issue and looks at the intersection where finance, technology, and law are converging to prevent another Dot-com bubble of the late 1990s in metaverse-based virtual real estate transactions. Furthermore, the paper will argue that these domains are technologically feasible, but the main challenges for commercial users remain in the legal and regulatory arenas. As has been the case with the emergence of online commerce, a legal assessment of the metaverse indicates that courts will look to traditional and established legal principles when addressing issues until the enactment of federal and/or state statutes and accompanying regulations. Lastly, whereas traditional regulation of real estate would involve property law, the current legal framing of ownership of metaverse assets is governed by contract law.展开更多
Credit risk assessment involves conducting a fair review and evaluation of an assessed subject’s solvency and creditworthiness.In the context of real estate enterprises,credit risk assessment provides a basis for ban...Credit risk assessment involves conducting a fair review and evaluation of an assessed subject’s solvency and creditworthiness.In the context of real estate enterprises,credit risk assessment provides a basis for banks and other financial institutions to choose suitable investment objects.Additionally,it encourages real estate enterprises to abide by market norms and provide reliable information for the standardized management of the real estate industry.However,Chinese real estate companies are hesitant to disclose their actual operating data due to privacy concerns,making subjective evalu-ation approaches inevitable,occupying important roles in accomplishing Chinese real estate enterprise credit risk assessment tasks.To improve the normative and reliability of credit risk assessment for Chinese real estate enterprises,this study proposes an integrated multi-criteria group decision-making approach.First,a credit risk assessment index for Chinese real estate enterprises is established.Then,the proposed framework combines proportional hesitant fuzzy linguistic term sets and preference ranking organization method for enrichment evaluation II methods.This approach is suitable for processing large amounts of data with high uncertainty,which is often the case in credit risk assessment tasks of Chinese real estate enterprises involving massive subjec-tive evaluation information.Finally,the proposed model is validated through a case study accompanied by sensitivity and comparative analyses to verify its rationality and feasibility.This study contributes to the research on credit assessment for Chinese real estate enterprises and provides a revised paradigm for real estate enterprise credit risk assessment.展开更多
The paper is a part of wider investigation related to the application of basic sciences to the sustainable development of society.It deals with the presentation of knowledge to the real estate(fast growing business)ab...The paper is a part of wider investigation related to the application of basic sciences to the sustainable development of society.It deals with the presentation of knowledge to the real estate(fast growing business)about the local natural and man-made hazards in the near vicinity of any structure(inhabitant,recreation area,land,etc.)and their influence to the social safety and human comfort of life.The structure,necessary information and knowledge base for visible or hidden hazards about a guide for the real estate business is included.An example of application the knowledge about seismic hazard and related phenomena simplified to be more available to the non-specialists(such as real estate agents and companies)targeted to Sofia(the largest urban center and capital of Bulgaria)can attract and improve the learning abilities of the real estate for the society’s sake.展开更多
With the continuous growth of the economy and the rapid pace of urbanization,the real estate sector has assumed an increasingly substantial role within the national economy.Ensuring the stable and sustainable developm...With the continuous growth of the economy and the rapid pace of urbanization,the real estate sector has assumed an increasingly substantial role within the national economy.Ensuring the stable and sustainable development of the real estate sector to maximize its societal and economic contributions has become a pressing issue.China,presently engaged in an extensive urbanization drive,places real estate development and sales as pivotal components in the broader real estate industry,significantly impacting the overall functionality of the real estate market.Real estate,being a comprehensive system encompassing land,housing,infrastructure,and other key elements,exerts a profound influence on people’s basic needs such as shelter,sustenance,and daily living.Its evolution directly shapes the trajectory of the national economy and social stability.Therefore,to foster the consistent and robust growth of China’s real estate economy,it is necessary to implement effective measures that entail a systematic and thorough analysis of the factors responsible for the fluctuations in China’s real estate economy.展开更多
With the tightening of house purchase policies in recent years, the introduction of financial and land restriction policies, as well as the impact of the COVID-19 pandemic, real estate bombshells are common. Real esta...With the tightening of house purchase policies in recent years, the introduction of financial and land restriction policies, as well as the impact of the COVID-19 pandemic, real estate bombshells are common. Real estate is in the critical stage of transformation and upgrading, and industrial development is facing dire challenges and pressure for survival. As an important part of enterprise management, financial management is directly related to the success or failure of enterprise development. Facing the financial risks emerging in the financial management of the real estate industry at this stage, this review begins from financial management personnel training, investment calculation management, budget management, and asset management in the effort of optimizing the real estate financial management operating mechanism under the new situation and ensuring the healthy and stable development of real estate enterprises, while maintaining core competitiveness.展开更多
To avoid the effects of systemic financial risks caused by extreme fluctuations in housing price,the Chinese government has been exploring the most effective policies for regulating the housing market.Measuring the ef...To avoid the effects of systemic financial risks caused by extreme fluctuations in housing price,the Chinese government has been exploring the most effective policies for regulating the housing market.Measuring the effect of real estate regulation policies has been a challenge for present studies.This study innovatively employs big data technology to obtain Internet search data(ISD)and construct market concern index(MCI)of policy,and hedonic price theory to construct hedonic price index(HPI)based on building area,age,ring number,and other hedonic variables.Then,the impact of market concerns for restrictive policy,monetary policy,fiscal policy,security policy,and administrative supervision policy on housing prices is evaluated.Moreover,compared with the common housing price index,the hedonic price index considers the heterogeneity of houses and could better reflect the changes in housing prices caused by market supply and demand.The results indicate that(1)a long-term interaction relationship exists between housing prices and market concerns for policy(MCP);(2)market concerns for restrictive policy and administrative supervision policy effectively restrain rising housing prices while those for monetary and fiscal policy have the opposite effect.The results could serve as a useful reference for governments aiming to stabilize their real estate markets.展开更多
In order to analyze the deep-routed reason for the failure of the real estate market regulation policy, this paper established an incomplete information tri-game model in which central government, local government and...In order to analyze the deep-routed reason for the failure of the real estate market regulation policy, this paper established an incomplete information tri-game model in which central government, local government and the real estate developer were chosen as three main research objects. Based on the analysis of their interest appeals under the assumption of rational economic man, we found that it was the difference of interest appeals of central and local governments as well as the real estate developers that caused the game among the three participants. This, however, led to the failure of the macro-control at last. Strengthening the supervision of central government and reducing its cost at the same time, what’s more, improving the efficiency of the supervision and increasing the punishment of the rent-seeking behavior between local government and the real estate developers will contribute to improve the implementation status of the regulation and control policy. We suggest the authorities improve the government political achievement appraisal system and reform the current system of benefits distribution;moreover, reform the existing regulatory system and strength the regulatory role of media and the third-party so as to promote the healthy development of the real estate market.展开更多
The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique charact...The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique characteristics, which include fixed location, heterogeneity and low transaction frequency. Using housing and office market data of some major cities in China, this paper examines the return and risk characteristics in these markets and assesses market efficiency. It finds that a number of instruments, including lagged quarterly and annual excess returns and, to some extent, the measure of the deviation of price from the intrinsic value, predict future returns. Therefore, weak form and semi-strong form efficiency can both be rejected in these real estate markets. These empirical findings suggest that there is slow price adjustment in real estate markets in China, which may be attributed to inefficient information transmission systems and long searching time in the markets.展开更多
As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market...As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market. This article mainly explores the roles and the acting mechanism of real estate brokerages in the second-hand housing market. The results show that the participation of real estate brokers in the second-hand housing market may have positive and negative influences. On one side, brokers ease the housing transaction process and benefits buyers and sellers by shortening the sale time on the market. On the other side, if brokers are the only participants in the housing transaction, acting as buyer and seller like some firms do, housing prices will increase and this negative effect will become even stronger as the participation of many more brokers increases. Therefore, the regulation and management of the industry is vital for the long and healthy development of the housing market in China.展开更多
Our analysis used the monthly data of the average sales price of commodity houses and stock turnover in the Shenzhen Stock Exchange from January 2016 to December 2020. We selected this data to establish a Vector Autor...Our analysis used the monthly data of the average sales price of commodity houses and stock turnover in the Shenzhen Stock Exchange from January 2016 to December 2020. We selected this data to establish a Vector Autoregression(VAR) model using the Granger causality test to investigate the correlation between the stock market and the real estate market. We found that there is a significant positive correlation between the stock market and the real estate market. We also found that the real estate market price is the one-way Granger cause for the stock market turnover, and that changes in the real estate market price have a significant role in forecasting changes in stock market turnover. Therefore, the linkage between the two markets should be considered in macro regulations, and the impact on one of the markets should be considered when regulating the other.展开更多
Because of the expectation of RMB appreciation and the extremely high return rate of Chinese real estate market,more and more hot money rushed into China.As a result,the real estate price level is getting higher and h...Because of the expectation of RMB appreciation and the extremely high return rate of Chinese real estate market,more and more hot money rushed into China.As a result,the real estate price level is getting higher and higher,the bubble economy is getting worse,and the Chinese real estate is accumulating numerous risks.This study tried to find out the relation between the hot money and Chinese real estate price level with the help of empirical method.The study not only analyzed the impact of hot money on Chinese real estate price level and its harmful influence over the economy,but also proposed some suggestions to supervise the real estate market.展开更多
For the inefficiency and inaccuracy of appraisal method of traditional estate appraisal theory, the real estate appraisal system based on GIS and BP neural network was established. The structure of the system was desi...For the inefficiency and inaccuracy of appraisal method of traditional estate appraisal theory, the real estate appraisal system based on GIS and BP neural network was established. The structure of the system was designed which includes appraisal model, trade case, GIS database and query analysis module. With the help of the L-M algorithm in MATLAB software, BP neural network was improved and the trade cases were trained, then the BP neural network which has already been trained was tested. At the same time, the BP neural and GIS were put together to construct the hedonic price estimate model. The C# and ArcGIS9.3 were used to achieve the system in VS2008. City basic geographic data and real estate related information were used as the basic data in practice. The results show that the functions of querying, adding and editing the spatial data and attribute data are achieved and also the efficiency and accuracy of real estate are improved, so that the new method of real estate is provided by the system.展开更多
Blockchain is a fast-disruptive technology becoming a key instrument in share economy. In recent years, Blockchain has received considerable attention from many researchers and government institutions. This paper aims...Blockchain is a fast-disruptive technology becoming a key instrument in share economy. In recent years, Blockchain has received considerable attention from many researchers and government institutions. This paper aims to present the Blockchain and smart contract for a specific domain which is real estate. A detailed design of smart contract is presented and then a use case for renting residential and business buildings is examined.展开更多
Blockchain technology is one of the key technological breakthroughs of the last decade.It has the ability to revolutionize numerous aspects of society,including financial systems,healthcare,e-government and many other...Blockchain technology is one of the key technological breakthroughs of the last decade.It has the ability to revolutionize numerous aspects of society,including financial systems,healthcare,e-government and many others.One such area that is able to reap the benefits of blockchain technology is the real estate industry.Like many other industries,real estate faces major administrative problems such as high transaction fees,a lack of transparency,fraud and the effects of a middleman including undue influence and commissions.Blockchain enables supporting technologies to overcome the obstacles inherent within the real estate investment market.These technologies include smart contracts,immutable record management and time-stamped storage.We utilize these key properties of blockchain technology in our work by proposing a system that has the ability to record real estate transactions in a private blockchain,using smart contracts.The immutability of the blockchain ledger and transactions can provide a safe space for the real estate business.Blockchain technology can also assist the authentication process by hastening background checks.Personal digital keys are provided to parties that are involved in a contract,thus minimizing the risk of fraud.We also discuss the rationale behind the advantages of using a blockchain in this manner,and how we selected the consensus mechanism for our proposed system.展开更多
文摘Real estate has been a dominant industry in many countries. One problem for real estate companies is determining the most valuable area before starting a new project. Previous studies on this issue mainly focused on market needs and economic prospects, ignoring the impact of natural disasters. We observe that natural disasters are important for real estate area selection because they will introduce considerable losses to real estate enterprises. Following this observation, we first develop a self-defined new indicator named Average Loss Ratio to predict the losses caused by natural disasters in an area. Then, we adopt the existing ARIMA model to predict the Average Loss Ratio of an area. After that, we propose to integrate the TOPSIS model and the Grey Prediction Model to rank the recommendation levels for candidate areas, thereby assisting real estate companies in their decision-making process. We conduct experiments on real datasets to validate our proposal, and the results suggest the effectiveness of the proposed method.
文摘To better understand the potential and limitations of the tokenization of real asset mar-kets,empirical studies need to examine this radically new organization of financial mar-kets.In our study,we examine the financial and economic consequences of tokenizing 58 residential rental properties in the US,particularly those in Detroit.Tokenization aims at fragmented ownership.We found that the residential properties examined have 254 owners on average.Investors with a greater than USD 5,000 investment in real estate tokens,diversify their real estate ownership across properties within and across the cities.Property ownership changes about once yearly,with more changes for proper-ties on decentralized exchanges.We report that real estate token prices move accord-ing to the house price index;hence,investing in real estate tokens provides economic exposure to residential house prices.
基金supported by the Scientific and Technological Research and Development Plan of China Railway Beijing Group Co.,Ltd.(2022CT01).
文摘Railway real estate is the fundamental element of railway transportation production and operation.Effective management and rational utilization of railway real estate is essential for railway asset operation.Based on the investigation of the requirements of railway real estate management and operation,combined with Beidou positioning,GIS(Geographic Information System),multi-source data fusion and other cutting-edge technologies,this paper puts forward the multi-dimensional dynamic statistical method of real estate information,the identification method of railway land occupation and the comprehensive evaluation method of real estate development and utilization potential,and build the railway real estate supervision and operation platform,design the function of the platform,so as to provide intelligent solutions for the railway real estate operation.
文摘There has been disagreement over the value of purchasing space in the metaverse, but many businesses including Nike, The Wendy’s Company, and McDonald’s have jumped in headfirst. While the metaverse land rush has been called an “illusion” given underdeveloped infrastructure, including inadequate software and servers, and the potential opportunities for economic and legal abuse, the “real estate of the future” shows no signs of slowing. While the current virtual space of the metaverse is worth $6.30 billion, that is expected to grow to $84.09 billion by the end of 2028. But the long-term legal and regulatory considerations of capitalizing on the investment, as well as the manner in which blockchain technology can secure users’ data and digital assets, has yet to be properly investigated. With the metaverse still in a conceptual phase, building a new 3D social environment capable of digital transactions will represent most of the initial investment in time in human capital. Digital twin technologies, already well-established in industry, will be ported to support the need to architect and furnish the new digital world. The return on and viability of investing in the “real estate of the future” raises questions fundamental to the success or failure of the enterprise. As such this paper proposes a novel framing of the issue and looks at the intersection where finance, technology, and law are converging to prevent another Dot-com bubble of the late 1990s in metaverse-based virtual real estate transactions. Furthermore, the paper will argue that these domains are technologically feasible, but the main challenges for commercial users remain in the legal and regulatory arenas. As has been the case with the emergence of online commerce, a legal assessment of the metaverse indicates that courts will look to traditional and established legal principles when addressing issues until the enactment of federal and/or state statutes and accompanying regulations. Lastly, whereas traditional regulation of real estate would involve property law, the current legal framing of ownership of metaverse assets is governed by contract law.
基金supported by the National Natural Science Foundation of China(Grant Nos.72171182 and 72031009)the Spanish Ministry of Economy and Competitiveness through the Spanish National Research Project(Grant No.PGC2018-099402-B-I00)the Spanish postdoctoral fellowship program Ramon y Cajal(Grant No.RyC-2017-21978).
文摘Credit risk assessment involves conducting a fair review and evaluation of an assessed subject’s solvency and creditworthiness.In the context of real estate enterprises,credit risk assessment provides a basis for banks and other financial institutions to choose suitable investment objects.Additionally,it encourages real estate enterprises to abide by market norms and provide reliable information for the standardized management of the real estate industry.However,Chinese real estate companies are hesitant to disclose their actual operating data due to privacy concerns,making subjective evalu-ation approaches inevitable,occupying important roles in accomplishing Chinese real estate enterprise credit risk assessment tasks.To improve the normative and reliability of credit risk assessment for Chinese real estate enterprises,this study proposes an integrated multi-criteria group decision-making approach.First,a credit risk assessment index for Chinese real estate enterprises is established.Then,the proposed framework combines proportional hesitant fuzzy linguistic term sets and preference ranking organization method for enrichment evaluation II methods.This approach is suitable for processing large amounts of data with high uncertainty,which is often the case in credit risk assessment tasks of Chinese real estate enterprises involving massive subjec-tive evaluation information.Finally,the proposed model is validated through a case study accompanied by sensitivity and comparative analyses to verify its rationality and feasibility.This study contributes to the research on credit assessment for Chinese real estate enterprises and provides a revised paradigm for real estate enterprise credit risk assessment.
文摘The paper is a part of wider investigation related to the application of basic sciences to the sustainable development of society.It deals with the presentation of knowledge to the real estate(fast growing business)about the local natural and man-made hazards in the near vicinity of any structure(inhabitant,recreation area,land,etc.)and their influence to the social safety and human comfort of life.The structure,necessary information and knowledge base for visible or hidden hazards about a guide for the real estate business is included.An example of application the knowledge about seismic hazard and related phenomena simplified to be more available to the non-specialists(such as real estate agents and companies)targeted to Sofia(the largest urban center and capital of Bulgaria)can attract and improve the learning abilities of the real estate for the society’s sake.
基金Anhui Provincial Department of Education’s Key Project of Continuing Education and Teaching Reform in Colleges and Universities“Construction of Higher Education Continuing Education Reform Demonstration Base”(2021jxjy020)Anhui Provincial Department of Education’s Key Project of Continuing Education and Teaching Reform in Colleges and Universities“Research and Practice on the Construction and Development of Lifelong Education Credit Bank in Anhui Province”(2021jxjy019)Anhui Provincial Colleges and Universities Scientific Research Key Project“Research and Practice on the Learning Achievements Certification System Based on the‘College Colleges-Credit Bank-Technical Colleges’Linkage Mechanism”(2022AH052676).
文摘With the continuous growth of the economy and the rapid pace of urbanization,the real estate sector has assumed an increasingly substantial role within the national economy.Ensuring the stable and sustainable development of the real estate sector to maximize its societal and economic contributions has become a pressing issue.China,presently engaged in an extensive urbanization drive,places real estate development and sales as pivotal components in the broader real estate industry,significantly impacting the overall functionality of the real estate market.Real estate,being a comprehensive system encompassing land,housing,infrastructure,and other key elements,exerts a profound influence on people’s basic needs such as shelter,sustenance,and daily living.Its evolution directly shapes the trajectory of the national economy and social stability.Therefore,to foster the consistent and robust growth of China’s real estate economy,it is necessary to implement effective measures that entail a systematic and thorough analysis of the factors responsible for the fluctuations in China’s real estate economy.
文摘With the tightening of house purchase policies in recent years, the introduction of financial and land restriction policies, as well as the impact of the COVID-19 pandemic, real estate bombshells are common. Real estate is in the critical stage of transformation and upgrading, and industrial development is facing dire challenges and pressure for survival. As an important part of enterprise management, financial management is directly related to the success or failure of enterprise development. Facing the financial risks emerging in the financial management of the real estate industry at this stage, this review begins from financial management personnel training, investment calculation management, budget management, and asset management in the effort of optimizing the real estate financial management operating mechanism under the new situation and ensuring the healthy and stable development of real estate enterprises, while maintaining core competitiveness.
基金the National Natural Science Foundation of China(Nos.61703014 and 62073008).
文摘To avoid the effects of systemic financial risks caused by extreme fluctuations in housing price,the Chinese government has been exploring the most effective policies for regulating the housing market.Measuring the effect of real estate regulation policies has been a challenge for present studies.This study innovatively employs big data technology to obtain Internet search data(ISD)and construct market concern index(MCI)of policy,and hedonic price theory to construct hedonic price index(HPI)based on building area,age,ring number,and other hedonic variables.Then,the impact of market concerns for restrictive policy,monetary policy,fiscal policy,security policy,and administrative supervision policy on housing prices is evaluated.Moreover,compared with the common housing price index,the hedonic price index considers the heterogeneity of houses and could better reflect the changes in housing prices caused by market supply and demand.The results indicate that(1)a long-term interaction relationship exists between housing prices and market concerns for policy(MCP);(2)market concerns for restrictive policy and administrative supervision policy effectively restrain rising housing prices while those for monetary and fiscal policy have the opposite effect.The results could serve as a useful reference for governments aiming to stabilize their real estate markets.
文摘In order to analyze the deep-routed reason for the failure of the real estate market regulation policy, this paper established an incomplete information tri-game model in which central government, local government and the real estate developer were chosen as three main research objects. Based on the analysis of their interest appeals under the assumption of rational economic man, we found that it was the difference of interest appeals of central and local governments as well as the real estate developers that caused the game among the three participants. This, however, led to the failure of the macro-control at last. Strengthening the supervision of central government and reducing its cost at the same time, what’s more, improving the efficiency of the supervision and increasing the punishment of the rent-seeking behavior between local government and the real estate developers will contribute to improve the implementation status of the regulation and control policy. We suggest the authorities improve the government political achievement appraisal system and reform the current system of benefits distribution;moreover, reform the existing regulatory system and strength the regulatory role of media and the third-party so as to promote the healthy development of the real estate market.
文摘The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique characteristics, which include fixed location, heterogeneity and low transaction frequency. Using housing and office market data of some major cities in China, this paper examines the return and risk characteristics in these markets and assesses market efficiency. It finds that a number of instruments, including lagged quarterly and annual excess returns and, to some extent, the measure of the deviation of price from the intrinsic value, predict future returns. Therefore, weak form and semi-strong form efficiency can both be rejected in these real estate markets. These empirical findings suggest that there is slow price adjustment in real estate markets in China, which may be attributed to inefficient information transmission systems and long searching time in the markets.
文摘As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market. This article mainly explores the roles and the acting mechanism of real estate brokerages in the second-hand housing market. The results show that the participation of real estate brokers in the second-hand housing market may have positive and negative influences. On one side, brokers ease the housing transaction process and benefits buyers and sellers by shortening the sale time on the market. On the other side, if brokers are the only participants in the housing transaction, acting as buyer and seller like some firms do, housing prices will increase and this negative effect will become even stronger as the participation of many more brokers increases. Therefore, the regulation and management of the industry is vital for the long and healthy development of the housing market in China.
文摘Our analysis used the monthly data of the average sales price of commodity houses and stock turnover in the Shenzhen Stock Exchange from January 2016 to December 2020. We selected this data to establish a Vector Autoregression(VAR) model using the Granger causality test to investigate the correlation between the stock market and the real estate market. We found that there is a significant positive correlation between the stock market and the real estate market. We also found that the real estate market price is the one-way Granger cause for the stock market turnover, and that changes in the real estate market price have a significant role in forecasting changes in stock market turnover. Therefore, the linkage between the two markets should be considered in macro regulations, and the impact on one of the markets should be considered when regulating the other.
文摘Because of the expectation of RMB appreciation and the extremely high return rate of Chinese real estate market,more and more hot money rushed into China.As a result,the real estate price level is getting higher and higher,the bubble economy is getting worse,and the Chinese real estate is accumulating numerous risks.This study tried to find out the relation between the hot money and Chinese real estate price level with the help of empirical method.The study not only analyzed the impact of hot money on Chinese real estate price level and its harmful influence over the economy,but also proposed some suggestions to supervise the real estate market.
基金Project(41061041)supported by the National Natural Science Foundation of ChinaProject(2010gzs0084)supported by the Natural Science Foundation of Jiangxi Province,China
文摘For the inefficiency and inaccuracy of appraisal method of traditional estate appraisal theory, the real estate appraisal system based on GIS and BP neural network was established. The structure of the system was designed which includes appraisal model, trade case, GIS database and query analysis module. With the help of the L-M algorithm in MATLAB software, BP neural network was improved and the trade cases were trained, then the BP neural network which has already been trained was tested. At the same time, the BP neural and GIS were put together to construct the hedonic price estimate model. The C# and ArcGIS9.3 were used to achieve the system in VS2008. City basic geographic data and real estate related information were used as the basic data in practice. The results show that the functions of querying, adding and editing the spatial data and attribute data are achieved and also the efficiency and accuracy of real estate are improved, so that the new method of real estate is provided by the system.
文摘Blockchain is a fast-disruptive technology becoming a key instrument in share economy. In recent years, Blockchain has received considerable attention from many researchers and government institutions. This paper aims to present the Blockchain and smart contract for a specific domain which is real estate. A detailed design of smart contract is presented and then a use case for renting residential and business buildings is examined.
文摘Blockchain technology is one of the key technological breakthroughs of the last decade.It has the ability to revolutionize numerous aspects of society,including financial systems,healthcare,e-government and many others.One such area that is able to reap the benefits of blockchain technology is the real estate industry.Like many other industries,real estate faces major administrative problems such as high transaction fees,a lack of transparency,fraud and the effects of a middleman including undue influence and commissions.Blockchain enables supporting technologies to overcome the obstacles inherent within the real estate investment market.These technologies include smart contracts,immutable record management and time-stamped storage.We utilize these key properties of blockchain technology in our work by proposing a system that has the ability to record real estate transactions in a private blockchain,using smart contracts.The immutability of the blockchain ledger and transactions can provide a safe space for the real estate business.Blockchain technology can also assist the authentication process by hastening background checks.Personal digital keys are provided to parties that are involved in a contract,thus minimizing the risk of fraud.We also discuss the rationale behind the advantages of using a blockchain in this manner,and how we selected the consensus mechanism for our proposed system.