{"title":"Why China has awakened: an institutional analysis of the office market in Beijing and Shanghai","authors":"J. Albert Cao, Victoria Edwards","doi":"10.1002/bref.41","DOIUrl":null,"url":null,"abstract":"<p>The reform and open-door policy has brought continuous rapid economic growth and transformed China from a closed command economy to an open economy dominated by markets. This paper analyses the office markets in Beijing and Shanghai in an institutional context. It scrutinises the factors that led to the boom and bust of the office markets in these two largest cities in China in the 1990s. It provides an analysis of the changes to the ruling party and the government that lead to increased competition and reduced government intervention, transforming state firms into real market players. With surging domestic/foreign demand and more rational supply, growth of rental and capital values has returned. The paper concludes that the office markets in Beijing and Shanghai are becoming huge competitive playgrounds for genuine property developers and investors and show great potential as the two cities upgrade themselves into international as well as domestic business centres. Copyright © 2002 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":"1 4","pages":"302-318"},"PeriodicalIF":0.0000,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.41","citationCount":"4","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Briefings in Real Estate Finance","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/bref.41","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 4
Abstract
The reform and open-door policy has brought continuous rapid economic growth and transformed China from a closed command economy to an open economy dominated by markets. This paper analyses the office markets in Beijing and Shanghai in an institutional context. It scrutinises the factors that led to the boom and bust of the office markets in these two largest cities in China in the 1990s. It provides an analysis of the changes to the ruling party and the government that lead to increased competition and reduced government intervention, transforming state firms into real market players. With surging domestic/foreign demand and more rational supply, growth of rental and capital values has returned. The paper concludes that the office markets in Beijing and Shanghai are becoming huge competitive playgrounds for genuine property developers and investors and show great potential as the two cities upgrade themselves into international as well as domestic business centres. Copyright © 2002 Henry Stewart Publications
中国为何觉醒:对北京和上海写字楼市场的制度分析
改革开放政策带来了中国经济的持续快速增长,使中国经济从封闭的计划经济转变为以市场为主导的开放经济。本文在制度背景下分析了北京和上海的写字楼市场。它分析了执政党和政府的变化,这些变化导致了竞争的增加和政府干预的减少,将国有企业转变为真正的市场参与者。随着国内外需求的激增和更合理的供应,租金和资本价值的增长已经恢复。该报告的结论是,北京和上海的写字楼市场正在成为真正的房地产开发商和投资者竞争的巨大游乐场,随着这两个城市升级为国际和国内商业中心,它们显示出巨大的潜力。版权所有©2002 Henry Stewart Publications
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