{"title":"北京写字楼市场:现状及对国际开发和投资金融家的机遇","authors":"J. Albert Cao, Victoria Edwards","doi":"10.1002/bref.52","DOIUrl":null,"url":null,"abstract":"Beijing is one of the two international business cities in mainland China because of its status as the capital and the rapid development of its economy and infrastructure. However, its office market has experienced two major cycles that witnessed wide variations in rental values and vacancies. The institutional arrangements surrounding the office market are the ultimate source of uncertainty. As the city attaches political objectives into its new round of large-scale office development, especially the designation and construction of the central business district, potential over supply and a third major cycle loom large. However, institutional change prompted by the ruling party and supported by the public is moving to eradicate the incentives of excessive risk taking in office developments in Beijing's competitors. The risks in office investments in Beijing thus depend on whether Beijing can catch up with others to support a transparent and fair land market and planning control system. If so, opportunities are available to international investors to benefit from the fast growth of the office market by financing and purchasing office developments. Copyright © 2002 Henry Stewart Publications","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.52","citationCount":"3","resultStr":"{\"title\":\"The Beijing office market: its current status and opportunities for international development and investment financiers\",\"authors\":\"J. Albert Cao, Victoria Edwards\",\"doi\":\"10.1002/bref.52\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Beijing is one of the two international business cities in mainland China because of its status as the capital and the rapid development of its economy and infrastructure. However, its office market has experienced two major cycles that witnessed wide variations in rental values and vacancies. The institutional arrangements surrounding the office market are the ultimate source of uncertainty. As the city attaches political objectives into its new round of large-scale office development, especially the designation and construction of the central business district, potential over supply and a third major cycle loom large. However, institutional change prompted by the ruling party and supported by the public is moving to eradicate the incentives of excessive risk taking in office developments in Beijing's competitors. The risks in office investments in Beijing thus depend on whether Beijing can catch up with others to support a transparent and fair land market and planning control system. If so, opportunities are available to international investors to benefit from the fast growth of the office market by financing and purchasing office developments. Copyright © 2002 Henry Stewart Publications\",\"PeriodicalId\":100200,\"journal\":{\"name\":\"Briefings in Real Estate Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2006-07-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1002/bref.52\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Briefings in Real Estate Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/bref.52\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Briefings in Real Estate Finance","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/bref.52","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 3
The Beijing office market: its current status and opportunities for international development and investment financiers
Beijing is one of the two international business cities in mainland China because of its status as the capital and the rapid development of its economy and infrastructure. However, its office market has experienced two major cycles that witnessed wide variations in rental values and vacancies. The institutional arrangements surrounding the office market are the ultimate source of uncertainty. As the city attaches political objectives into its new round of large-scale office development, especially the designation and construction of the central business district, potential over supply and a third major cycle loom large. However, institutional change prompted by the ruling party and supported by the public is moving to eradicate the incentives of excessive risk taking in office developments in Beijing's competitors. The risks in office investments in Beijing thus depend on whether Beijing can catch up with others to support a transparent and fair land market and planning control system. If so, opportunities are available to international investors to benefit from the fast growth of the office market by financing and purchasing office developments. Copyright © 2002 Henry Stewart Publications