1998). In 1999, Shenzhen was only one of six cities in the whole of China that saw a profit within the real estate sector (Zhang 2001).
2.2 Knowledge Gap
Yet, even with so much information, there are gaps within the research. There a very few studies conducted within the past few years. Most around the beginning of the new millennium; "However, the literature on contemporary Chinese housing focuses on the process of housing reform, while little attention has been paid to the distorted behavior and uncertainty in the Chinese housing market," (Zhang 2001:162). Additionally, the issue of foreign investment has been explored, but not as a driving factor and in comparison to other cities where less foreign investment is present.
2.3 Objectives
Thus, it is the objective of this research to fill in those research gaps. The main objectives include an overview of the recent development in real estate markets in Shenzhen and Shanghai for the past ten years, and a discussion of the problems of the real estate market in these two areas using an economic approach, primarily being the instability of the real estate market. Such objectives will allow the research to then recommend ways for a better development of the real estate market in these two areas.
3. Research Hypothesis
Can China's real estate market survive without foreign investment? Most would say no. This research hypothesizes that it is the foreign investment in areas like Shenzhen that have driven the market, and that such investment in lieu of an experienced regulation of the market, have also contributed to its instability. By comparing Shenzhen to Beijing, where there is less foreign investment and more government control, this research aims to show exactly the impact of foreign investment on the Chinese real estate market.
4. Data and Methodology
4.1 Study Area
The study area will consist of both Beijing and Shenzhen. It will involve houses owned by private individuals, rather than government owned community housing. Exploring these commodity housing is the only way to explore the real estate market, for government control of community housing dilutes the role of the market itself. Additionally, the monetary amount of foreign investment flowing into real estate will...
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