The Influence of Real Estate Investment on Economic Development: From New Production Element Perspective

Ben Pang, Rui Liu () and Jingfeng Yuan ()
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Ben Pang: Southeast University
Rui Liu: Southeast University
Jingfeng Yuan: Southeast University

A chapter in Proceedings of the 27th International Symposium on Advancement of Construction Management and Real Estate, 2023, pp 253-264 from Springer

Abstract: Abstract The investment in real estate is an essential part of the regional economic development. In the digital economy, the data element has promoted economic development by accelerating information dissemination. Despite prior studies that have found that real estate investment can positively affect economic development, limited empirical studies explore this relationship based on new production elements perspective. In this study, the data samples are obtained from 31 provinces of China from 2006 to 2019. The OLS regression model is established to evaluate the influence of the investment in real estate on economic development and further examine the change of this kind of influence from regional heterogeneity and temporal heterogeneity aspects. This study demonstrates that the investment in real estate can influence the economy positively when the data element is involved in production. The influence of investment in real estate on economic growth in developed regions is lower than that of undeveloped regions. The influence was positive and significant before 2010, while the influence of the investment in real estate on economic development was negative after 2010. Besides, the data element has gradually become essential in driving economic growth. The government should control the investment in real estate and emphasize the value of data element to facilitate the real estate industry.

Keywords: economic development; real estate; new production element (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnopch:978-981-99-3626-7_20

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DOI: 10.1007/978-981-99-3626-7_20

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