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The Role of Foreign Direct Investment in Shanghai's Real Estate Price - Culprit or Scapegoat?

-Tsung Huang, Yu-Ning Hwang and Kuang-Ta Lo

No 2014-02, AGI Working Paper Series from Asian Growth Research Institute

Abstract: The objective of this study is to investigate whether or not real estate FD I has a significant effect on real estate prices in Shanghai, the most open and fastest-growing city in China. The study uses monthly data for Shanghai from 2003 to 2010 with the Autoregressive Distributed Lag (ARDL) approach to cointegration. The primary finding is that real estate FDI does not have a significant effect on real estate prices, both housing prices and office prices, in Shanghai in the short run. It only affect s Shanghai's office price in the long run. Therefore, this study concludes that rea l estate FDI is a scapegoat in this matter, even though many people and the media treat it as a culprit and believe that it is responsible for the surges in housing and office prices in Shanghai.

Keywords: ARDL; Housing price; Office price; Real estate; Shanghai (search for similar items in EconPapers)
JEL-codes: F21 O18 R31 (search for similar items in EconPapers)
Date: 2014-03
New Economics Papers: this item is included in nep-ure
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