The financialization of real estate in megacities and its variegated trajectories in East Asia

La financiarisation de l'immobilier dans les mégapoles d'Asie orientale et leurs trajectoires différenciées

Natacha Aveline-Dubach ()
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Natacha Aveline-Dubach: GC (UMR_8504) - Géographie-cités - UP1 - Université Paris 1 Panthéon-Sorbonne - UPD7 - Université Paris Diderot - Paris 7 - CNRS - Centre National de la Recherche Scientifique

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Abstract: This chapter sheds light on the forces that drive global financial investment into the real estate markets of megacity regions across the world. Although financial approaches and metrics of valuation stem from the Anglo-American investment culture, their rooting in different institutional contexts produces varied trajectories of financialization. Hybridization dynamics are seen especially in East Asia, where local cultures and institutional arrangements were not initially fit to integrate Western investment concepts. This chapter highlights the diverging patterns of real estate financialization in three East Asian countries /regions: Japan, Hong Kong, and Mainland China. It is based on a framework that combines three key elements: i) the representations of 'investable' markets by the global financial industry; ii) the initiatives taken by state agencies to provide a supportive environment for financial investment; and iii) the response by property developers to the supply of market capital in the built environment.

Keywords: East Asia; REITs; property; urban policy; China PRC; Hong Kong Chine; Japanese Studies; COUV; CRIA; Real estate; financialization (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-cna and nep-sea
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02517518
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Published in Sorensen Andre; Labbé Danielle. Handbook on Megacities and Megacity-regions, Edward Elgar, pp.394-409, 2020

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