ICCREM 2018: Analysis of Real Estate and the Construction Industry

The housing security system has achieved considerable development since China established it in 1998. However, there are still many deficiencies in the indemnification housing system. This research attempts to examine the issue of low and middle-income group’s satisfaction with indemnification housing policy from a micro perspective based on CGSS 2015 data. This research used two-step cluster analysis method to define low and middle-income groups, and a multiple linear regression model to explore the influencing factors. It is found that three factors: the housing area, socioeconomic status compared to peers, personal perceived social fairness significantly affect the satisfaction of the low and middle-income groups on the policy. This research gave explanations for satisfaction with indemnification policy among low and middle-group in China. On the basis of this, suggestions are provided for the formulation of policy.

Employee productivity is an important concern for construction organizations. Stress of any kind if stays longer can considerably reduce the productivity of employees. Recent researches have recognized that tight deadline and late working hours make the working environment stressful; hence influencing the productivity and health of construction workers. This research analyzes the internal psychosocial stressors particularly the stressors related to career development, motivation, stress at work, and social stressors that influence the productivity of construction labors. Data was collected through questionnaire survey filled by 163 middle and lower management staff working at various construction sites. Career development was identified as most critical factor among the internal psychosocial stressors influencing the labor productivity. It is recognized that labor productivity is dependent on the long working hours, work load, lack of promotion, communication gap between worker and supervisor, irresponsible management, lack of training, and insufficient pay for the overtime to workers particularly.

The literatures on urban resilience have rapidly increased in the last decade; however, few literatures concentrate on exploring the global research trends in this domain. To identify the state and trends in urban resilience research, this study uses the CiteSpace software package to explore the evolution trends of urban resilience research. All research focuses are presented in a scientometrics perspective and obtain the following findings. First, the research hotspots of urban resilience have continually evolving from 1993 to 2016. Second, the knowledge foundation of urban resilience research can be divided into 5 typical clusters with close connection relationships. Finally, the emerging research trends in urban resilience contain urban resilience definition, urban resilience adaptation model, case studies for urban resilience, urban resilience analysis methods, and urban social-ecological systems, which are likely to define the new research frontier in the field of urban resilience research.

Global financial crisis negatively affects both developed and developing economies, and therefore, impacts the operations of several manufacturing and supply industries. A typical example of such industries is the construction sector. Globally it is believed the construction industry contributes to gross domestic product of almost all economies. For that reason, a downturn in construction activities affects the growth of a state or country’s economy, resulting in general hardships and unemployment in the sector. This paper briefly reviews the severally experienced financial crisis around the world with a specific emphasis on the impact on construction industries and in the United States of America. The review concludes that almost all economic crisis has evolved with characteristics like each other and trends have followed similar patterns as well as the impact on the construction industry.

At the current stage of economic development in China, the mismatch between the continuously rapid rise in housing price and the growth in consumption demand has become a challenging problem. In this paper, a simultaneous equation model is established based on the endogenous variables including housing price, urban residents’ consumption, and multiple exogenous variables affecting them. Through a case study of the comparison between Harbin City and the national average level from 2001 to 2016, it is found that there is an obvious endogenous relationship between housing price and urban residents’ consumption, both of which are positive, and this effect is obviously more significant in Harbin City. In addition, this paper analyzes the difference of exogenous variables estimated in the two models. The results will provide a theoretical basis for the Harbin Government to formulate policies, real estate developer to make decisions, and residents in house-purchasing.

Work-family conflict, identified as one of the 10 major stressors in the workplace by the National Institute for Occupational Safety and Health, is a significant problem among construction workers in first-tier cities in China. Because majority of them are rural migrant workers who come alone to make a living for the family. To depict the current situation of work-family conflict as well as identify the significant correlative variables of it among this cohort, questionnaire survey was conducted in three construction projects in Beijing. A total of 263 valid samples of married male construction workers were collected. Respondents were generally faced with moderate work-family conflicts. Based on Pearson correlations analysis, time-based work-family conflict was positively related to number of children, work time demands, and work-issue-related coworker support, and negatively related to spouse living in Beijing, children living in Beijing, and perceived organizational support. Stress-based work-family conflict was positively related to number of children, work time demands, and family-issue-related coworker support, while negatively related to perceived organizational support.

Residential construction project management in China urgently needs a control system that is compatible with the current level of development. In this study, we develop a theoretical framework that can serve as the basis for such a system. We draw from extant research and system engineering theory to generate a three-dimensional structural definition of a harmonious residential construction system. We then build upon this definition to create our hypothetical model. Finally, we apply structural equation modeling to test and verify the proposed theoretical framework.

One of the key factors that contribute to the high and still soaring real estate prices in urban China is the unreasonable residential land supply. The reason behind is the defective administration of the use of urban residential land, ultimately, the lack of justice and fairness in the core social value orientation. The allocation of urban residential land supply is the practice of protecting the basic housing needs of urban residents. By providing the basic residential land to all urban residents, the vertical and horizontal fairness would be assured, as well as the basic housing needs would be fulfilled. Therefore, the total efficiency and fairness of the allocation of urban residential land would be improved. Also, the administration of the use of urban residential land would focus on the purpose of achieving justice and fairness in the core social value orientation. Thus, from the perspective of justice and fairness, and with the consideration of efficiency and sustainability, the proposed allocation of urban residential land supply is presented in this study, based upon the analysis of the currently defective administration of urban residential land.

The government policies play a leading role in the development of the construction industry in China. However, there is no clear understanding of the development path of government policies related construction industrialization (CI) reflected the development trend of the CI, research on the development path of the CI from the government policies perspective seems to be missing. The purpose of this study is to provide an objective and accurate summary of development of the CI in China from government policies perspective. After an in-depth review of government policies from 1956 to October 2017 and 97 policies were selected. According to the content of the policy, the policy development stage was divided into three stages and divided into 9 policy categories. Through critical review and synthesis of government policies, this paper provides researchers and practitioners with an in-depth understanding of the development path of the CI in China.

Since 2013, the Chinese Central Government has launched a series of real estate and financial policies, aiming at adjusting profoundly the real estate market, altering the housing structure, denting real estate investment, stabilizing housing prices. Thus, negative attitudes towards the housing market seem predominant and housing sales have slowed down. Having utilized both contrastive analysis and systematic analysis, the current research focuses on marketing strategy employed by Commercial Real Estate Project Park I of Kaili Economic Development Zone, Guizhou Province (hereafter referred to as the Project). Also, SWOT has been used as a tool to analyze the superiority, weakness, opportunity, and threats of the Project. The research findings are: a) target customers and project value remain vague; and b) there are conflicts between ineffective product mix strategy and marketing, lack of channels integration and precise marketing, and monotonous promotion. Then, suggestions are made to adjust the marketing strategy of the Project and hopefully can be beneficial for the real estate market development in Guizhou Province: a) new commercial packaging strategy should be employed; b) “Special Price Room” could be used as sales promotion; c) training and incentives for sales agents should be reinforced so as to increase sales; and d) techniques of direct selling to past customers during holidays are advisable.

The real estate industry has become the backbone of the national economy, plays an important role in China’s economic and social life. Eastern China is one of the most economically dynamic regions and the most active regions in the real estate market. This study was aimed at analyzing the phases, fluctuation patterns, and other features of the real estate cycle in eastern China. Selected per country’s fixed asset investment, real estate investment completed, real estate self-financing, etc. 8 indexes to establish an index system of real estate cycle. Hodrick-Prescott filter method and principal component analysis were given to analyze real estate cycle fluctuation empirically in eastern China from 1996 to 2015. Results indicate that from 1996 to 2015 the real estate industry in eastern China has experienced two typical cycles as 1997-2003 and 2009-2015. Combined with analysis of policy factors, it shows that real estate cycle in eastern China remains significant features of policy cycle.

Evaluating the financial risks efficiently and taking measures effectively is an important proposition for Chinese real estate listed companies. In this paper, we review the prior research achievement in financial risk prevention. Basing on the advantages and boundedness of former researches, 25 reliable indicators are used as foundation in our multi-factor financial risk analysis. By means of the Chinese real estate listed enterprises data in 2016, we extract common factors from 25 financial indicators, and build logistic models to forecast financial risks with the indicators that contribute most to the factors. A test for model validity and suggestion is provided at the end of the paper.

The phenomenon of land financing is unique to China. This paper tries to investigate whether the effects of land finance on the tertiarization of a city’s industry structure vary with urban scale and explore the underlying mechanisms both theoretically and empirically. The paper hypothesizes that only when a city’s economic development reaches a certain size will local governments be more inclined to develop the tertiary industry, which could generate greater revenue from residential and commercial land. As a result, land finance may accelerate the tertiarization of a city’s industry structure. Using panel data from 282 cities, prefecture-level and above, in China from 2004 to 2013, the empirical results are as follows. First, it is found that land finance has no significant effect on tertiarization of industry structure for the country as a whole. However, when cities were grouped by size, there were heterogeneous effects. Specifically, land finance had a positive effect on tertiarization of industrial structure in medium-sized cities, but did not have a significant effect for large or small cities.

Real estate system is a complex giant system. In order to simulate the internal causal feedback relationship in the real estate market as well as the external environment impact on the real estate market, this paper builds the housing system dynamic model and then simulates, evaluates, analyzes, and forecasts the residential market in Hangzhou. At last, this paper studies the application of the housing system dynamic model in the early warning of real estate bubble. The main conclusions of this study are as follows: (1) There are three stages of the development of the real estate market in Hangzhou in the next 50 years: rapid development stage (2010—2020), medium-speed development stage (2020—2038), stable development stage (after 2038). (2) Housing price income ratio of the residential market in Hangzhou decreases year by year but always at a high level, which sends a signal that bubbles in the real estate market in Hangzhou is relatively large. (3) There are many demand speculators in the real estate market in Hangzhou, if without control, the number of the demand speculators will increase.

The real estate inventory is an important problem in the development of the real estate market, and is also the very attention and urgent problem of the government and real estate enterprises. Under such background, taking the example of Changchun, this paper establishes dynamic system model of real estate inventory and studies the current market environment the real estate inventory problems from the dynamic point of view. Finally, the next three suggestions have been drawn: (1) the real estate enterprises should be encouraged to reduce housing prices in many ways; (2) to improve the real estate economic structure and balance the supply and demand ratio; (3) to promote the process of urbanization actively and improve farmers’ consumption consciousness.

Although the research on the corporate social responsibility (CSR) has attached increasing attention in recent years, the definition and measurement of CSR in the construction industry are still not sufficient. This paper reviewed previous literatures on the definition and measurement of CSR. Then, the study defined and constructed the index of corporate social responsibility in the construction industry based on the classic theory of triple bottom line and stakeholder theory. At last, the study put forward the further research of CSR in the CSR of China.

With the arrival of the “housing stock” in first-tier cities, the second-hand housing market will become the dominant property market. This article aim to the first-tier cities of second-hand housing prices and new home price index for the empirical analysis, the data related to the cointegration analysis found that the result of the first-tier cities real estate market in China, the new home price index is the significant factors influencing the second-hand house price index. For Beijing, Shanghai second-hand housing and new home price index time series Johans test, found that there exists cointegration relationship between two variables, the new city real estate market prices out of a line on the secondary market have clear guide. Therefore, the real estate market regulation aiming at the first-tier cities and the “housing stock” should take the second-hand housing market as the main direction, starting with the sale price and influencing factors of new houses. At the same time, in different cities, we should adhere to the city’s policies, reflect the policy differentiation, promote the reform of the real estate supply side, and promote the return of housing properties.

China has made great changes in macro-economy recent years. It is of great importance to discuss the impact of macroeconomic environment and technological progress on the efficiency of Chinese construction industry. In order to accurately measure efficiency of Chinese construction industry from 2006 to 2016, 31 provincial level administrative regions are viewed as decision making units based on the BCC-DEA model. The evaluation model was established with enterprise assets, the number of employees, and the total power of construction machinery and equipment at the end of the year as input indicators, and gross product of the construction industry and total pre-tax profit as output indicators. On this basis, the construction industry efficiency of Chinese six geographical regions and three major economic circles are analyzed from the dynamic and static viewpoints, and we study the impact of financial crisis and supply-side structural reforms on construction industry in recent years. The results showed that the overall efficiency of construction industry is rising. The construction efficiency gap among regions has narrowed but is still large. In addition, according to the current situation of Chinese construction industry, the paper puts forward some related suggestions to improve the efficiency of construction industry.

As a new way of building production, construction industry industrialization (CII) involves a variety of project risk. The stakeholders are one of the main factors for the successful implementation of CII. Therefore, it is necessary to analyze the risk of the stakeholders. This study systematically reviews the definitions, characteristic, stakeholders, and the risk analysis of CII. Based on the risks involved in the traditional construction projects, this paper summarizes the core issues of the risk study of the stakeholders in CII. This study attempts to systematically study the risk of CII from the perspective of the stakeholders, and thus forms a complete system and theoretical framework for the analysis risk of the stakeholders in CII. It is hoped that it will be helpful to provide some guidance for deepening the participants’ understanding and avoid their related risk as well as providing some help for the understanding of the interaction between follow-up risk factors.

As a pivotal industry in national economy, increasing the efficiency of construction industry means a lot to economy development and people’s living standard. Based on the trend and variance analysis on status of China’s construction industry, this paper employs there-stage data envelopment analysis (DEA), which effectively eliminated the impact of external environment and statistical noise, to measure the efficiency of construction industry in 31 provinces of China from 2011 to 2015. According to the overall results in the first stage, the average efficiency of construction industry is above 85%, and the efficiency of scale shows an uptrend for most provinces. When the impacts of external environment and statistical noise are removed through stochastic frontier analysis (SFA), the overall efficiency goes down due to the decrease of technical efficiency. Besides, the results also reveal that the efficiency varies greatly among provinces and the provincial development is uneven. Finally, suggestions and policy implications are discussed.

This study tries to make an econometric analysis on the existence of the house price bubble in China. Using monthly data from January 2001 through December 2014, this paper explores the time series statistical relationship between real China and key municipal house prices as well as several elementary marketing and economic variables related to house prices. The results suggest that house prices in China and the fundamental variables are unit root variables that are not cointegrated, even after allowing structure breaks. Using the cointegrating regression model of house prices, we discuss the implications of our results for the Chinese housing macro-control policy during the past years, and the existence of recent Chinese housing market risk.

In this paper, we select the construction industry panel data of 30 provincial units in China for 2006—2015 years. The data envelopment analysis (DEA) method is applied to study the overall change trend and interprovincial difference of China’s construction industry efficiency, and the spatial econometric regression model is used to analyze the factors influencing the efficiency difference of provincial construction industry. The Chinese construction efficiency is evaluated, obtained in the past ten years, the construction industry China efficiency is relatively high, this is mainly due to the improved technology. The level of development and urbanization of construction industry has significantly improved the efficiency of construction industry, while the level of regional economic development is not conducive to the improvement of the efficiency of construction industry.

Improve government administrative approval efficiency and administrative examination system is one of the fundamental ways to ensure economic development and reduce business costs. This study is aimed at the Guangzhou project administrative approval process, put forward optimization methods and solutions to simplify administrative approval procedures, and shorten approval time. This article mainly through administrative optimization and big data approval, from the original 228 days of approval work days lowered to 76 days, greatly improving the efficiency of the examination.

This paper has collected data on eight relevant indicators of cities in the Beijing-Tianjin-Hebei metropolitan area from 2011 to 2016. Starting from the theory of regional economics, using principal component analysis and factor analysis, the two cities with radiation capacity were identified as Beijing and Tianjin. Other cities are seen as satellite cities that receive radiation capabilities; secondly, the city’s first degree was calculated and its trend of change in recent years was analyzed, as well as the city’s GDP change trend in the Beijing, Tianjin, and Hebei metropolitan areas over the years. It was concluded that Beijing’s agglomeration efficiency should still be much larger than its diffusion effect. Tianjin became the first to undertake the function of Beijing. In a large city, the economic functions of the metropolitan area in Hebei Province are not obvious, and the development of the entire area is extremely uneven; furthermore, using the radiation model and related theoretical knowledge, the radiation intensity of surrounding cities in the Beijing-Tianjin region was studied, and the European-European distance geo-economic relations knowledge was used to explain the phenomenon that the high radiation intensity and weak economic strength do not match. The overall analysis of Beijing-Tianjin-Hebei integration level and trends.

As a pillar industry of China’s national economy, one of the basic objectives of the construction industry is to pursue the efficiency. How to effectively evaluate the efficiency of the construction industry is getting more and more attention. In this paper, firstly, the theoretical basis of the efficiency evaluation of construction industry and the commonly used efficiency evaluation methods are reviewed. Then, the static data envelopment analysis (DEA) method which can effectively deal with multi-input and multi-output efficiency evaluation and dynamic Malmquist index are combined and applied to assess the construction efficiency. Finally, empirical analysis is carried out based on the input-output data of 31 provinces and autonomous regions in China from 2006 to 2015. Based on the above analyzing results, the efficiency of construction industry in China is objectively discussed in depth and the corresponding suggestions are proposed.

The real estate industry launched the tax system reform that replaced the business tax (BT) with a value-added tax (VAT) on May 1, 2016. To study the impact of the policy reform on the financial performance of listed companies in the real estate industry, this paper employs the annual financial data of China’s A-share listed real estate companies in 2015 and 2016 as research samples, and carries out descriptive and regression analysis by establishing a panel data model. The results show that following the policy reform, the change in the turnover tax burden is significantly negatively correlated with the financial performance of the companies and the proportion of the outsourced production cost to the total operating costs is significantly positively correlated with their financial performance, while there is no significant correlation between the proportion of the new fixed assets to the initial fixed assets and their financial performance.

By using the panel data of 35 cities in China, this paper establishes the long-term equilibrium equation and short-term fluctuation equation to analyze the dynamic changes and regional differentiation on housing price in urban areas. Dynamic system GMM method is employed. The results show that the sequence correlation coefficient and mean-reverting coefficient of the short-term fluctuation of the housing price in the eastern cities are higher than those in the middle and western cities. Furthermore, progressive analysis is carried out according to endogenous bubble and irrational bubble. The results show that there exist bubble problems in the eastern coastal cities of China, and the irrational bubbles caused by other factors are obvious. At present, the fluctuation of urban housing price in China shows regional differentiation, and the local government should adopt the different credit, land, and housing security policies to regulate the housing market. In first-tier cities, the local government should expand supply of the shared-ownership houses and take measures to guarantee the implementation of the same rights between lease and purchase system.

By using linear and nonlinear method, this paper studies the impact of real estate development on economic growth in different investment scale cities, and then takes GDP and per capita disposable income as the token variables of economic growth to make empirical analysis respectively. The results show that the influence of housing price to economic growth has a significant threshold effect on investment scale, and whether using GDP or income they both have double threshold value, nonlinear estimation was proved to be more scientific and reliable. Furthermore, real estate development can promote GDP and INC growth in small, medium, and large investment scale cities, but the mechanism is obviously different.

In this article, DEA-MPI model is used to measure the labor force productivity changes of American construction industry from 2006 to 2016. In the model, the numbers of managers and workers for American construction industry are used as input indicators, and the value of local and state construction, value of non-residential construction, and value of residential construction put in place are used as output indicators. Through the analysis of the data calculated by DEA, the efficient frontier and MPI of American construction industry from 2006 to 2016 is also shown. The results indicate that labor force productivity of American construction experienced a continuous decline except for the improvement from 2011 to 2013 and from 2014 to 2015. It is also found that there are gaps in labor force productivity development level among 51 areas and the 9 regions.

With the acceleration of urbanization, “empty cities” have sprung up in many Chinese cities. The phenomenon of “empty cities” is mainly shown that the vacancy rate is very high and the occupancy rate is very low in completed buildings, even some completed buildings are deserted. But property prices are high in many cities with the phenomenon of “empty cities.” High property prices and the phenomenon of “empty cities” are contradictory. Based on the phenomenon of “empty city,” this paper will analyze the causes of “empty city” from the aspects of policy, development mode, related supporting, and so on, through on-site investigation and data analysis. Then combining with advanced experience in real estate development at home and abroad. The author wants to find out the reasonable and effective management methods, and provide valuable advice for the coordinated development of real estate development and property prices, as well as city planning and construction in the future.

Based on the panel data of 38 regions in Chongqing from 2010 to 2015, this paper constructs a dynamic panel model of demographic structure and housing demand according to life cycle theory and permanent income hypothesis, then estimates the effects and partial effects of demographic variables on housing demand using system GMM. The results show that the demographic structure is an important factor affecting housing demand in Chongqing. (1) Age structure has a nonlinear influence on housing demand, and both the elderly and children have negative effect on housing consumption. (2) Child dependency rate has negative effect on housing demand through income. (3) Old-age dependency rate has a positive impact on housing demand through savings. (4) Population size and urbanization rate have significant positive effect on housing demand. This study will help analyze the dynamic effect of demographic structure on housing demand, estimate long-term housing demand in different regions, and provide useful information for the supply-side reform of real estate market in Chongqing.

Taking 39 listed companies of construction industry in China as the evaluation object, the paper establishes the evaluation index system of input and output on these enterprises in China based on DEA model. According to input-output data from 2006 to 2016, the production efficiency of 39 listed companies is calculated with DEA model. Based on the calculation results, a comparative analysis of the production efficiency from different angles is conducted by the economic nature of the enterprise, the area of the enterprise, the main business of the enterprise, and so on. The results indicate that the overall difference in production efficiency of different types of construction industry listed enterprises is obvious and show that difference of production efficiency between central state-owned enterprise and private enterprise is small, but the local state-owned enterprises is much more weak than other enterprises.

The paper utilizes generalized spatial dynamic panel data model to investigate the influence of housing restriction policy to urban housing price and its temporal-spatial characteristics based on monthly urban housing price panel data set of 35 metropolitan areas from 2008 to 2016 in China. Empirical analysis shows that: (1) housing sales area, new starts area, and consumer price index are the main influence factors for the change of urban housing price; (2) while housing restriction inhibits demand and leads to price drop in a short term, it also causes drop of developer supply. As a result, instead of inhibiting the housing price, the restriction policy spurred the further rise of housing price in a long run due to the imbalance between supply and demand caused by the policy. Strongly temporal dynamic inertia effect and spatial regional correlation characteristics exist on the urban housing price.

On the basis of expounding the connotation of supply-side structural reform in real estate market, this paper analyzes the stock situation of the real estate market in Linyi and put forward the basic ideas about the reform, such as resolving the stock, optimizing the structure, and establishing the long-term mechanism. The main path of supply-side structural reform of the real estate market is analyzed from two levels of government and enterprises. The government should plan rationally and arrange the land use in accordance with functional zoning. Refining policies should be adopted to guide the transformation of commercial real estate. For real estate enterprises, the key path is to diversify marketing strategies, and make innovation in management models and product.