Ke, Q;
White, M;
(2015)
Retail rent dynamics in two Chinese cities.
Journal of Property Research
, 32
(4)
pp. 324-340.
10.1080/09599916.2015.1092464.
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Abstract
This paper examines the retail rent dynamics of two Chinese cities, Beijing and Shanghai. We use an error correction modelling framework to estimate long-run equilibrium relationships and short-term dynamic corrections. The study period covers 1999–2012. We also run tests to examine the presence of structural breaks. The empirical results suggest that both supply and demand significantly affect retail rents for both cities in the long run. However, in the short term, the change of rent responds to change in income for Shanghai market. Both markets have a rapid speed of adjustment, especially Shanghai market that is more price and income elastic. The results shed some light on the behaviour of retail rent adjustment processes in one of the largest and fast growing emerging markets.
| Type: | Article |
|---|---|
| Title: | Retail rent dynamics in two Chinese cities |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/09599916.2015.1092464 |
| Publisher version: | http://dx.doi.org/10.1080/09599916.2015.1092464 |
| Language: | English |
| Additional information: | This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Property Research on 30 September 2015, available online: http://www.tandfonline.com/10.1080/09599916.2015.1092464. |
| Keywords: | retail rent, error correction model, Shanghai, Beijing, China |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning |
| URI: | https://discovery.ucl.ac.uk/id/eprint/1475842 |
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