Research On The Regional Differences Of Investment Efficiency Of Real Estate In China

Because of the major impact on the economic development which comes from its longer industrial chain, the real estate industry involves a wide range. The rise or fall of the real estate directly influences the development of China’s economy. The State Council pointed clearly out that the real estate industry has become China’s pillar industry in the notice of promoting the real estate market sustained and healthy development which promulgated in 2003. But the differences of regional and the level of economic development and other factors will make the real estate industry differences of the location, the investment efficiency is particularly significant. This regional difference restrains the stable development of the real estate industry in China. Therefore, it is clear that the factors that affect the regional differences clearly have important significance for the healthy development of real estate industry in China.This research describes the relevant concepts and theories, selects the appropriate input and output indicators, uses super efficiency DEA model, evaluates the investment efficiency of 30 provinces in China from two perspectives national, and the eastern, central and western regional. From the national point of view, the investment efficiency of the real estate industry is relatively high. But there are obvious differences among the regions. The highest efficiency is eastern region, the second one is Western, and the final is the central region. On the basis of this, using Gini coefficient method, logarithmic deviation mean method and the Theil index method to measure China’s investment efficiency of regional differences from province and region respective. The results show that the trajectory of real estate investment efficiency of regional differences was now inverted "U" shape. Based on the analysis of factors that affect the regional difference of investment efficiency, a panel data regression model is established, and a empirical analysis is made. The results show that the income level, land supply level and the level of real estate development are the main factors causing the regional differences of investment efficiency of real estate industry in China. Finally, according to the results of the analysis, and the different regions of local conditions, the corresponding countermeasures for the coordinated development of real estate industry are proposed.