Empirical Study On The Correlation Between Real Estate Economy And Urban Development

With the reform and opening up,China’s urbanization process is accelerating.As urban development has entered the accelerating phase,the real estate industry also has a huge development opportunity.Especially after the urban housing system reform since 1998,which cancelled the welfare housing allocation system,realizing the marketization of real estate,real estate investment began to increase substantially.The real estate industry expanded rapidly.In this process,as a pillar industry of the national economy,the real estate industry has contributed a great power for the development of the urban economy.And as the carrier of the real estate industry,the city has provided a variety of resources for the real estate.The urbanization of population,infrastructure improvement and the demand for real estate continues to increase,which have supported the expansion of the real estate industry.The development of the real estate industry is closely related to the development of the city.However,with the process of urban development slowing down in recent years,the real estate economy and urban development issues gradually highlighted.We have to re-examine the relationship between the real estate economy and urban development.Only by grasping the relationship between the real estate economy and urban development,can the government have a more effective decision-making to control the relationship between the two.In this paper,based the relationship between real estate economy and urban development,the domestic and foreign scholars’ researches in the field of real estate economy and urban development are reviewed.By defining the concepts of real estate economy and urban development,summarizing the research results,data collation and comparison,the elements and indicators of real estate economic and urban development are listed.Combined with the theory of real estate economy and urban development,this study explores the intrinsic link between the real estate economy and urban development elements.The model of the relationship between the real estate economy and urban development are built.The model of relationship between the real estate economy and urban development mainly includes two: one is the model of the relationship between urban total output and real estate investment;another is the model of relationship among the demand for real estate,urban total output,labor population,ecological environment,transport.Based on the panel data of main cities in Yangtze River Delta,using linear regression,panel data model,and the method of hodrick-prescott filter to deal with the data,the correlation between the elements is studied.And through the analysis of the empirical results,the relevant conclusions and enlightenments are included.