Research On The Impact Of Industrial Structure Upgrading And Labor Flow On Real Estate Prices

Since 1998,China has implemented many reforms in the real estate market,and the real estate sector has gradually become an important pillar of the national economy.Under the new development model of "one axis,two wings,three poles and many points",The Yangtze River Economic Zone includes the Yangtze River Delta’s three major urban areas,the Yangtze River’s middle reaches,and the Chengdu and Chongqing metropolitan areas.with property prices in the area spread out like ladders.Due to the heterogeneity of regional resources and location conditions,there are strong regional differences in the modernization of the industrial structure,and labor mobility is a "vote with your feet" situation.Based on a combination of theoretical review and empirical analysis,this paper aims to examine the impact and evolution of industrial modernisation and labour mobility on real estate prices.Based on the literature review of industrial structure upgrading,labor mobility and real estate prices,this paper defines and introduces the related concepts and basic theories involved in the research process.This paper analyzes the status quo of industrial structure upgrading,labor mobility and real estate prices from the perspective of full samples and sub-regions,and conducts in-depth research on the impact mechanism.On this basis,this paper takes 69 cities in the Yangtze River Economic Belt from 2011 to 2020 as the research sample,uses the global Moran index and the local Moran index scatter plot to study the spatial correlation of real estate prices,and constructs a spatial econometric model to test the effect of industrial structure upgrading and labor mobility on real estate prices in the whole sample,the Yangtze River Delta urban agglomeration,the middle reaches of the Yangtze River urban agglomeration,the Chengdu-Chongqing urban agglomeration,and establishes a mediating effect model to explore the role of labor mobility in industrial structure upgrading and real estate prices.The research shows that:(1)According to the overall sample,the industrial structure of the Yangtze River economic belt develops in the following order: "primary industry-secondary industry-tertiary industry." labor flows with some regularity,and real estate prices fluctuate greatly.With regard to the Moran index,there is a significant spatial correlation between industrial structure modernization,labor mobility,and property prices.Using Dubin’s spatial model,it is possible to conclude that industrial restructuring and labor mobility will raise house prices.The upgrading of the region’s industrial structure will prevent neighboring areas’ real estate prices from rising,whereas the inflow of labor will encourage neighboring areas’ real estate prices to rise.Furthermore,in the full sample study,labor mobility has a partial mediating effect.(2)In terms of urban agglomeration,the Yangtze River Delta urban agglomeration,the Yangtze River middle reaches urban agglomeration,and the Chengdu-Chongqing urban agglomeration have generally consistent and rising industrial structure upgrading trends.The research evidence show that the impact of industrial structure upgrades on housing prices varies greatly.Labor inflows into the three major urban agglomerations can boost regional real estate prices significantly.What’s more,labor mobility has a partial mediating effect in the Yangtze River Delta urban agglomeration and a total mediating effect in the Yangtze River’s middle reaches and the Chengdu-Chongqing urban agglomeration.Finally,policy suggestions are offered on the basis of the research results to promote the steady and healthy development of the real estate market in the Yangtze River Economic Belt.Figure[14] table[11] reference[64]...