Economic transition and commercial property markets : China and Poland
Wu, Hao and Reed, Richard 2008, Economic transition and commercial property markets : China and Poland, in ASRES 2008 : Proceedings of the 13th Asian Real Estate Society conference 2008, ASRES, [Shanghai, China].
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This paper discusses the economic transition and the property market emergence in transition economies. It compares the Chinese property market with the Polish market. It preliminarily examines market emergence and maturity in the context of economic transition, comparing the transitions with the emphasis placed on commercial property markets especially their formation and behaviour. Supply and demand for commercial space in China and Poland are also contrasted. As commercial property market behaviour is somewhat driven by market structure formation process and the business cycle, the transition has provided a “common ground” that enables similarities between the property markets in China and Poland. The challenge for state intervention is mainly due to the agency problem which is also a problem in mature markets; it appears that transitional economies do share common features in their emerging property markets. This paper suggests state intervention in market formation and emergence is necessary and essential. However the actual formation and behaviour of property markets have some distinctive characteristics. Value or implication of the study include: knowing the stage of market emergence is essential for making investment decisions, especially when identifying markets with varying backgrounds. This paper is also relevant to policy-makers in the process of facilitating transitions in emerging markets.
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Field of Research
150403 Real Estate and Valuation Services
Socio Economic Objective
970115 Expanding Knowledge in Commerce, Management, Tourism and Services
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