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The 1990's property cycle in Hainan

Wu, Hao, Reed, Richard and Robinson, Jon 2006, The 1990's property cycle in Hainan, in PRRES 2006 : Proceedings of the 12th Annual Conference of the Pacific Rim Real Estate Society, Pacific Rim Real Estate Society, [Auckland, New Zealand], pp. 1-15.

Document type: Conference Paper
Collections: School of Management and Marketing
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Title The 1990's property cycle in Hainan
Author(s) Wu, Hao
Reed, Richard
Robinson, Jon
Conference name Pacific Rim Real Estate Society. Conference (12th : 2006 : Auckland, New Zealand)
Conference location Auckland, New Zealand
Conference dates 22-25 January 2006
Title of proceedings PRRES 2006 : Proceedings of the 12th Annual Conference of the Pacific Rim Real Estate Society
Editor(s) [Unknown]
Publication date 2006
Conference series Pacific Rim Real Estate Society Conference
Start page 1
End page 15
Publisher Pacific Rim Real Estate Society
Place of publication [Auckland, New Zealand]
Summary The continuous debate between the radical and the conservative approaches on which one is more suitable for a successful economic transition seems to be in favour of the latter. With the recent upswing in the property market in Hainan, the review of the 1990s property cycle in Hainan is linked with economic transition in China. A case study approach is used to establish the importance of the 1990s Hainan property cycle to the formation process of the Chinese property market system. The analytical framework is an integration of the theories of property cycles and economic transition, using the conceptual model of typical commercial property markets modified according to the historical settings in Hainan. It is found that the 1990s Hainan property cycle is unique in that the economic transition has been the key driving force. The structural imbalance caused by the equally imbalanced reform process in different sectors in Hainan has been proved an unsuccessful practice. By and large, the 1990s cycle in Hainan lasted for about 10 years and was state-driven. It was considered an experiment conducted by the state in testing the radical approach of economic transition in the property and urban land sectors. It is suggested that current knowledge of emerging commercial property markets, especially their cyclical behaviour, is limited at both theoretical and empirical levels. Evidence from the past 15 years seems to suggest that the structural and investment imbalance in the economic transition was the main cause of the high volatility in the Hainan property market in the 1990s. The emergence of a commercial property market seems to require choosing the right places to start reform with great caution on investment structure and the fundame ntals of the real economy. Eventually, it is essential to adopt a systematic view to assess and to make decision in the process of emergence of property cycles, based on the basic demand and supply patterns in a city’s transitional economy.
Language eng
Field of Research 150403 Real Estate and Valuation Services
150205 Investment and Risk Management
Socio Economic Objective 970115 Expanding Knowledge in Commerce, Management, Tourism and Services
HERDC Research category E1.1 Full written paper - refereed
Copyright notice ©2006, Pacific Rim Real Estate Society
Persistent URL http://hdl.handle.net/10536/DRO/DU:30022432
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