IDEAS home Printed from https://ideas.repec.org/a/eee/lauspo/v112y2022ics0264837721005366.html
   My bibliography  Save this article

Financialised urban development: Chinese and (South-)East Asian observations

Author

Listed:
  • Zhang, Fangzhu
  • Wu, Fulong

Abstract

The world-wide financial turn in land and urban development is now leading to financialised urban development, reflecting the rising influence of financial sector actors over the built environment. Observing Chinese and (South-)East Asian urban development, this collection interrogates financial sources and instruments as well as actors in variegated development practices. First, these studies confirm the wide spread of financialised urban development in the region and provide in-depth knowledge of financial operations associated with rental housing, infrastructure development, land and urban regeneration, which demonstrate remarkable similarities to Western economies. Second, the collection further reveals state agencies in financialised urban development, echoing recent research on the role of the state in financialisation. Third, these studies identify variegated developmental intentions and the contradiction between developmentalism and financial logic, which inevitably means that financialised urban development can be neither entirely entrepreneurial nor a smooth process of financialised value extraction. The studies highlight that, besides large development and financial corporations, the state utilises financial sector actors and deploys financial instruments that are often created by the state itself, such as a sovereign wealth fund or state-owned enterprises across spatial scales, to achieve its developmentalism and at the same time enhance statecraft.

Suggested Citation

  • Zhang, Fangzhu & Wu, Fulong, 2022. "Financialised urban development: Chinese and (South-)East Asian observations," Land Use Policy, Elsevier, vol. 112(C).
    • Handle: RePEc:eee:lauspo:v:112:y:2022:i:c:s0264837721005366
    DOI: 10.1016/j.landusepol.2021.105813
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0264837721005366
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.landusepol.2021.105813?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ludovic Halbert & Hortense Rouanet, 2014. "Filtering Risk Away: Global Finance Capital, Transcalar Territorial Networks and the (Un)Making of City-Regions: An Analysis of Business Property Development in Bangalore, India," Regional Studies, Taylor & Francis Journals, vol. 48(3), pages 471-484, March.
    2. Rachel Weber, 2010. "Selling City Futures: The Financialization of Urban Redevelopment Policy," Economic Geography, Clark University, vol. 86(3), pages 251-274, July.
    3. Manuel B. Aalbers & Jannes Van Loon & Rodrigo Fernandez, 2017. "The Financialization of A Social Housing Provider," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(4), pages 572-587, July.
    4. Joe Beswick & Joe Penny, 2018. "Demolishing the Present to Sell off the Future? The Emergence of ‘Financialized Municipal Entrepreneurialism’ in London," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 42(4), pages 612-632, July.
    5. Natacha Aveline-Dubach & Guillaume Blandeau, 2019. "The political economy of transit value capture: The changing business model of the MTRC in Hong Kong [L'économie politique de la captation de valeur foncière (Land value capture): le nouveau modèle," Post-Print halshs-02100616, HAL.
    6. Jamie Peck & Heather Whiteside, 2016. "Financializing Detroit," Economic Geography, Taylor & Francis Journals, vol. 92(3), pages 235-268, July.
    7. Natacha Aveline-Dubach, 2020. "The Financialization of Rental Housing in Tokyo [La financiarisation des logements locatif à Tokyo]," Post-Print halshs-02440007, HAL.
    8. Fulong Wu & Jie Chen & Fenghua Pan & Nick Gallent & Fangzhu Zhang, 2020. "Assetization: The Chinese Path to Housing Financialization," Annals of the American Association of Geographers, Taylor & Francis Journals, vol. 110(5), pages 1483-1499, September.
    9. Ewa Karwowski, 2019. "Towards (de-)financialisation: the role of the state," Cambridge Journal of Economics, Oxford University Press, vol. 43(4), pages 1001-1027.
    10. Jennifer Robinson & Katia Attuyer, 2021. "Extracting Value, London Style: Revisiting the Role of the State in Urban Development," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 303-331, March.
    11. Callum Ward, 2021. "Contradictions of Financial Capital Switching: Reading the Corporate Leverage Crisis through The Port of Liverpool's Whole Business Securitization," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 249-265, March.
    12. Rachel Weber, 2010. "Selling City Futures: The Financialization of Urban Redevelopment Policy," Economic Geography, Taylor & Francis Journals, vol. 86(3), pages 251-274, July.
    13. Natacha Aveline-Dubach & Guillaume Blandeau, 2019. "The political economy of transit value capture: The changing business model of the MTRC in Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 56(16), pages 3415-3431, December.
    14. Mirjam Büdenbender & Manuel B. Aalbers, 2019. "How Subordinate Financialization Shapes Urban Development: The Rise and Fall of Warsaw's Służewiec Business District," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 666-684, July.
    15. Jie Shen & Xiang Luo & Fulong Wu, 2020. "Assembling mega-urban projects through state-guided governance innovation: the development of Lingang in Shanghai," Regional Studies, Taylor & Francis Journals, vol. 54(12), pages 1644-1654, December.
    16. Andy Pike & Peter O’Brien & Tom Strickland & Graham Thrower & John Tomaney, 2019. "Financialising City Statecraft and Infrastructure," Books, Edward Elgar Publishing, number 18319.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zhang, Ke, 2023. "Government's implicit guarantee and the credit spread of the quasi-municipal bonds," Finance Research Letters, Elsevier, vol. 55(PA).
    2. Gertjan Wijburg, 2023. "Commodifying Havana? Private accumulation, assetisation and marketisation in the Cuban metropolis," Urban Studies, Urban Studies Journal Limited, vol. 60(16), pages 3216-3232, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Laura Deruytter & David Bassens, 2021. "The Extended Local State under Financialized Capitalism: Institutional Bricolage and the Use of Intermunicipal Companies to Manage Financial Pressure," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 232-248, March.
    2. Luan, Xiaofan & Li, Zhigang, 2022. "Financialization in the making of the new Wuhan," Land Use Policy, Elsevier, vol. 112(C).
    3. Hanna Hilbrandt & Monika Grubbauer, 2020. "Standards and SSOs in the contested widening and deepening of financial markets: The arrival of Green Municipal Bonds in Mexico City," Environment and Planning A, , vol. 52(7), pages 1415-1433, October.
    4. Antoine Guironnet, 2019. "Cities on the global real estate marketplace: urban development policy and the circulation of financial standards in two French localities," Post-Print halshs-02297204, HAL.
    5. Zhenfa Li & Fulong Wu & Fangzhu Zhang, 2023. "Adaptable state-controlled market actors: Underwriters and investors in the market of local government bonds in China," Environment and Planning A, , vol. 55(8), pages 2088-2107, November.
    6. Rachel Weber, 2021. "Embedding futurity in urban governance: Redevelopment schemes and the time value of money," Environment and Planning A, , vol. 53(3), pages 503-524, May.
    7. Shatkin, Gavin, 2022. "Financial sector actors, the state, and the rescaling of Jakarta’s extended urban region," Land Use Policy, Elsevier, vol. 112(C).
    8. Shen, Jie, 2022. "Universities as financing vehicles of (sub)urbanisation: the development of university towns in Shanghai," Land Use Policy, Elsevier, vol. 112(C).
    9. Richard Goulding & Adam Leaver & Jonathan Silver, 2023. "From homes to assets: Transcalar territorial networks and the financialization of build to rent in Greater Manchester," Environment and Planning A, , vol. 55(4), pages 828-849, June.
    10. Jennifer Robinson & Katia Attuyer, 2021. "Extracting Value, London Style: Revisiting the Role of the State in Urban Development," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 303-331, March.
    11. Peter O’Brien & Phil O’Neill & Andy Pike, 2019. "Funding, financing and governing urban infrastructures," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1291-1303, May.
    12. N/A, 2020. "Book symposium: Pike et al.’s Financialising City Statecraft and Infrastructure," Environment and Planning A, , vol. 52(4), pages 790-813, June.
    13. Richard Waldron, 2019. "Financialization, Urban Governance and the Planning System: Utilizing ‘Development Viability’ as a Policy Narrative for the Liberalization of Ireland's Post‐Crash Planning System," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 685-704, July.
    14. Emanuele Belotti & Sonia Arbaci, 2021. "From right to good, and to asset: The state-led financialisation of the social rented housing in Italy," Environment and Planning C, , vol. 39(2), pages 414-433, March.
    15. Stephanie Farmer & Chris D Poulos, 2019. "The financialising local growth machine in Chicago," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1404-1425, May.
    16. Frances Brill, 2020. "Complexity and coordination in London’s Silvertown Quays: How real estate developers (re)centred themselves in the planning process," Environment and Planning A, , vol. 52(2), pages 362-382, March.
    17. Peter O’Brien & Andy Pike, 2019. "‘Deal or no deal?’ Governing urban infrastructure funding and financing in the UK City Deals," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1448-1476, May.
    18. Matthias Bernt & Laura Colini & Daniel Förste, 2017. "Privatization, Financialization and State Restructuring in Eastern Germany: The case of Am südpark," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(4), pages 555-571, July.
    19. Ludovic Halbert & Katia Attuyer, 2016. "Introduction: The financialisation of urban production: Conditions, mediations and transformations," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1347-1361, May.
    20. Julie Pollard, 2023. "The political conditions of the rise of real-estate developers in French housing policies," Environment and Planning C, , vol. 41(2), pages 274-291, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:lauspo:v:112:y:2022:i:c:s0264837721005366. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joice Jiang (email available below). General contact details of provider: https://www.journals.elsevier.com/land-use-policy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.