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Macroeconomic risk factors and Chinese FDIs in real estate: Evidence from the Asia-Pacific public real estate markets

Author

Listed:
  • Alain Coen
  • Patrick Lecomte
  • Saadallah Zaiter

Abstract

The aim of this study is to analyze the role of Chinese foreign direct investments (FDIs) in the dynamics of real estate in the Asia-Pacific region after the global financial crisis. We use a linear asset pricing model including macroeconomic risk factors and develop a metric to measure FDIs in the real estate sector. Based on panel econometrics, our robust results report that Chinese FDIs significantly influence Asia-Pacific region’s public real estate markets, shedding new light on China’s economic internationalization in the Asia and the Pacific region. We also provide strong evidence that our findings are not driven by a reverse causality phenomenon, whereby a country with superior performance of public real estate sector is in better position to attract Chinese FDIs.

Suggested Citation

  • Alain Coen & Patrick Lecomte & Saadallah Zaiter, 2022. "Macroeconomic risk factors and Chinese FDIs in real estate: Evidence from the Asia-Pacific public real estate markets," ERES 2022_56, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:2022_56
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    More about this item

    Keywords

    Asia-Pacific region; Chinese foreign direct investments; Macroeconomic risks; REITs;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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