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Regional Comparison of Office Prices and Rentals in China: Evidence from Shanghai, Guangzhou and Shenzhen

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  • James Webb
  • Raymond Tse

Abstract

Executive Summary. This article examines the market converging behaviors and the feedback effects between office prices and rentals in Shanghai, Guangzhou and Shenzhen. Comparisons are made among the three markets using Granger causality, and market convergence tests through linking up the asset and space markets. The findings indicate that the office property prices in Guangzhou and Shenzhen consistently contain highly significant information about the future movements of office property prices in Shanghai. However, the results do not indicate any lead-lag relationship between the prices in Shenzhen and Guangzhou. Because of their proximity to Hong Kong, the office markets may be affected by common macroeconomic factors in Hong Kong.

Suggested Citation

  • James Webb & Raymond Tse, 2000. "Regional Comparison of Office Prices and Rentals in China: Evidence from Shanghai, Guangzhou and Shenzhen," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 6(2), pages 141-151, January.
    • Handle: RePEc:taf:repmxx:v:6:y:2000:i:2:p:141-151
    DOI: 10.1080/10835547.2000.12089603
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