Financializing Chinese cities: state–capital nexus and the uneven geography of housing speculation

Lin, George C. S.; Smart, Alan; Li, X.; Hu, Fox Z.Y.

doi:10.1080/23792949.2019.1625277

Cited by 16 publications

(12 citation statements)

References 52 publications

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“…Novel financial incentives can also influence approaches to service provision: several authors have highlighted the influence of funders in the delivery of Social Impact Bonds (SIBs) during the 2010s (Fraser et al, 2018;Edmiston & Nichols, 2018;Kim & Warner, 2020). However, Lin et al (2019) concede that it remains 'controversial and vague how the transformative process of financialisation has played out in different geopolitical and economic contexts ' (p. 347). This is echoed by Peck and Whiteside (2016, p. 238) who caution that financialization is 'pervasive in reach yet uneven in effect.…”

Section: Financializationmentioning

confidence: 99%

Grasping the nettle: the central–local constraints on local government funding in England

Muldoon‐Smith

Sandford

2021

Territory, Politics, Governance

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In England, the traditional method of central government redistribution and equalization between locations has been replaced with a greater emphasis on self-sufficiency and entrepreneurism. English local government now faces existential funding questionsa situation that is repeated around the world as the public sector manages the fallout from the Covid-19 pandemic. Financialization has figured large in the study of entrepreneurial behaviour. However, in England, legal and procedural constraints have driven authorities to seek revenue funding from other sources, principally seeking additional property-related revenues. In response, this article presents a novel typology of local government funding sources and offers an original analysis of their implications for local authorities' role. The empirical findings show that the buoyancy and quantum of many funding sources are constrained by prior evolution of location and centrallocal relations: they are not automatic routes to financialization. Conceptually, these findings reveal that methods of financialization, and the local government funding system within which they typically sit, are as likely to be constrained by the evolution and techniques of governance as they are accelerated by it. International debates around financialization, and wider concerns of how locations develop, would benefit from this account of the often-hidden nature and agency of local government funding systems.

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Section: Financializationmentioning

confidence: 99%

Grasping the nettle: the central–local constraints on local government funding in England

Muldoon‐Smith

Sandford

2021

Territory, Politics, Governance

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“…First, in terms of push factors encouraging Mainland Chinese firms to seek real estate investment opportunities abroad, economic systems and taxation and housing regulations in China have compelled investors to invest internationally (Paris, 2013; Rogers et al, 2015). As economic growth, especially in the manufacturing sector, has slowed, SOEs flush with capital have speculated on domestic and overseas properties to secure quick returns on investment (Lin et al, 2019). The aforementioned measures taken by the Chinese government to dampen the country's domestic property market following the 2007–2008 global financial crisis have also driven an expansion of Chinese corporate and individual investments into real estate markets in Australia, North America, and Europe (Liu and Gurran, 2017).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

The uneven geography of real estate investment by Mainland Chinese state-owned and private enterprises in the U.S.: Local market conditions, migration, and ethnic networks

Bennett

Jiang

2022

Environ Plan A

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Since the 2010s, foreign direct investment in real estate (FDIRE) by Mainland Chinese firms has emerged as a major force within global real estate markets, challenging Western investors’ traditional dominance. It is unclear, however, whether Mainland Chinese FDIRE is fueled by the same motivations as those of investors from advanced economies, which to date have represented both the primary investors and main objects of study. One major difference may be that Mainland Chinese investment originates in an institutional environment comprised of strong state intervention and social networks important for fostering business and ethnic ties. To uncover the potentially unique determinants and heterogeneity of Mainland Chinese corporate real estate investors, we build and analyze a state-level panel dataset of Mainland Chinese FDIRE by state-owned enterprises and private enterprises in the U.S. from 2010 to 2017. Our empirical results reveal the importance of Chinese migrants in promoting Mainland Chinese real estate investment, especially by private enterprises. Our findings also demonstrate that at the state level, Mainland Chinese FDIRE exhibits few agglomerative tendencies.

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“…Geographers and urban scholars have traced the emerging live-work mismatch , shantytown redevelopment (He et al, 2020) and master-planned suburb estates (Wu and Phelps, 2008). There is now an emerging literature that tries to integrate political, geography, urban and financial perspectives through the lens of financialisation (Chen and Wu, 2020;He et al, 2020;Li et al, 2021;Lin et al, 2019;Wu et al, 2020). The phenomenon of financialisation, which refers to 'a pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production' (Krippner, 2005: 174), has become so profound after the global financial crisis that Aalbers (2019) is ready to propose the advent of a 'financial geography'.…”

Section: A Constructivist Framework For Housing Financialisationmentioning

confidence: 99%

“…The total revenue and registered capital of state-owned banks located in Beijing was 498.9 billion RMB and 16.8 trillion RMB by 2015, accounting for 27.3% and 26.9% of the national total respectively. In the second place, state-owned banks in Shenzhen recorded a much smaller revenue of 299.8 billion RMB and registered capital of 8.1 trillion RMB, 16.4% and 13.0% of the national total (Lin et al, 2019). The bulk of mortgage loans, therefore, are issued to qualified households in these 'financial hubs', and lending decisions in lower-tiered cities and towns might also subject to the approval of their headquarters.…”

Section: Housing Financialisation 10 (After 2008)mentioning

confidence: 99%

“…Geographers and urban scholars have traced the emerging live-work mismatch (Miao et al, 2019), shantytown redevelopment (He et al, 2020) and master-planned suburb estates (Wu and Phelps, 2008). There is now an emerging literature that tries to integrate political, geography, urban and financial perspectives through the lens of financialisation (Chen and Wu, 2020; He et al, 2020; Li et al, 2021; Lin et al, 2019; Wu et al, 2020).…”

Section: A Constructivist Framework For Housing Financialisationmentioning

confidence: 99%

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The temporal variation of housing financialisation: a case study of China

Miao

2022

Transactions in Planning and Urban Research

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Responding to the call for a greater attention to the inherited variations in housing financialisation, this paper contributes by bringing in a constructivist perspective in exploring how financialisation gradually unfolds in a particular context. Drawing on the case of China, two interrelated arguments are made. First, a structural and temporal distinction is made between three phases of housing commodification, speculation and financialisation 1.0, where significant differences are noticed between the ownership structures, housing rights, markets, returns and motivations from a constructivist perspective. Second, these phases are systemically interrelated as a result of the state-market nexus in China where active state intervention connects these different processes in a continuous cycle of the urbanisation of capital. The case of China adds to the emerging literature on housing financialisation from the global south, and speaks to the largely downplayed temporal variations of housing financialisation in the vigorous literature on financial geography and urbanism.

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Financializing Chinese cities: state–capital nexus and the uneven geography of housing speculation

Cited by 16 publications

References 52 publications

Grasping the nettle: the central–local constraints on local government funding in England

Grasping the nettle: the central–local constraints on local government funding in England

The uneven geography of real estate investment by Mainland Chinese state-owned and private enterprises in the U.S.: Local market conditions, migration, and ethnic networks

The temporal variation of housing financialisation: a case study of China

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