跨文化视角下的中国房地产投资研究-以济州岛为例

Chapter1IntroductionInrecentyears,ChinahasbecomethelargestbuyerofthelandmarketinSouthKorea.Asofthefirstquarterofthisyear,thelandareaoftheChinesepeoplehasreached5million701thousandsquaremeters,farmorethantheholdingsofEuropeanandAmericanownersinSouthKorea.Accordingtotherelatedinvestigation,theChinesepeoplewhobuyJejuIslandrealestatemainlycomefromthreeregions.ThefirstistheNortheastChinawhichisclosertoKorea,suchasShenyangandChangchun,secondofthemarefromBeijingarea,thirdaretheYangtzeRiverDeltacenteredonShanghaiandNanjing.Thesethreeareastoconvenienttransportation,andtherearedirectflights.ThepurposeofChinesepeopletobuyrealestateinJejuIslandisdividedintothreecategories.Thefirstkindisatouristholiday,justlikebuyingaseaviewroominHainan.Becauseofthenon-signingoftheChinesepeopleinJejuIsland,thereisnotmuchdifferencebetweenJejuIslandandHainanIsland,andthenaturalenvironmentofJejuIslandismoresuperior.AccordingtothemarketingdirectorofJejuIslandGreenlandproject,"manyChinesepeoplecomeheretoinvestinthemap,whichisagreencard.HoldingaKoreangreencardcanbesignedinmorethan180countriesandregions,whichisequivalenttohavingaworldpass."[[]邓小鹏,赵超[]邓小鹏,赵超,常腾原.中国海外房地产投资现状与对策研究[J].建筑经济,2017,38(05):12-16.However,thoseChineseinvestorsneedtobeawarethatanyinvestmentwillbeatrisk.NotallJejuIslandpropertycanbelinkedtoimmigrants.TheprojectsthatareattachedtoimmigrantsmustbeapprovedbytheJejuIslandgovernment.Besides,therealestatepolicyofJejuIslandisdifferentfromthatofChina.Althoughthepropertypurchasedispermanentpropertyright,itneedstopay6%ofthepropertytaxandstampdutyandsoonatthetimeofpurchase.Inaddition,0.2%oftherealestatetaxispaideveryyear.Ofcourse,highpropertyfeesarealsounavoidableforthebuyers.[[][]王平,具胜焕,金知杓.基于实物期权的海外房地产投资项目评估分析[J].中国商贸,2013(28):180-182+185.

Chapter2LiteratureReview1.TermsandconceptsRealestateinvestmentforms,realestatedevelopmentrealestatedevelopmententerprisesisthekindofthemostfamiliartype;forrentalbusinessandthepurchaseofresidentialorofficebuildingisarealestateinvestmenttypeisquitecommon;thefundsentrustedtothetrustandinvestmentcompaniestopurchaseordevelopmentofrealestateistherealestateinvestment;enterprisesintheconstructionoffactories,schools,governmentschoolconstructiontobuildareservoirandsoon,allbelongtotherealestateinvestment.Despitetheirdifferentforms,buttheyallhaveacommoncharacteristic,"certaininterests"nowreferstothespotanduncertaininterest,buttheexpectedreturnisgoingtothefuturecanbeachieved,andthefuturereturnsintimeandaredifficulttoaccuratelypredictthetotal.Therefore,intherealestateinvestmentdecision,thetimefactorshouldbeconsideredwhileestimatingthetotalcostandprofit.[[]方兴未艾——中国资本进军海外房地产投资[J].[]方兴未艾——中国资本进军海外房地产投资[J].城市住宅,2013(08):56-61.Inaddition,becauseundertheconditionofmarketeconomy,investorsoftenfaceavarietyofinvestmentopportunities,althoughthespotspendingindifferentinvestmentopportunitiesisrelativelyeasytodetermine,buttheirfutureincomeisdifficulttodetermine;moreover,investorsbeforemakingadecision,oftenfindattractiveopportunitiesareoftenmorethanone,butinvestorscanuseresourcesisalwayslimited,so,thenyouneedtohaveawaytoevaluateavarietyofinvestmentprogramstohelpinvestorsinthepremiseofvariousrestrictedconditions,suchasanacceptablerisk,therequiredassetliquidityandportfoliobalanceaswellasfrommanagementrelatedconditions,makingthefinalchoiceofinvestmentprojectstoobtainthemaximumbenefit.[[][]特约记者林华.中国开发商紧跟炒房客涌入韩国济州岛[N].企业家日报,2013-08-19(003).Foreignresearchstartedonrealestateinvestmentorrealestateinvestmentriskearlyin1930s,researchershavestudiedtherealestateinvestmentrisk,butthisresearchhasnotformedatheoreticalsystem,therearemanylimitationsandshortcomings,mainlyusingsomebasicmathematicaltheoryandcalculationmethodinanalysismethoditisdifficulttocopewiththereality,riskfactorscomplex,theconclusionofthestudyofpracticalapplicationislimited.Since60s,researchonrealestateinvestmentriskhasanewbreakthrough,notonlytheresearchcontentanddirectionofthedevelopmentofthedepthandbreadthofresearch,themethodalsohastheinnovation,includingtheformationofthedecisiontreemethod,probabilitydistributionmethod,mathematicalmethodandsimulationmethod,therandomnetworkmethodbasedprojectmanagementthescientificmethod,thesemethodsfocusonresearchinlimitedresourcescondition,thedegreeofinfluenceofvariousriskfactorsoninvestmentdecisionparametersandmanagementobjectivesoftheapplicationinpracticeismoreandmorewidely.2.Cross-culturetheory:Hofstede’sFive-dimensionCultureisthematerialandspiritualwealthcreatedbyhumaninsocialandhistoricalpractice.Itisacomplexsocialideologywithcharacteristicsofregionalism,nationality,diversity,relativity,continuityandentirety.Hofstede,ascholarinHolland,investigatedandcomparedtheculturesofdifferentregionsandcountriesintheworld,andputforwardthetheoryofculturaldimension,whichbecamethefounderofcomparativestudyofculturaldifferencesanddifferentcultures.[[]记者洪偌馨.韩剧“炒热”济州岛中国大妈“逐梦”购房[N].第一财经日报,2013-11-12(A06).]1967-1973years,Mr.Hofstedeonthe40nationalIBMcompanyconductedasurvey,thenexpandedto3regions,20languagesand50countries,culturaldimensionsin2001Hofstedeandhisteamresearchscopehasexpandedto76countriesandregions,basedonthefourculturaldimensionsoriginallyproposedoninaddition,addedthetwoculturaldimensions,thepowerdistanceanduncertaintyavoidance,individualismandcollectivism,masculineandfeminine,long-termorienta[]记者洪偌馨.韩剧“炒热”济州岛中国大妈“逐梦”购房[N].第一财经日报,2013-11-12(A06).[]本报记者李红梅.济州岛中国房企遇“韩流”[N].中国房地产报,2014-07-21(A05).3.Previousresearchtheoriesinthecross-cultureinvestmentfield(1)ResearchonthebasictheoryofrealestateinvestmentIn1965,StephenA.PhyrrstartedworkingonthecycleoftheWesternrealestatemarket,respectivelyfromthemacroandmicroperspective,usingmultiplemodelsandmethods,toexplorethecyclicalfluctuationsoftherealestateanditsmechanism,proposedtherealestatemarketandthemacroeconomiccycleexists,itisofgreatsignificanceforpeopletounderstandtherealestatedevelopmentprojectinvestmentrisk;1991,Wurkzebachinthe"ModernRealEstate"inthebookoftherealestateinvestmentriskanalysis,andrelatedtotheportfolioproblem,butnofurtherexpoundstheconnotationandmechanismofrisk;in1998,RogerP.Sindtanalyzedthesituationoftherealestateinvestmentmarketandtheapplicationofrealestateinvestmentinawayof"RealEstateInvestmentAnalysisandApplication"inthebook,providealotofdetaileddatatotheresearchonrealestateinvestmentrisk;Quigleyin2003Fromtheperspectiveofmacroeconomictheoryandconsumptiontheory,westudiedtheimpactofrealestatepriceandpricerisk,andcombinedthebasicconsumptiontheorywiththetheoryofrealestateprice,in-depthexploredthefactorsofrealestatepriceriskandmeasuredtherisk.(2)ResearchontheinfluencingfactorsofrealestateinvestmentForeignscholarsintheprocessofthestudyonrealestateinvestmentrisk,influencegraduallyrealizedthepopulation,income,levelofeconomicdevelopmentandotherfactorsonthepriceisveryprofound,manyscholarsinfluencefactorsofrealestateinvestmentriskarestudied,suchasMankiwandWeil(1989)totheUnitedStatestostudytherelationshipbetweenbirthratethepopulationandhousingpricefluctuationsbasedontheresearchresultsshowthatthebabyboomafter70sisoneofthemainreasonsfortheUnitedStatestopromotehousingpricesrosesubstantially,theUnitedStatesin90safterthebabybustisalsothemainreasoncausingthedeclineinhousingprices;Bartik(1991)throughtheconstructionofhousingpriceslaggedadjustmentmodeloftherelationshipbetweenpopulation,employmentandpricestocarryoutanempiricalstudy,theempiricalresultsshowthatthepopulationgrowthrateandtheemploymentrateisadirectfactorofresidentialprices,butindifferentperiodsThedegreeofdirectimpactisdifferent.StuartA.GabrielandJoeP.Mattey(2000)usingthehistoricaldataofCaliforniahousingpricesin-depthanalysisoftherelationshipbetweenpopulationmigrationandcitymachineryprices,theresultsofthestudyshowthatpopulationmigrationisoneofthemainreasonsforchangeofthecitystructure,isanimportantfactoraffectingtheCaliforniapricechangesoverthepast20years;BarotandYang(2002)byusingECMmethodanalysisoftheinfluenceofbothSwedenandtheUKhousepriceresultsshowedtwofactorsinfluencingfactors,housingpricesalthoughtherearemanydifferences,butalsobymanyofthesamefactors;LokSangHandGaryWai-chungWong(2003)modelanderrorcorrectionmodeltostudytherelationshipbetweentheHongkongrealestatepriceandmacroeconomylagtheresultsofthestudyfoundthattheexport,distribution,interestrateandinflationrateislong-terminfluencetherealestatepricechanges.[[]本报记者邱桂奇.绿地开发韩国济州岛[N].中国房地产报,2012-01-05(A05).[]本报记者邱桂奇.绿地开发韩国济州岛[N].中国房地产报,2012-01-05(A05).[]荆宝洁.济州岛“示好”中国房企集体“出走”[N].经理日报,2012-07-02(A02).(3)ResearchontheriskofrealestateinvestmentIntherealestateinvestmentriskofforeignscholarsstudymore,researchscopeandresearchmethodsusedisvarious,suchasPeterJovanovicandDavidSpaulding(1999)studiedtheidentification,evaluation,preventionandotheraspectsoftherealestateinvestmentprojectriskanalysis,theriskoffacingvariousriskfactorshowtherealestateinvestmentforecastandmanagement;theAmericanscholarWilliamBrueggemanandJeffreyD.Fisher(2003)(RealEstateFinanceAndInvestments）inapaperonhowtoaddDeeptothepotentialeconomicfactorsonthepriceimpactofthecontrolarestudied,andputsforwardsomepolicysuggestionsofGale;(2004)therelationshipbetweenrisktransferandassetpricingofrealestateinvestmentconductedin-depthresearch,researchshowsthatthetransferofgovernmentguaranteeswillleadtotherisk,willcausetheemergenceofthephenomenonassetpricingishigh;theAmericanscholarGreen.G.Epublishedinhis2005book"InvestmentAnalysisForRealEstateDecisions;frommarketresearch,cashflowforecast,creditfunds,incometax,riskfactorsandotheraspectsoftherealestateinvestment,thebookdetailstherealestateinvestmentriskmayfacevariousrisksandtheimpactonprices.ThatistheResearchofprobabilitytheory.[[][]本报驻首尔记者单士磊.韩国济州岛:中国资本投资再启航[N].法制日报,2015-02-17(011).4.CulturedifferencebetweenChinaandKoreaFromthesixculturaldimensionsofHofstadter,statisticsshowthatalthoughChinaandKoreaareinthesameEastAsianregion,therearecertaindifferencesineachculturaldimension.Intermsofpowerdistance,individualismandmasculinity,ChinashowsahigherlevelthanKorea,whileSouthKoreaishigherthanChinaintermsofuncertaintyavoidance,long-termorientation,indulgenceandrestraint.Amongthem,thegapbetweenpoweranddistance,uncertaintyavoidance,masculinityandfeminizationisquitedifferent.Therearealsoobviousdifferencesintheprocessofproductionandmanagement.Intermsofindividualismandlongtermorientation,ChinaandSouthKoreabothhavestrongcollectivismandstrongdependenceonorganizations,duetotheirlowindividualism.ChinaandSouthKoreacultureinfluencedbyConfuciancultureoffilialpietyandfraternalduty,stressedalot,loyalty,faith,righteousness,courtesy,honestyandshame,advocatingpeacemoderation,toleranceandharmony,hasgreattolerance.Althoughthistraditionalculturalthoughtrestrictsthedevelopmentofindividualitytoacertainextent,itisnotconducivetothedevelopmentofinnovation,butitisconducivetotheconsolidationofcollectivismandsocialharmony.[[]孙在英李奇昤[]孙在英李奇昤李景国韩国建国大学房地产系韩国外国语大学中国问题研究所中国社会科学院城环所.韩国房地产政策正负效应分析[N].中国国土资源报,2015-09-12(003).Chapter3Researchmethodology1.LiteratureresearchTheliteratureresearchmethodistocollect,identifyandorganizetheliterature,andtoformascientificunderstandingofthefactsthroughthestudyoftheliterature.ThispaperstudiesandanalyzestheinvestmentactivitiesofChineserealestatefromacrossculturalperspectivebycollectingrelevantdataandliteratureofChina'srealestateinvestmentinJejuIsland.TherelevanttheoriesofChina'srealestateinvestmentinJejuIslandareusedtorefertotheliterature.[[]黄岩.中韩房地产企业税制比较研究[]黄岩.中韩房地产企业税制比较研究[D].延边大学,2012.2.QuestionnaireUsingthequestionnairesurveytounderstandtheselectedsurveymethodoradvice,theproblemoftheresearchquestionscompiledformbymail,oraccesstotrackingfacetofaceansweranswer,soastounderstandthesubjectsofcrossculturalrealestateinvestmentideasandopinionsontheproblems.InviewofmanyfactorsthataffectChina'srealestateinvestmentbehaviorandmotivationinJejuIsland,wemakefullconsiderationoftheculturaldifferencesbetweenthetwocountries,andfocusoninvestigatingtherealestateinvestmentbehaviorundercrossculturalbackground.quantitysamplecapacityValidquestionnairepercentrecovery50045090%3.InterviewsmethodInoralform,weinvestigatedandstudiedcross-culturalunderstandingandChineseinvestmentinrealestateinJejuIsland,andmadeinterculturalinterviews,sortingandanalyzingtherespondents.Onthebasisofquestionnairesurvey,dataweresupplementedbyforumandrandominterview.First,interviewswereformulatedandrelatedquestionswererecorded.[[][]钱鑫.韩国：房地产市场不稳定居年度十大新闻之首[N].中国国土资源报,2007-01-05(004).4.DataanalysismethodThroughthecollectionofrelevantsurveydata,collationandanalysis,theuseofdataandchartsandotheranalyticalmethodstoshowtheresultsofthesurvey.Dataanalysisismainlybasedonthebackgroundofthisstudy,andconsideringthefactorsofculturaldifferences,theresultsofquestionnairesandinterviewsareanalyzed.Intheprocessofanalysis,weshouldtrytoexcludetheuncertainfactors.Takingintoaccounttheculturaldifferencesandthecharacteristicsofindividualdifferences,wewillsummarizethedataandmakenumericalanalysiscombinedwiththecontentsoftheresearch.Chapter4BackgroundofChineseinvestmentinKoreanrealestateandthepresentstatusofinvestmentimmigrationinJejuIslandaswellasthelegalandotherproblemstheinvestorfacingTheeconomyChinahasexperiencedremarkablegrowth:fromtheannualaverageannualeconomicgrowthoverthesameperiodoftheglobalaverageincreaseofhigherpercentagepoints.Bytheendoftheyear,China'stotalamountreachedtrillionsofdollars,theworld'ssecondlargesteconomysecondonlytotheUnitedStates.[[]李拯宇.[]李拯宇.韩国房地产市场过热，引发担忧[N].中国社会报,2007-01-15(006).BytheendofMarchthisyear,630,000ofthe1.94millionforeignersfromChinawereKorean.TheSouthKoreangovernmenthasgivenChineseKoreanpeoplethestatusofexpatriates.Eligiblepeoplecanbegrantedavisaforforeignnationals,whichismoreconducivetoemploymentandresidencethanothervisas.Statisticsshowthat,togetherwiththe74,000peoplewhoarealreadyKoreannationals,700,000ChinesepeopleliveinSouthKorea.ThelargenumberofChineseKoreanpeopleenteringKoreabeganon1999,whentheKoreangovernmentformulatedtheLawontheentry,exitandlegalstatusofcompatriotstravellingabroad.OverseasChinese,includingChineseKoreanpeople,weregrantedlegalstatusandemploymentpermits.In2007,TheSouthKoreangovernmenthasintroduceda"visitemploymentsystem"foroverseasChinesetofacilitateoverseasChinesetocometoKoreaforemployment,andthenumberofChineseKoreanpeoplewhohavelivedinKoreaforalongtimehasincreaseddramatically.AccordingtotheMinistryofJustice,thenumberofforeignstudentsstudyinginSouthKoreaincreasedfrom88,468in2011to96,357in2015and106,138attheendof2016.Unit:tenthousandItisbelievedthatthisismainlyduetothefactthatKoreancollegesanduniversitiesaremakinggreateffortstoattractforeignstudentstostudyinordertoensuretheirfinancialresources,whiletheKoreanStreamisblowingallovertheworld,andforeignstudentshaveastronginterestinKoreancultureandcometoKoreatostudyabroad.TheChinarapidurbanizationandlarge-scalegovernmentledinvestmentplanledtotheexpansionofthedevelopmentofrealestateinvestmentboomatthesametimeconsumptionandinvestmentdemandaroundthepropertypricesraisedsharply,thepolicylevelofdomesticrealestateinvestment,especiallyresidentialinvestmentregulationhasbecomemoreandmoresevere.[[]단우정.(2013),주거용부동산마케팅에[]단우정.(2013),주거용부동산마케팅에관한연구:한국과중국비교를중심로,강남대학교대학원.[]네메이성.(2010),중국의부동산가격과부동산시장의경기조정에대한분석.Firstofall,onthewhole,Chinainvestmentimmigrationisinthethirdstageofimmigration,andthisstatewillcontinueforaperiodoftime.AttheBeijingautoshowin2010,immigrantadvertisementscomparedimmigrantstobuyingahouse,suggestingthatbuyingahouseinChinaisnotasgoodasimmigrant.BeijingprivateexitintermediaryassociationtwotimesQiLixinhadtalkedabout"whatkindofChinesehastheconditionsforinvestmentimmigration,"hethought,withpricessosoaringinspeed,canaffordtobuyahouseforinvestmenttoChinesefirst-tiercities,basicallyhavetheconditionsforinvestmentimmigration.Thereisanotherwayofsayingthatstudyingabroadisnotasgoodasimmigration.[[]이춘섭.(2010),해외부동산[]이춘섭.(2010),해외부동산개발에있어서의한국과일본의사례분석에관한연구,동산도시연구,제2권제2호.Regardingthelegalissuesofrealestateinvestment,China's"overseasinvestmentmanagementlaw"and"Regulationsonforeigndirectinvestmentindomesticinstitutions"providespecificprovisionsforChineseenterprisestoinvestabroad.Thelawofoverseasinvestmentmanagementstipulatesthatoverseasinvestmentreferstotheactofestablishinganon-financialenterpriseoutsideChinaoracquiringtherightsandinterestsofnon-financialenterprisessuchasownership,controlandmanagementrights.Theoverseasdirectinvestmentofdomesticinstitutionsprovisionsofforeignexchangeadministration,theoverseasdirectinvestmentofdomesticinstitutions"referstotheapprovalofthecompetentdepartmentofoverseasdirectinvestment,throughtheestablishmentof(jointventure),mergersandacquisitions,equityandotherwaystosetupoverseasoracquiringexistingenterprisesorprojects,havetherighttocontrolorthebusinessmanagementright.Behavior."ThroughtheanalysisoftheaboveprovisionsinJejuIslandnet,itcanbeseenthattheChineseenterprisescarryouttheexaminationandapprovalsystemforforeigninvestmentandlimitthescopeoftheinvestment.Investmentrestrictionsaresetasnon-financialenterprises.ThencandomesticenterprisesdirectlyinvestinJejurealestate?Theauthorthinksthatdirectinvestmentcannotbedone,becausetheoverseasinvestmentstipulatedintheoverseasinvestmentmanagementlawonlystipulatestherightsofestablishingenterprisesandacquiringenterprises,anddoesnotdirectlyacquirethecontentsofmovableandimmovableproperty.Butcompaniescancarryoutrelatedprojectsbysettinguplocalcompanies.ComparedwiththeforeigninvestmentofChineseenterprises,theindividualforeigninvestmentinChinaisacomplicatedproblem.Mostinvestorsknowthatindividualsareunabletoinvestinforeigncountries,buttheydonotunderstandhowthelawisdefined.Hereareonlybriefdescriptionsoftherelevantlaws.AccordingtothecurrentindividualforeignexchangemanagementsysteminChina,theforeignexchangereceiptsandexpendituresaredividedintoregularitemsandcapitalitems.Acurrentaccountreferstoaprojectthatoftenoccursinthecountry'seconomictransactionswithforeigncountries.[[]박성식.(2013),한국부동산시장의임대료[]박성식.(2013),한국부동산시장의임대료-보증금전환구조,서울대학교환경대SouthKoreaalsohasrelevantregulationsonrealestateinvestment.InJanuary2010,theSouthKoreanMinistryoflawissuedanotice[10-026].Thenoticeof"immigrationlawenforcementorder","theestablishmentoftheJejuspecialself-governinganddevelopmentofinternationalfreecityspeciallaw","TourismPromotionLaw","law"and"hotsprings,landuseplanninglaw"andtherelevantprovisionsofthe"law"ofruraldevelopment,setupinJejuIslandtoobtainpermanentinvestmentliveright.Theinvestmentobjectmentionedinthenoticeisthatthe"economicstateautonomousgovernor"(theequivalentofthegovernorofChina)approvesthecondominiumapartments,resorts,sanatorium,villasandotherdetentionfacilitiesforthepurposeofself-cultivationinthearea.Therangeofdetentionfacilitiesincludessightseeingprojects,sightseeingandsightseeinggardenconstructionprojects,hotspringdevelopmentprojects,gardenfacilities,farmingandfishingvillagesightseeingandself-cultivationgardenprojectsandsightseeinggardenprojects.Inaddition,attentionshouldbepaidtothementionofleasesandmortgages.Thesefacilitiescanbecarriedoutwithin6monthsofthelease,theamountofinvestmentinmorethanthestandard(500millionwon)therangeofmortgageguarantee.TheconceptofcultivateddetentionfacilitiesiscompletelydifferentfromtheconceptofrealestateownershipinChina.[[]박기정.(2010),[]박기정.(2010),자산가격결정이론과부동산시장에관한연구,이화여자대학교

대학원.Chapter5AnalysisofChineseInvestmentintheKoreanRealEstatefromtheCross-CulturalPerspective1.ThepresentsituationofChineseoverseainvestmentIntermsofinvestmentscale,comparedwithwesterncountries,China'soverseasrealestateinvestmentstartedlate,andithasbeendevelopingatahighspeedin2009.Fromtheinvestmentpointofview,from2009to2016inthepast7years,overseasrealestateChinesecapitalinvestmentamountincreasedfrom$600millionto$38billion300million,anannualgrowthrateof100.86%;theamountofmorethan$100millioninoverseasinvestmentinthenumberofcases,before2009therewereonly1cases(2006),andafter2008~2009yearsofchangeperiod,stableperiodand2009~2012yearsUnit:billionsofdollarsInthe2013~2016yearhighgrowthperiod,thelargeinvestmentcasesofChina'soverseasrealestatehavebeentransformedfromnothingtoafew.In2014,ChinasurpassedSingaporeforthefirsttimeintheinvestmentof15billion100milliondollars,becomingthelargestexportcapitalofAsianrealestate.In2015,China'soverseasrealestateinvestmentamountedto30billiondollars,rankingfourthintheworld,secondonlytotheUnitedStates,CanadaandGermany.AccordingtoDTZstatistics,inthefirstfivemonthsof2016,Chineseinvestors'17billiondollarcapitalenteredthecross-borderrealestatemarket,secondonlytotheUS$19billion.Chinesecapitalhasbecometheworld'ssecondlargestsourceofcross-borderrealestateinvestment.Fromtheperspectiveofgeographicaldistribution,China'sexternalrealestateinvestmentmostlyflowsintoHongKongarea.BesidesHongKong,China'soverseasrealestateinvestmentismainlyconcentratedinNorthAmerica,Europe,AustraliaandSoutheastAsia.Theseareasarewell-developed,andtherealestatemarketisrelativelymature.Totheurbanlevel,capitalflowsmostlyintointernationalgatewaycities,suchasNewYork,LondonandParis.Asaresultofthedevelopmentoftheoverseasmarket,thenetinvestmentofHongKongfellfrom81.48%in2010to44.70%in2014.In2015,thankstoHongKong’spolicyadjustmentandthereturnofthevalueofitsassets,HongKongonceagainattractedthefavorofmainlandcapital,whichaccountedforastrongreboundto70.52%.However,accordingtoDTZstatistics,in2016theU.S.realestatemarketstrongregressionandemergingrealestateinvestmentmarketgraduallyrise,accountingforChineseoverseasrealestateinvestment48%,HongKongmarketlessattractive,accountedforonly17%,secondplace.InrecentyearstheUnitedStateshasattractedalargenumberofChinesecapitalinitsnetinvestmentproportionfrom0.92%in2012surgedto22.81%in2013,andtomaintainhighgrowthin2014,althoughin2015theproportionhasretracement,but10morethan$100millionoflargenumberofinvestmentcasesprovedthatthemaininvestorsontheU.S.marketvalue.Asoneoftheworld'slargestrealestatemarkets,theUSrealestatemarketinvestmentisexpectedtoremainstrong.TheEuropeanmarketisalsoveryimpressive.TheproportionoftheEuropeanUnionincreasedto15.1%in2014.TheroleofLondonandParisandothergatewaycitiesisindispensable.In2015,theproportionhasbeenretraced.However,theproportionof0.73%has7casesof100millionormoreinvestmentcases,whichshowsthatthemaininvestors'recognitionoftheEuropeanmarket.In2016aBritishexitafterthereferendum,ChineseinvestorinterestinLondonalsodidnotseemtofade,sinceJulycompletedanumberofbiginvestmentoffice,suchasChineselargestprivateinvestmentgroupChinaMinshenginvestmentLimitedbyShareLtdinSeptemberthroughitsholdinggrouphomefor84million500thousandpounds($110million)tobuytheFrenchbankheadquartersinLondon.JejuIsland,SouthKorea,hasmoderatehousingprices,andhasbecomeoneofthefirstemigrationcountriesforChineseinvestorsbecauseofitsrelativelyloosepolicy.Theproportionofinvestmentincreasedfrom5.77%in2005to12.1%in2015.In2016,theproportionofJejuIslandinSouthKoreawasthird,andtherealestateinvestmentmarketwasstillveryactive.Inaddition,duetogeographicaladvantagesandeconomicdevelopment,Korea,JapanandSingaporeattractedmanyChineseinvestors.Theyrankedthetoptenin2016.2.ThestatusofChineseandKoreanrealestatemarketWithChina'stransformationfromplannedeconomytomarketeconomy,China'srealestatemarkethasalsoevolvedfromthe1eraoffullyplanneddistributionto