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This study explores the inter-type real estate investment connectedness in China. We document that: (1) connectedness is strong and time-varying; (2) the residential investment is instrumental in the inter-type investment connectedness network; (3) the total connectedness has dropped since 2008; and (4) the November 2008 Chinese stimulus package has significantly enhanced the influence of the residential and the industrial and other real estate investments. These results reflect both the economic development strategy of Chinese local governments and the importance of central government intervention, therefore providing a new perspective to understand China's booming real estate market during the past two decades.
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Yu et al. (2020) studied this question.
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