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Research on the Economic Development of Real Estate in Guangdong-Hong Kong-Macao Greater Bay Area

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Research on the Economic Development of Real Estate in Guangdong-Hong Kong-Macao Greater Bay Area American Journal of Industrial and Business Management, 2020, 10, 1707-1724 https://www.scirp.org/journal/ajibm ISSN Online: 2164-5175 ISSN Print: 2164-5167 Research on the Economic Development of Real Estate in Guangdong-Hong Kong-Macao Greater Bay Area Tingting Qi School of Economics, Jinan University, Guangzhou, China How to cite this paper: Qi, T. T. (2020). Abstract Research on the Economic Development of Real Estate in Guangdong-Hong Kong-Macao The construction of the Guangdong-Hong Kong-Macao Greater Bay Area has Greater Bay Area. American Journal of injected vitality into the new development of China’s economy and has also Industrial and Business Management, 10, created greater vitality for China’s implementation of the “One Belt, One 1707-1724. https://doi.org/10.4236/ajibm.2020.1010107 Road” strategy and the “two hundred years” goal. The economic development of the Guangdong-Hong Kong-Macao Greater Bay Area has received exten- Received: September 30, 2020 sive attention from domestic scholars. As one of the pillar industries of na- Accepted: October 26, 2020 tional economic development, real estate economic development has also re- Published: October 29, 2020 ceived great attention in the development of various industries in the Copyright © 2020 by author(s) and Guangdong-Hong Kong-Macao Greater Bay Area. The development of the Scientific Research Publishing Inc. real estate economy in the Greater Bay Area of Guangdong, Hong Kong and This work is licensed under the Creative Commons Attribution International Macao and its current opportunities and challenges require serious attention License (CC BY 4.0). and analysis by scholars. Because the development of it has risen to the na- http://creativecommons.org/licenses/by/4.0/ tional strategic level, its development is of great significance to the whole Open Access country. Therefore, based on the analysis of the development status of the real estate economy, and the corresponding solutions, this paper has important theoretical significance and realistic meaning for the real estate economic de- velopment of Guangdong-Hong Kong-Macao Greater Bay Area. Keywords Guangdong-Hong Kong-Macao Greater Bay Area, Bay Area Economy, Real Estate 1. Introduction 1.1. Background of Topic Selection The report of the 19th National Congress of the Communist Party of China DOI: 10.4236/ajibm.2020.1010107 Oct. 29, 2020 1707 American Journal of Industrial and Business Management T. T. Qi pointed out that “China should take urban agglomeration as the main body to construct the urban pattern of coordinated development of large, medium and small cities and small towns”. “China is focusing on the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and comprehensively pro- motes mutually beneficial cooperation between the mainland and Hong Kong and Macao”. On July 1, 2017, representatives of relevant cities of Guangdong, Hong Kong and Macao signed the framework agreement in Hong Kong, which pointed out that the Guangdong-Hong Kong-Macao Greater Bay Area should be built into a world-class Bay area after Tokyo, New York and Los Angeles. The construction of Guangdong-Hong Kong-Macao Bay area has injected vi- tality into the new development of China’s economy. China’s one belt, one road strategy and the “two one hundred year” goals will also create greater vitality for China. The construction of the strategy initiative, Guangdong Province, Hong Kong and Macao, should be based on the strategic plan of “one belt and one road”, and the construction of the bay area of Guangdong, Hong Kong and Ma- cau into a demonstration area for China’s opening up. The Pearl River Delta urban agglomerations, with the preferential policies of the national pilot zone of reform and opening up, as the inland hinterland of Guangdong-Hong Kong-Macao Greater Bay Area and the location adjacent to Hong Kong and Macao, have many geographical advantages and high-tech ad- vantages. Harvard University professor Michael (2002) mentioned in his mas- terpiece “National Competitive Advantage” that technological innovation has become the main factor of national competitiveness. On September 27, 2016, the main bridge of Hong Kong-Zhuhai-Macao Bridge, the longest sea crossing bridge in the world, was officially opened. The space-time compression effect of the Hong Kong-Zhuhai-Macao Bridge is more conducive to improving the traffic convenience of cities in the Pearl River Delta and Hong Kong to Macao. Promote the interaction among the three regions and the development of re- gional economic integration. The completion of the Hong Kong-Zhuhai-Macao Bridge will further improve the traffic in the bay area, further facilitate the resi- dents’ life, service and cultural exchanges, and greatly promote the overall eco- nomic vitality of the bay area. The vitality of economic development and the flow of personnel in the bay area also bring new demands for the development of real estate agents in the bay area. In the past 40 years of reform and opening up, with the deepening of reform and opening up, the real estate market of 9 inland cities in Guangdong, Hong Kong, Macao district has also been greatly devel- oped, and the house prices are also rising. DTZ (2018) analyzes within the Guangdong-Hong Kong-Macao Bay area, various cities and regions need to make full use of their advantages to strengthen exchanges, cooperation and inte- grated development in the bay area, seize the development opportunities of the three major industries, seize the opportunities, and achieve common economic development. Under the background of these developments, this paper mainly studies and analyzes the development status of the real estate industry in the Guang- DOI: 10.4236/ajibm.2020.1010107 1708 American Journal of Industrial and Business Management T. T. Qi dong-Hong Kong-Macao Bay area, the current situation of the development of the real estate industry in the bay area, the development gap between the inland cities in the bay area, and the development gap among the cities in the bay area, and the existing problems in the development process. 1.2. Significance of Research According to the statistical results, in 2017, the population of Guangdong-Hong Kong-Macao Greater Bay Area Urban Agglomeration exceeded 60 million, and the GDP reached 10,059.4 billion yuan (Data source: Statistics Bureau of Guangdong Province, Hong Kong Statistics Department, Macao Statistics Bu- reau). It has developed into a new economic highland, which will also provide opportunities for investment in real estate development. With China’s “The belt and road initiative” development strategy advancing in recent years, Under the good planning of the big bay area of the Guangdong-Hong Kong-Macao Greater Bay Area, which has many unique advantages, has been developing to the world-class Bay area city group, attracting the real estate enterprises to frequent in the big bay area. In the process of deepening the reform and opening up, the bay area has been developing continuously. Then, how the real estate industry in the bay area has experienced developments? What is the current state of devel- opment? The comparative analysis of the real estate development of various ci- ties in the bay area, as well as the discussion and research on the problems, op- portunities and challenges existing in the development of the real estate industry in the bay area is of great theoretical and practical significance. Wang (2018) thought that the real estate industry insiders believe that: Guangdong-Hong Kong-Macao Greater Bay Area has created more opportunities for the develop- ment of real estate enterprises. In addition to Guangzhou and Shenzhen, Dong- guan, Foshan, Zhuhai and other cities have good development potential based on the in-depth development of Guangdong, Hong Kong and Macao. The purpose of this study is to divide the real estate development status of each city, analyze the gap of real estate development in each city and the current development situation through the research on the current real estate develop- ment situation. At the same time, it is also the key to enhance the competitive- ness and comprehensive strength of the Guangdong-Hong Kong-Macao Greater Bay Area. The significance of this paper is mainly divided into two aspects: the first one is to improve the value of land use on the basis of promoting the intensive use of land resources in bay area district. Because China’s economic development is in a period of transformation and the industry is constantly upgrading, focusing on the development of real estate in the bay area is conducive to the realization of intensive land development on the basis of limited land resources, and at the same time, it can promote the sustainable development of the real estate indus- try in the bay area; The second one is to help real estate enterprises improve their awareness and competitiveness, In the face of the increasingly serious pola- rization of the real estate industry, the real estate enterprises that have entered DOI: 10.4236/ajibm.2020.1010107 1709 American Journal of Industrial and Business Management T. T. Qi the bay area or have not yet entered the bay area should pay more attention to the new economic growth nodes of the real estate economic development in the bay area, grasp the real estate development situation in the bay area, and seek strategies and development in the economic environment. 2. Research Method At present, there are three major Bay areas in the world (New York Bay area1, San Francisco Bay Area2 in the United States and Tokyo Bay in Japan3). With their superior geographical location as the carrier, based on the complete high-level education alliance, they have constructed a complete set of innovation system, and thus formed their own high-level development clusters with their own characteristics.
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