| Author: | Zhang, Xiaoling |
| Title: | Competitiveness for real estate developers : a China study |
| Degree: | Ph.D. |
| Year: | 2010 |
| Subject: | Hong Kong Polytechnic University -- Dissertations Real estate developers -- Competitions -- China Real estate business -- Competitions -- China |
| Department: | Department of Building and Real Estate |
| Pages: | xxi, 318 leaves : ill. ; 30 cm. |
| Language: | English |
| Abstract: | The importance of organizational competitiveness and competitive strategy has led to the contribution of extensive research efforts to the development of this research discipline. It is essential for the organizations in a vibrant business environment such as the Chinese real estate industry to understand their competitiveness and hence identify the strategy for improvement. China has been experiencing comprehensive reform programs across all industrial sectors including real estate. The implementation of this reform process has brought the growth of various industries such as real estate industry and the huge development of the national economy as a whole. In particular, the Chinese real estate industry as a new industry has grown up dramatically over last two decades. In line with the reforms and developments, the Chinese real estate market presents not only huge business opportunities but also various special characteristics at both industrial and business levels. Developers in the industry are from multiple backgrounds, including domestic firms, joint ventures, and foreign businesses. Their competitiveness and competition strategy are determined by different types of variables in this environment. It is important that developers in this market properly understand their competitiveness and therefore adopt adequate strategies for improvement. The healthy development of developers' business not only contributes to their own business objectives but also to the smooth development of the Chinese real estate industry as a whole. Nevertheless, there is little research undertaken on examining real estate enterprises' competitiveness and the strategy for competitiveness improvement in the Chinese real estate market. It is the aim of this study to understand the enterprises' competitiveness and investigate strategy for competitiveness improvement in the context of the Chinese real estate industry. The characteristics of the Chinese real estate business at both industrial and business level are identified. A comprehensive set of competitiveness indicators is developed for helping assess real estate enterprises' competitiveness, and core competitiveness indicators are identified for business start-up and growth stages. In order to identify the Core competitiveness indicators (CCIs), this study extends the traditional questionnaire survey data analysis approach to using Monte Carlo Simulation technique and Fuzzy Set theory to establish CCIs. This mitigates the weakness of the traditional methods for identifying CCIs from questionnaire information. The identification of the CCIs indicates that developers at start-up stage are indifferent to what are the key competitiveness areas thus they consider almost all areas important. However, developers start to realize the importance of focusing on few areas after they consolidate their business start-up stage, thus they select less core indicators as core competitiveness areas, much less than that selected when they just enter into the market. The 6 CCIs are considered essential to present a developer's competitiveness in the Chinese real estate market, including annual land reserves, corporate brand reputation, access to a diverse range of capital, entrepreneurship opportunity, superior strategic management capacity, risk management capability (response to policy and system changes), and green development strategy to gain the reputation of social responsibility. Core competitiveness indicators (CCIs) are identified for helping the enterprises to focus their resources and strategies on the key areas for enhancing their competitiveness. The analysis on the core competitiveness indicators leads to the formulation of two major strategies for competitiveness improvement, namely, risk management and green development. The study shows that risk management and green development strategies are proven effective to enhance developers' competitiveness. The results also show that different types of enterprises will obtain competitiveness in different aspects by utilizing their own organizational resources and strengths. This implies that individual real estate developers should formulate competition strategies through analyzing their own competitiveness, considering the external environment, utilizing internal resources properly, and therefore assessing all feasible strategies for management decision. This study has adopted multiple research methods, including extensive literature review, a systematic process of practical surveys, Monte Carlo Simulation technique, fuzzy set theory method and case studies. The data collected from the survey within the Chinese real estate context are used for establishing CCIs, formulating and validating the strategies for competitiveness improvement. Whilst the data used in the analysis are collected from the Chinese real estate industry, the findings provide useful references for conducting comparative studies between China and real estate industry in other countries. This study contributes to the development of knowledge of competitiveness theory in the discipline of real estate industry. The limitations of the study are appreciated, including the limited sources of the data collected only from China's real estate market. |
| Rights: | All rights reserved |
| Access: | open access |
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