| Summary: | 碩士 === 國立東華大學 === 會計與財務碩士學位學程 === 99 === This thesis studies the diversification benefits of real estate investments for the Chinese investors. According to the city size and economic growth rate, this thesis discusses how the impacts of the economic growth on the real estate diversification benefits. Due to China’s rapidly economic growth, the trading volume and price increase obviously. The sample composites with the housing price index and economic growth rate of China’s 35 cities over the period of 1998 to 2009. Through the Markowitz’s mean-variance analysis, we examine whether the diversification benefits exist on the real estate investment based on the city size and economic growth rate. Our findings are follows. First, the diversification benefits appear if the investors hold various cities’ houses based city size and economic growth rate. Second, The investors live in big-size cities can obtain more benefits, who invest middle-size cities, while the investors live in small-size cities can obtain more benefits, who also invest middle-size cities. Third, the investors can increase investment efficiency whatever they lives in various cities with economic growth rate. Fourth, highly-diversification investors have a higher diversification effect than lowly-diversification investors. That is to say, the investors can hold various city houses based on the economic growth rate to increase the diversification efficiency.
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