Synergistic evolution of resilience and efficiency in the real estate industry: evidence from 35 large and medium-sized cities in China

ABSTRACT

This study measures the resilience and efficiency of the real estate industry in 35 large and medium-sized cities in China through the core variable method and the slacks-based measure of super-efficiency. The Haken model identifies the advantages of synergistic evolutionary states between systems and describes the synergistic evolution of resilience and efficiency in the real estate industry. The results show that (1) the evolution of the synergy in the real estate industry can be divided into three major cycles caused by the alternating effects of resilience and efficiency; (2) there are significant spatial and temporal differences in the evolution of the synergy between real estate resilience and efficiency, with the distribution of the synergy values being highly polarized; and (3) policy regulations tend to have short-term direct effects on the resilience of the real estate system, while for efficiency, the effects tend to be long-term and result in cross-cycle adjustments. This study enriches the literature on the robust and sustainable development of the real estate industry.

KEYWORDS:

• Real estate industry
• resilience
• efficiency
• synergy
• Haken model

JEL CLASSIFICATION:

• R31
• R12

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Funding

This work was supported by the National Natural Science Foundation of China [72072144,71974003, 71672144,71372173,70972053], Shaanxi Provincial Innovation Capability Support Program Soft Science Research Program Project [2022KRM129, 2021KRM183, 2019KRZ007], 2021 Anhui Province Universities Leading Backbone Talent Project. ‘Urban Economy and Regional Development from the Perspective of Big Data’, and the Key Project of Xi’an Science and Technology Bureau Soft Science Research Program [21RKYJ0009]