Chinese Real Estate Industry

Paper Summary:

This paper analyzes customer satisfaction in the Chinese real estate industry. This research focuses on two studies measuring customer satisfaction in the real estate industry, discuses the implications of the data results, and offers recommendations toward much-warranted improvements in this area, if China is continue at its current intense growth pace.

Contents:
Abstract
Executive Summary
Introduction
Statement of the Problem
Literature Review
Background and Methodology of Proposed Research Design
Proposed Data Collection
Research Findings
Future Research
Conclusion

From the Paper:

"A survey by Guizhou Property Exchange Center indicates that many consumers are very disappointed by the poor services they had received from real estate agents in Guiyang City, the capital of Guizhou province, with a population of 1.36 million (Shibao, 2000). Prospective home shoppers and renters have indicated their reluctance to use the agents' services as a result of the bad experiences (Shibao, 2000). A research report by Shanghai Real Estate Economic Association for the preparation of WTO entry cited that, in comparison with companies in developed countries, China's local real estate companies have the following weaknesses: 1) lack of experience attributable to their short existence, 2) limited competing capability due to smaller sizes, 3) insufficient capital and backward marketing means, 4) lower management skills; and 5) the overall lack of customer service capabilities (Shibao, 2000).
According to a survey reported in the China Construction magazine, about 59 percent of the urban residents in China now own their own homes. The average living space for most of these urban residents that own their homes is 50-80 square meters; the majority of households surveyed have 2 to 4 people (Shibao, 2000). About 19.7 percent of such respondents live in rented dwellings and 11.5 percent receive rental subsidies from their employers or work units (Shibao, 2000). It was also reported that 21.9 percent of the residents surveyed indicated they would like to purchase new houses with a size of 70-150 square meters within 5 years (Shibao, 2000). Thus, the realty business is highly developed in many cities of China and has become an index of local economic status. However, due to some misunderstanding of realty business and improper orientation of market research in this industry, the existence of overpriced realty has become a commonality. This kind of violation of the relative relationship between demand and supply itself is a problem valuable to research. "

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