State Capacity to Influence Actor Relations within the Chinese Real Estate Market: An Analytical Framework

Analysis of Chinese real estate market shifted from eco nomic fundamentals to non-fundamentals, but consensus conclusions are still rarely reached. This is because institutional perspectives and national subjects are still lacking. Based on critical realistic approach, this paper integrates a state–society relationship and institution provision, constructing an analytical framework for the role of state capacity in the institutional construction of the real estate market. In terms of the intervention of the state on actors in the Chinese real estate market, the central government influences local governments, interest groups, and society at large through its administrative, extracting, and market service capacities, respectively, forming a chain of interests that serves the state–society relationship.