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Cities for ProfitThe Real Estate Turn in Asia's Urban Politics$
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Gavin Shatkin

Print publication date: 2017

Print ISBN-13: 9781501709906

Published to Cornell Scholarship Online: May 2018

DOI: 10.7591/cornell/9781501709906.001.0001

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Origins and Consequences of the Real Estate Turn

Origins and Consequences of the Real Estate Turn

(p.35) 1 Origins and Consequences of the Real Estate Turn
Cities for Profit

Gavin Shatkin

Cornell University Press

This chapter traces the most significant factors that have led to dramatic increases in land values across Asia, and analyzes government responses to these increases in different countries. The emergence of urban real estate megaprojects as an ideal began in the late 1980s in three cities—Jakarta, Bangkok, and Metro Manila—as these cities experienced rapidly increasing land values as they became targets for Japanese foreign direct investment. The model emerged in other cities in China, India, and elsewhere at specific moments when these countries experienced rapid influxes of foreign capital, driving up land values and creating massive rent gaps that foreign and domestic investors sought to monetize through development. The chapter details a common set of reforms to the financial sector, land management, property rights, and urban governance and politics, that mark the common manifestations of the ‘real estate turn’ in urban policy in different cities at different moments.

Keywords:   Foreign direct investment, land management, property rights, financial sector, urban development

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