Relationship between Quality of Economic Growth and Economy's Dependence on Real Estate

The real estate industry can significantly promote the regional economic total output. However, if the economy relies too much on real estate, the economic structure will be imbalanced and the quality of economic growth will decline. Research shows that in areas with higher quality of economic growth, the economy is less dependent on real estate with stronger resilience and flexibility of economic growth. This research selects total factor productivity, industrial upgrading, and industrial equilibrium, as the agents for the quality of economic growth; selects the proportion of the real estate in GDP as the agent variable of economic dependence on real estate investment. This paper uses the panel data of 27 large and medium-sized cities to quantitatively analyze the factors affecting dependence of the economy on real estate as well as the relationship between dependence of the economy on real estate and the quality of economic growth.