Chinese Investment in Foreign Real Estate and Its Interactions with the Host State and Society: The Case of Jeju, South Korea

Since the early 2000s, a great tide of Chinese “go outside” (zouchuqu), or outbound foreign investment, happened in many regions and industries of the world. Among these, real estate emerged as one of the most rapidly increasing outbound investments from China in the 2010s. As a result, Chinese investors, both enterprises and individuals, have had increasingly extensive impacts on host states and societies, which are largely developed and democratic. This study analyzes the multifaceted interactions between Chinese foreign real estate investors and host states and societies using the case of Jeju Province in South Korea from 2010 to 2018. More specifically, it analyzes the responses of the host country’s national and local governments, as well as its grassroots civil society, to the soaring and often unconstrained Chinese investment in its real estate, focusing on the role of a host country’s democratic institutions.

中国海外房地产业投资及其与东道主国家与社会的互动：以韩国济州为例

关键词：中国对外投资，韩国，济州，政治经济学，国家与社会的关系，民主制度。

自二十一世纪之初，中国的“走出去”，即对外投资的大潮就影响到了世界上很多地区和产业。 其中房地产行业自2010年以来成为增长最快的对外投资之一。结果是，中国的投资者无论企业还是个人都对东道国的国家和社会产生了日渐广泛的影响，这些东道国大部分都是发达民主国家。本研究使用了2010-2018年间韩国济州省为案例，对中国海外房地产投资者与东道主国家及社会的多层面的互动进行了分析。本文具体分析了东道主国家的国民政府、地方政府以及基层的公民社会是如何对房地产行业飙升的并且通常是不受制约的中国投资做出反应的，集中关注了东道国民主制度所起的作用。

Translated from English by Li Guo