Spatial network dynamics and expansion patterns of cross-regional real estate investment in China

Cross-regional investment plays a vital role in shaping spatial development and promoting sustainable growth within the real estate sector. However, little attention has been paid to the spatial organization and network structure of these investments, particularly in the context of China’s rapidly evolving urban and regional land use patterns. This study utilizes the approach of corporate-based city network to analyse the geography of Chinese real estate enterprises’ cross-regional investment. The results indicate a marked strengthening of inter-city connectivity between 2010 and 2020. City-to-city links increased by 258%, while average connection strength rose by 91%. The network evolved from a diamond-shaped structure to a multi-centered radial pattern, exhibiting a strong Matthew effect and growing hierarchical differentiation. Although top-tier cities represent only 0.12% of all city pairs, they attract 18.07% of total investment flows, highlighting pronounced centrality concentration. Industry-specific networks display either multi-core or single-core radial structures, with three main expansion modes identified: neighbouring, hierarchical, and leapfrog expansion. This study innovatively explored the cross-regional investment of real estate enterprises from the city network perspective. These findings offer critical insights into the geography of China’s real estate enterprises’ cross-regional investment and inform strategies for optimizing spatial layout structures to support sustainable industry development.