Measures on Technical Efficiency of Real Estate Industry in China: An Empirical Analysis Based on Three-stage DEA Model

The paper measures the technical efficiency of real estate industry efficiency for 35 large and medium-sized cities in China with three-stage DEA model, and compares the technical efficiency contained environmental variables and statistical noise with the technical efficiency without the environmental variables and statistical noise. The results of the paper are as follows: First, the technical efficiency and the scale efficiency of China's real estate industry are low, while the pure technical efficiency is much well. Second, the technical efficiency of China real estate industry is influenced by GDP, population, square and the number of corporate of real estate industry. This means that the differences of technical efficiency are owned to the environment variables under the same conditions. Finally, real estate industry in China is in the state of increasing return to scale, but the scale efficiency is low. The scale problem is the main obstacle for promotion of efficiency of China real estate industry. Therefore, in order to improve the technical efficiency of real estate industry efficiency in China, it must remain current high pure technical efficiency and promote the scale efficiency to realize sustainable development.