Abstract
To examine the resource utilization in different phases such as development and sales within China's real estate industry, this paper employs a two-stage Data Envelopment Analysis (DEA) model to measure the production efficiency of the real estate industry across 31 provinces, municipalities, and autonomous regions of China from 2014 to 2022. By examining both overall and phase-specific trends, the study utilizes a panel Tobit model to explore the factors affecting efficiency. Empirical results indicate that the leverage ratio of companies, per capita GDP of regions, and real estate regulatory policies significantly impact production efficiency. Further analysis of regional heterogeneity and its effect on production efficiency revealed that the per capita residential building area, which reflects the housing stock configuration in different regions, exhibits a significant single threshold effect. This not only objectively assesses the utilization of real estate resources in different areas but also delves deeper into the principal factors and their mechanisms affecting the production efficiency of the real estate industry, thus providing theoretical support and policy recommendations for effectively enhancing production efficiency.