Abstract: Based on the population urbanization variable, this paper tries to introduce the variables of space urbanization and capital urbanization into the analytical framework. Then it makes use of the provincial panel data during 1998-2012 to construct a dynamic panel model. By applying the system GMM estimation method, it conducts an empirical study of the regional allocation and differences of investment in real estate development under the impact of urbanization. The results show that from a nationwide view, when other affecting factors are being controlled, the impact of space urbanization and capital urbanization on the investment in real estate development is much greater than that of population urbanization.The estimated result from the regional level reveals once again that population urbanization alone is not enough to dominate the current pattern of regional allocation of real estate development investment. Instead, space urbanization and capital urbanization are critical for the regional allocation and structural evolution of real estate development investment. This result can correct the improper understanding of the importance of population urbanization to some extent.

Key words: population urbanization; space urbanization; capital urbanization; investment in real estate development; regional structure