Investigating the dynamics of, and interactions between, Shanghai office submarkets

The Shanghai office market has developed rapidly over the past two decades. As a consequence of this development, two, apparently distinct, office submarkets, Puxi and Pudong have developed in central Shanghai. This raises the issue as to whether the Shanghai office market can be viewed as a homogeneous entity or whether there is imperfect substitutability across office locations within the city. The latter case raises the possibility of the existence of office submarkets. In this paper, we examine intra-metropolitan rental dynamics in the Puxi and Pudong submarkets, identifying any interrelationships between these markets, and consider whether they form distinct office submarkets. We find no interaction between the two submarkets. Further, we find no evidence of lead-lag relationships between the two submarkets. Finally, when we test for convergence in rental performance between the two submarkets, the tests reveal that we can reject the null of no convergence

An econometric analysis of Shanghai office rents

The modern commercial office market in Shanghai emerged with China’s economic reform and open door policy in the 1980s and grew rapidly at the beginning of 1990s,with increasing demand for office space from foreign and domestic occupiers. Though total real estate investment is skewed towards residential property, office investment has grown by 23% per annual in terms of value and by 24% per annum in terms of completed floor space from 1995 to 2007. The Shanghai office market is of importance for a number of reasons. First, it is one of the largest office markets in China in terms of square footage and in investment terms. Second, the office market is one of most established ones in China and attracts most attention from policy makers, investors, practitioners and academia. However, so far there is little empirical research on the Shanghai office market. This paper will use econometric modelling techniques to investigate office rent determination of the CBD in the central Puxi area, Shanghai, over the period 1991 –2007. Using a reduced form modelling specification in an error correction framework based on demand and supply interactions, GDP and office stock are found to significantly affect office rental performance in the Shanghai market in the long run. The model also shows that the office market adjusts to equilibrium. This model is then extended to test the impact of foreign direct investment, real interest rates, and vacancy rates on rental determination

Electronic structures of [111]-oriented free-standing InAs and InP nanowires

We report on a theoretical study of the electronic structures of the [111]-oriented, free-standing, zincblende InAs and InP nanowires with hexagonal cross sections by means of an atomistic $sp^{3}s^{*}$, spin-orbit interaction included, nearest-neighbor, tight-binding method. The band structures and the band state wave functions of these nanowires are calculated and the symmetry properties of the bands and band states are analyzed based on the $C_{3v}$ double point group. It is shown that all bands of these nanowires are doubly degenerate at the $\Gamma$-point and some of these bands will split into non-degenerate bands when the wave vector $k$ moves away from the $\Gamma$-point as a manifestation of spin-splitting due to spin-orbit interaction. It is also shown that the lower conduction bands of these nanowires all show simple parabolic dispersion relations, while the top valence bands show complex dispersion relations and band crossings. The band state wave functions are presented by the spatial probability distributions and it is found that all the band states show $2\pi/3$-rotation symmetric probability distributions. The effects of quantum confinement on the band structures of the [111]-oriented InAs and InP nanowires are also examined and an empirical formula for the description of quantization energies of the lowest conduction band and the highest valence band is presented. The formula can simply be used to estimate the enhancement of the band gaps of the nanowires at different sizes as a result of quantum confinement.Comment: 9 pages, 8 figures. arXiv admin note: substantial text overlap with arXiv:1502.0756

A Tale of Two Chinese Cities: The Dynamics of Beijing and Shanghai Office Markets

Executive Summary. We analyze office rental pricing and adjustment processes in two Chinese cities: Beijing and Shanghai. The study period covers 17 years from 1993 to 2009. We find that rents in the two cities responds to demand and supply variables in the long-run model. In the short-run model, the error correction term is correctly signed and statistically significant in all model scenarios; however, adjustment is slower than other major office centers. In the short-run models, the rental adjustment process in Shanghai is affected by both supply and demand; in Beijing, only the vacancy rate has significant impact on rental adjustment. We further test the differences in vacancy rates in the two cities and find that individual city components are statistically significant and different from each other. Shanghai has a lower price elasticity and higher income elasticity than Beijing

Retail rent dynamics in two Chinese cities

This paper examines the retail rent dynamics of two Chinese cities, Beijing and Shanghai. We use an error correction modelling framework to estimate long-run equilibrium relationships and short-term dynamic corrections. The study period covers 1999–2012. We also run tests to examine the presence of structural breaks. The empirical results suggest that both supply and demand significantly affect retail rents for both cities in the long run. However, in the short term, the change of rent responds to change in income for Shanghai market. Both markets have a rapid speed of adjustment, especially Shanghai market that is more price and income elastic. The results shed some light on the behaviour of retail rent adjustment processes in one of the largest and fast growing emerging markets

Positive exchange bias in ferromagnetic La0.67Sr0.33MnO3 / SrRuO3 bilayers

Epitaxial La0.67Sr0.33MnO3 (LSMO)/ SrRuO3 (SRO) ferromagnetic bilayers have been grown on (001) SrTiO3 (STO) substrates by pulsed laser deposition with atomic layer control. We observe a shift in the magnetic hysteresis loop of the LSMO layer in the same direction as the applied biasing field (positive exchange bias). The effect is not present above the Curie temperature of the SRO layer (), and its magnitude increases rapidly as the temperature is lowered below . The direction of the shift is consistent with an antiferromagnetic exchange coupling between the ferromagnetic LSMO layer and the ferromagnetic SRO layer. We propose that atomic layer charge transfer modifies the electronic state at the interface, resulting in the observed antiferromagnetic interfacial exchange coupling.Comment: accepted to Applied Physics Letter

In vitro expanded human CD4+CD25+ regulatory T cells suppress effector T cell proliferation.

Regulatory T cells (Tregs) have been shown to be critical in the balance between autoimmunity and tolerance and have been implicated in several human autoimmune diseases. However, the small number of Tregs in peripheral blood limits their therapeutic potential. Therefore, we developed a protocol that would allow for the expansion of Tregs while retaining their suppressive activity. We isolated CD4+CD25 hi cells from human peripheral blood and expanded them in vitro in the presence of anti-CD3 and anti-CD28 magnetic Xcyte Dynabeads and high concentrations of exogenous Interleukin (IL)-2. Tregs were effectively expanded up to 200-fold while maintaining surface expression of CD25 and other markers of Tregs: CD62L, HLA-DR, CCR6, and FOXP3. The expanded Tregs suppressed proliferation and cytokine secretion of responder PBMCs in co-cultures stimulated with anti-CD3 or alloantigen. Treg expansion is a critical first step before consideration of Tregs as a therapeutic intervention in patients with autoimmune or graft-versus-host disease