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successful management of the firm and exploitation of the market, but more importantly, it contains deep understandings on how to mobilise those resources that are characteristics of the local market.

In section 2, we discuss the major strategy theories used to explain the competitive strategies of real-estate firms. In literature review, we mainly discuss the role of resource-based view in real-estate market and how it is www.51lunwen.org affecting the strategy-making in China. In section 3, we briefly discuss the research methods in this dissertation. Then in Section 4 we present the case study of Vanke in order to illustrate the development strategies. After that, we will have detail analysis of how the firm has gained competitive advantage by mobilising key resources and capabilities. Finally in section 5, we conclude.

Literature Review

2.1
2.2
Since C.K. Prahalad and Gary Hamel introduced the enormously influential notion of core competence to the management and strategy field, the tendency to regard the value creation activities of firms as resources has gain strong momentum. As we has argued above, the notion of “core competence” – according to Prahalad and Hamel – refers to a particular set of sources for value creation activates, which are unique for a particular firms with particular set of resources. This account of description of firms as core competences implied strong tendency to view firms as a particular portfolio of resources, rather than a particular set of businesses. The role of management in firms becomes the problem of how to effective deploy these resources into different businesses. In this sense, the resource-based view of firms has gained much academic attention in management and strategy field since 1980s.

Resource-based view in Real-Estate Business

2.2

Based on the analysis of corporate resources and capabilities, many researchers in real-estate markets generally agree that there are three generic corporate strategies for real-estate firms to mobile effectively key resources and capabilities (Lee 1986; Nourse and Roulac 1993; D'Arcy and Lee 1998; Hewlett and Kaufman 2008).

Current Real-Estate Market in China

Gaining Access

Data Collection

Narrative Methods and Depth Interview

Case Study

4.1

Vanke is one of the earliest players in China’s property development industry. With its origins in Shenzhen, the company was established in 1984 with several lines of business, including trading, electronics, and exhibitions. In 1988, it raised Rmb28 million through its IPO, and became one of the first few listed companies in China when the Shenzhen Securities Exchange was established In 1991. With the IPO funds, Vanke entered the property development business. Later, Vanke continued to raise funds via several secondary offerings. Notably, Vanke issued HK dollar denominated B-shares and raised HK$451 million in 1993.

People

Share Structure

Culture

Mission

4.3 Current Position

Urbanization Process

Market Focus

Premium Brand and Loyalty

Large, Low-Cost Land Holding

Diversified Portfolio

Seasoned and Motivated Management

Economies of Scale