中文摘要：

2006年以来，房地产业成为流人中国的外商直接投资集中的主要行业之一。对这一时期中国35个重点城市的房地产外资区位进行分析，发现房地产外资集中的地区仍分布在北京、上海、广州等特大型城市，但同时表现出向长江沿岸地区及东北地区的核心城市等内陆地区转移的趋势。面板Tobit模型的计量结果表明，内资企业的竞争是导致房地产外资区位变化的重要因素。内资企业的竞争优势迫使房地产外资放弃利润率最高的最优区位，转而寻求利润率较低、而市场需求较大的次优区位。各重点城市间土地市场化程度差异的迅速缩小使得房地产外资能够自由选择区位，为房地产外资的这一空间转移策略提供了制度保障。

英文摘要：

Since the late 20th Century, the hotspots of international direct investment have transferred from man- ufacturing industries to service industries. The development of service international direct investment became the motor of global direct investment. As a result, the locational choice of service international direct investment has acted as a popular topic of economical geography. After thirty years＇ reforming and opening up, Chinese is now a major destination of international direct investment. The structure of international direct investment in Chi- na has also changed because of more critical policies and variable environments. Recently, the tertiary industries are attracting more and more foreign direct investment. However, there are little literatures about the location choice theories of foreign direct investment in the tertiary industries. The empirical literatures are even less. Real estate is one of the major industries that foreign direct investment focuses on. We hold the real estate industry as an example to study the location choice of foreign direct investment in Chinese tertiary industries. Special inten- tion is paid to the interaction of foreign direct investment and domestic investment, especially the exclusion im- pact of domestic investment. Empirical study of the location choices of real estate foreign direct investment dur- ing 2006-2011 shows that although foreign real estate investment concentrates in the metropolises along the east- ern seashore, it shows a trend to shift to the big cities in the inner land, especially to those cities locates along the Yangtze River. Compared to foreign direct investment from other regions and countries, foreign direct invest- ment from Hong Kong, Macao and Taiwan spreads more widely in the inner land. The study uses a panel Tobit model to declare that intensive competitions from domestic real estate firms and disadvantages of outsiders make foreign firms to give up the optimized locations, where the profit rate is highest. Compared to foreign real es