| Variable | Definition |

Dependent variable | Inno | Annual R & D expenditure/annual total asset |

Independent variable | Commercial | Ln (sales price of commercial housing) |

Residence | Ln (sales price of residential) | |

Office | Ln (sales price of office buildings) | |

Operating | Ln (sales price of operating buildings) | |

Others | Ln (sales price of other buildings) | |

Control variable | Size | Ln (total assets) |

Lev | Debt-to-assets ratio | |

Subsidy | Ln (government subsidy) | |

Growth | Operating income growth rate | |

ROA | Return on total assets | |

Age | Ln (age of establishment) | |

State | If itâ€™s state-owned enterprise, equals to 1 | |

Year | Year dummy variable | |

Ind | Industry dummy variable |