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| 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 it’s state-owned enterprise, equals to 1 | |
| Year | Year dummy variable | |
| Ind | Industry dummy variable |