Constructing the Theory of Double Hollowing in Real Estate: Coupling Mechanisms between Spatial Structure and Financial Logic

This paper introduces the concept of Double Hollowing in the real estate sector, defined as the simultaneous occurrence and mutual reinforcement of spatial hollowing—the physical and functional decline of core urban areas—and financial hollowing—the detachment of real estate market valuation from its actual use value under financialization. Integrating spatial political economy, financialization theory, and Marx’s dual value theory, the study develops a multidimensional analytical framework that explains how spatial inefficiency and financial detachment interact through value shift, capital embeddedness, institutional collusion, and risk transmission mechanisms. The proposed Double Hollowing framework not only advances theoretical understanding of urban and real estate disequilibrium but also offers an operational index system for empirical testing. While primarily conceptual in nature, the framework provides valuable policy implications for balancing spatial vitality restoration and financial risk management, particularly in contexts of high land fiscal dependency and speculative real estate markets.