The study analyzed how China's real estate prices are influenced by GDP, exchange rates, and interest rates. Using panel regression analysis from January 2002 to December 2013, the researchers found that China's real estate prices are significantly affected by GDP, exchange rates, and interest rates. Specifically, exchange rates and GDP have a very significant impact, while interest rates have a significant impact at a 5% level. This research contributes to understanding the current debate on whether China's real estate prices are in a bubble, highlighting the importance of economic factors in shaping the real estate market.