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The answer to the question posed in the title is ‘no’ even though research in macroeconomics and corporate finance reports substantial collateral channel effects on firm investment that amplified the business cycles of the United States and Japan.Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the real estate industry,we estimate standard investment equations that yield no evidence of a collateral channel effect.One reason appears to be that some of the most dominant firms in China are state-owned enterprises(SOEs)which are unconstrained in the sense that they do not need to rely on rising underlying property collateral values to obtain all the financing necessary to carry out their desired investment programs.However,we also find no collateral channel effect for non-SOEs when we perform our analysis on disaggregated sets of firms.We suspect that norms and regulation in the Chinese capital markets and banking sector prevent a collateral channel effect from operating among these firms.We caution that our results do not mean that there will be no negative fallout from a real estate bust on the Chinese economy.There are good reasons to believe there would be,just not through a collateral channel effect.