Abstract: The coordinated development of the beijing-tianjin-hebei region is an important national development strategy in China. In recent years, the rapid growth of housing price has attracted wide attention from the society and made the impact of housing price on the economy an important topic of concern.On the basis of Footloose Capital Model, a "Housing Price-Capital" model is constructed in this paper, to analyze the impact of investment income of the real estate industry on industrial reinvestment. Through the numerical simulation of the model, the following conclusions can be drawn:(1) the appropriate inter-regional difference in investment income of the real estate industry is conducive to the transfer of industrial enterprises from core area to surrounding area, while the huge difference will result in the flow of capital to the real estate industry in the core area. (2) If the inter-regional differences in investment returns of real estate industry are constant, the large economic development gap will hinder the industrial transfer, while the fierce market competition will promote it. Following that, based on the annual data of 13 cities in the beijing-tianjin-hebei region from 2005 to 2017, a panel threshold model is built to analyzes the impact mechanism of housing price, per capita GDP and industrial scale on real estate development investment and the fixed asset investment in the primary industry, secondary industry and tertiary industry (excluding real estate) respectively. The following conclusions can be drawn from panel threshold model:(1) the rising housing price has "crowding out effect" and "wealth effect" on the fixed asset investment in all industries. Therein, the "crowding out effect" is the most significant in the primary industry, and the "wealth effect" is the most significant in the tertiary industry (excluding real estate). (2) Under government control, reasonable housing price growth is conducive to guiding the transfer of capital from the real estate industry to other industries. (3) The dependence of fixed asset investment in the tertiary industry (excluding real estate) and the real estate industry on the industrial scale is smaller than that in the primary industry and the secondary industry, but more inclined to the economically developed regions.
Based on above research, the following suggestions are put forward:(1) the core area becoming a metropolis is the final result of regional integration and the best choice to improve the overall utilization efficiency of regional resources. Economic aggregate, technology, political and other advantages will inevitably accelerate the growth of investment in core areas. On the one hand, the government should strictly implement the principle of "housing residence instead of vicious speculation" and encourage capital flow from the real estate industry to the real economy, thus promoting the upgrading of industrial structure. On the other hand, industrial policies restrict investment in inefficient industries and force low-value-added industries to move out of the region, so as to enhance the economic radiation capacity of large cities and promote the coordinated development of regional economy.(2) the economic hinterland is the foundation on which big cities rely for their existence. The housing price policy and industrial incentive policy should be comprehensively utilized to build a stepped economic hinterland:(a) With the development of economy, the rise of house price is inevitable. For the less developed areas, reasonable housing price growth can screen out and undertake the transfer of the core area of relatively efficient industries. At the same time, the policy of "stabilizing the housing price" is also conducive to the transfer of relatively inefficient capital from the sub-developed areas to the marginal areas, so as to avoid the real estate industry in the sub-developed areas "squeezing" the high-quality capital from the marginal areas. (b) Low transaction cost can accelerate the flow of capital, but the most marginal areas are at an absolute disadvantage in the game of regional development. Therefore, appropriate local industrial protection policies are necessary for the most marginal areas. Investment-oriented incentives should be used as far as possible to reduce the barriers of protection policies to regional integration. Marginal areas should pay more attention to maintaining the stability of housing prices and avoid harming the sustainable development of primary and secondary industries.

Key words: house price, real estate, industry transfer, coordinated development of regions