Housing wealth and happiness in Urban China

Cheng, Zhiming; Prakash, Kushneel; Smyth, Russell; Wang, Haining

doi:10.1016/j.cities.2019.102470

Cited by 44 publications

(20 citation statements)

References 52 publications

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“…Household personal savings if invested into ventures such as purchasing a house, buying of stocks and bonds and establishing self-employment ventures consequently earn returns, which contribute to future economic security and wealth [43,44]. Both domestic and foreign studies have found a positive effect of asset ownership and personal financing on life satisfaction [45,46,47,48,49]. With research relating to China, findings from a panel data analysis of the China Household Financial Survey indicated that growth in the personal assets of an individual could improve happiness, whereas increase in debt is detrimental to an individual’s perception of happiness [50].…”

Section: Public Pension Scheme Intergenerational Assistance and Smentioning

confidence: 99%

Old Age Support in Urban China: The Role of Pension Schemes, Self-Support Ability and Intergenerational Assistance

Abruquah

Yin

Ding

2019

IJERPH

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With the aim of probing into the life satisfaction of retired urban elderly in China with respect to old age support systems, this study examines the effect of pension reform with its existing inequalities across demographic and social groups on the life satisfaction of retired urban residents. The complementary role of intergenerational assistance and self-support on the life satisfaction of beneficiaries and non-beneficiaries of the pension scheme was analyzed using an ordered logit regression model with 2015 national representative data from China’s Health and Retirement Longitudinal Survey. Our sample consists of a cross-sectional data set of 3815 retired urban elderly aged 60 and above. The empirical results depict that though enjoying benefits from the public pension scheme generally enhances life satisfaction, beneficiaries of the Government and Institution Pension and Enterprise Employee Basic Pension are more advantaged than beneficiaries under the Urban-Rural Social Pension Scheme. The pension inequalities existing at provincial levels and across social groups such as gender and residence registration status also affect life satisfaction adversely. Women and rural ‘Hukou’ registered retired urban residents are at an apparent disadvantage. Getting financial and emotional support from children broadly improves life satisfaction. Non-beneficiaries of the public pension benefit more from the financial support of children than public pension beneficiaries. There is also a positive effect of cohabiting with children on life satisfaction when retired urban residents are single as compared to being married. Financial and physical self-support ability in forms of good health, home ownership and wealth management enhance life satisfaction significantly. However, largely, retired urban elderly have a higher life satisfaction when they are financially independent of children and are supported by state pension schemes. Our findings indicate that self-support ability of the elderly together with pension benefits are more effective in enhancing the life satisfaction of retired urban elderly in China. It is recommended that government institute policies to promote personal finance initiatives by the elderly while improving the pension scheme and reducing pension inequality.

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Section: Public Pension Scheme Intergenerational Assistance and Smentioning

confidence: 99%

Old Age Support in Urban China: The Role of Pension Schemes, Self-Support Ability and Intergenerational Assistance

Abruquah

Yin

Ding

2019

IJERPH

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“…The model may not be able to identify the rapid growth of the real estate sector in Hypothesis 2 effectively, which further inhibits national happiness through the transmission mechanism of the financial institutions' loan structure. The classic intermediary test method is the mediating effect test model developed by Baron, Kenny, Chengand Wen [31][32][33][34].…”

Section: Retesting Results Of Conduction Mechanism: Based On the Medimentioning

confidence: 99%

Real Estate Investment, Loan Preference, and National Happiness: Evidence from China

2021

Land

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With two-stage least squares and LS models, this paper investigates the effects of real estate investment and loan preference on national happiness with data of 31 provinces in China from 2000 to 2018. The conclusions are that a rapid growth of real estate investment has significant adverse effects on national happiness in modern China. Specifically, real estate investment has negative impacts on disposable income, consumption structure, and personal development. Moreover, the rapid growth of real estate investment and institutions’ loan preference leads to other inhibitory effects on national happiness. The intermediary effect model confirms the transmission mechanism of the rapid growth of real estate investment, the loan structure, and national happiness. According to our research, we propose conductive suggestions for the governments.

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“…While Bachelord (1994) de nes "Home is a symbol of the lives spent within it", it identi es three personal factors, viz., intimacy, daydreams, imagination and memories, that affect a home's establishment. Higher happiness levels are more concentrated among those who own a home (Cheng et al 2020). Bledsoe (2019) links it to the quality of life and refers to the humanization of housing.…”

Section: Real Estate Market-indian Contextmentioning

confidence: 99%

The Indian real estate regulations and urban homebuyers: impact assessment

Chawla¹,

Kumar²

2022

Preprint

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The previously unregulated urban housing and real estate market scenario began to change by promulgating a new law, i.e., the Indian Real Estate (Regulation and Development) Act, 2016 (RERDA, 2016/Act). Claims are that the Act has been saving homebuyers from exploitation by the promoters' evasive and aggressive approach and impacting the economy and society. The paper briefly examines relevant provisions of the Act and judicial pronouncements protecting urban homebuyers' interests; it analyzes in-depth their impact on them in particular and society by empirically studying 540 sample homebuyers' reactions. Besides, the study discusses the implications of regulating foreign direct investments in aiding current policy perceptions supporting housing vis-a-vis the economy. The results show that very often, builders exploit the homebuyers. Timely judiciary interventions have removed the initial bottleneck created by builders, positively impacting builders' and governments' safeguarding of homebuyers' interests. Even four years after the Act's implementation, its implementation remains uneven.

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Housing wealth and happiness in Urban China

Cited by 44 publications

References 52 publications

Old Age Support in Urban China: The Role of Pension Schemes, Self-Support Ability and Intergenerational Assistance

Old Age Support in Urban China: The Role of Pension Schemes, Self-Support Ability and Intergenerational Assistance

Real Estate Investment, Loan Preference, and National Happiness: Evidence from China

The Indian real estate regulations and urban homebuyers: impact assessment

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