The impact of land policy on the relation between housing and land prices: Evidence from China

Du, Hongyan; Ma, Yong; An, Yunbi

doi:10.1016/j.qref.2010.09.004

Cited by 101 publications

(48 citation statements)

References 18 publications

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“…Their model was estimated using sample data on 21 provincial cities in China from 2000 to 2005, and their results show that housing and land prices are endogenously interrelated. Du et al [39] employ a Granger causality approach to test this relation. Their results suggest the presence of unidirectional Granger causality between housing and land prices.…”

Section: Macro-level Studies On Housing Pricesmentioning

confidence: 99%

Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China

et al. 2016

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Urban rail transit facilities play a critical role in citizen's social activities (e.g., residence, work and education). Using panel data on housing prices and urban rail transit facilities for 35 Chinese cities for 2002 to 2013, this study constructs a panel data model to evaluate the effect of rail transit facilities on housing prices quantitatively. A correlation test reveals significant correlations between housing prices and rail transit facilities. Empirical results demonstrate that rail transit facilities can markedly elevate real estate prices. Quantitatively, a 1% increase in rail transit mileage improves housing prices by 0.0233%. The results highlight the importance of other factors (e.g., per capita GDP, land price, investment in real estate and population density) in determining housing prices. We also assess the effects of expectations of new rail transit lines on housing prices, and the results show that expectation effects are insignificant. These findings encourage Chinese policy makers to take rail transit facilities into account in achieving sustainable development of real estate markets.

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Section: Macro-level Studies On Housing Pricesmentioning

confidence: 99%

Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China

et al. 2016

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“…This then leads to even more loans to the sector and a further loosening of credit standards. Du et al (2011) look at the connection between Chinese land policy and its impact on the dynamic relationship between the house prices and land prices in the Chinese real estate market. Using panel data sets for Beijing, Shanghai, Tianjin and Chongqing they demonstrate that there exists a long-run equilibrium between Chinese urban housing and land markets.…”

Section: Literature Reviewmentioning

confidence: 99%

Estimation of bubble dynamics in the Chinese real estate market: a State space model

Gabrieli

Pılbeam

Wang

2017

Int Econ Econ Policy

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This paper analyses the existence of a bubble in the Chinese real estate market and examines its driving factors with a state-space model. The model considers macroeconomic and real estate time series variables as inputs and employs a Kalman filter to obtain an estimated fundamental price using demand and supply for Chinese real estate. We then measure the deviation between actual and estimated fundamental real estate prices to test for the existence of a bubble. We find evidence for the existence of a bubble especially post 2010, when the deviation ratio is found to be significantly higher with a peak of 80% in 2012. Our estimation of overvaluation is generally much higher than in other studies.

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“…Companies, organizations and individuals could only acquire land use rights from the government through non-market-oriented land allocations (Du, Ma, An, 2011). Over the past thirty years, however, China's land system has experienced significant change.…”

Section: Preliminary Analysismentioning

confidence: 99%

Land supply and money growth in China

Liu

Huang

2016

International Review of Economics & Finance

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China has experienced several episodes of inflation in recent years. Popular arguments attribute these episodes to relatively high growth rates of money, which were then primarily explained by China's accumulation of foreign exchange reserves and the undervaluation of RMB. We attempt to explain China's high monetary growth rates through the supply of land. Under China's land system, the supply of land is controlled by the government and can be viewed as exogenous to the monetary system. An

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The impact of land policy on the relation between housing and land prices: Evidence from China

Cited by 101 publications

References 18 publications

Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China

Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China

Estimation of bubble dynamics in the Chinese real estate market: a State space model

Land supply and money growth in China

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