Since the 1990s, China's real estate market has experienced a dramatic and long-lasting boom across China. This boom … into a gigantic housing bubble, which might eventually burst and damage China's financial system and economy. Motivated by … this concern, this paper reviews the historical development of China's real estate market, describes the real estate boom …

China's real estate has been a key engine of its sustained economic expansion. This paper argues, however, that even …

is far from certain. The demand for real estate in China is so strong that current prices might be sustainable …

(4)There are no official data on residential vacancy rates in China, but some researchers have reported very high …

This paper uses the 2008 Wenchuan earthquake in China as a natural experiment to examine how the housing market reacted …

, China's stimulus boosted real GDP growth from an annualized 6.2% in the first quarter of 2009 trough to 11.9% in the first … speed and efficacy of China's stimulus derives from state control over its banking system and corporate sector. Beijing …, fueling a real estate bubble; and that China's seemingly highly effective macroeconomic stimulus package may well have induced …

in which households face housing collateral constraints. An increase in the ratio of housing to human wealth loosens … equity decreases as a result. Feeding the historical time series of US housing collateral into the model replicates four … equity holders, especially in the 1990s. (3) The risk-free rate and the housing collateral ratio are strongly positively …

collateral is scarce, regional consumption growth is about twice as sensitive to income growth. Household-level borrowing … frictions can explain this new stylized fact. When the value of housing relative to human wealth falls, loan collateral shrinks …

Over the last thirty years, China's major cities have experienced significant income and population growth. Much of …