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High and rising prices in Chinese housing markets have attracted global attention, as well as the interest of the Chinese government and its regulators. Housing markets look very risky based on the stylized facts we document. Price-to-rent ratios in Beijing and seven other large markets across...
Persistent link: https://www.econbiz.de/10013141003
Research on housing supply has grown owing to improved data combined with heightened interest in policies such as local land use regulations. Heterogeneity in supply conditions across markets is shown to be essential to understanding the growing price dispersion across metropolitan areas, as...
Persistent link: https://www.econbiz.de/10013114174
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We provide the first multi-city, constant quality land price index for 35 major markets in China. While there is meaningful heterogeneity in land price growth across cities, on average the last nine years have seen land values skyrocket in many markets, not just those on or near the coast. The...
Persistent link: https://www.econbiz.de/10013100362
Previous research on the United States and Japan finds economically large impacts of changing real estate collateral value on firm investment. Working with unique data on land values in 35 major Chinese markets and a panel of firms outside the real estate industry, we estimate investment...
Persistent link: https://www.econbiz.de/10013087438
Between 1996 and 2006, real housing prices rose by 53 percent according to the Federal Housing Finance Agency price index. One explanation of this boom is that it was caused by easy credit in the form of low real interest rates, high loan-to-value levels and permissive mortgage approvals. We...
Persistent link: https://www.econbiz.de/10013038665
Recent sharp declines in owner-occupied housing prices naturally raise the question of whether something similar will happen to income-producing properties. It already has based on the nearly 60% decline in the share prices of publicly-traded, commercial property firms from their peak in early...
Persistent link: https://www.econbiz.de/10012839961
One of the striking features of the last U.S. housing boom was the heterogeneity in the timing of its onset across local markets. In this paper, we exploit this heterogeneity to estimate the extent to which the boom was spread via spatial spillovers from one market to another. Our analysis...
Persistent link: https://www.econbiz.de/10012936717
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