Anglin, Paul M.; Dale-Johnson, David; Gao, Yanmin; Zhu, … - In: Journal of Urban Economics 83 (2014) C, pp. 87-107
A special feature of China’s housing market is land use rights in the form of land leasehold contracts granted by the government. We consider an equilibrium model in which a representative developer may choose to redevelop existing centrally located housing or to develop new housing at the...