House-purchasing regulations have frequently been adopted by the Chinese government to cool the overheated housing market. Under-reporting of transaction prices has also been widely employed by home buyers to reduce transaction taxes. This paper suggests that by under-reporting to a greater...

This paper reveals the role of Yin-and-Yang contracts in evading transaction regulations in China’s housing market. Using micro-observations of Beijing’s housing resales, we find buyers are engaged in “Yin-and-Yang” contracts with higher degree of under-reporting during “the most...

Big cities often witness land price outgrowing structure price. For such cities this paper derives two predictions regarding the dynamics between house price, rent and structure age. First, older houses have a higher price growth rate than younger ones, even after controlling for location and...

Big cities often witness land price outgrowing structure price. For such cities this paper derives two predictions regarding the dynamics between house prices, rent and structure age. First, older houses have a higher price growth rate than young ones, even after controlling for location and...