Comparisons of the relations between housing prices and the macroeconomy in China's first-, second- and third-tier cities

Hong Zhang, Linjun Li, Chi Man Hui, Vera Li

Research output: Journal article publicationJournal articleAcademic researchpeer-review

35 Citations (Scopus)

Abstract

The results show that the interest rate has significant negative impact on housing prices, but the impact gradually decreases from first-tier to third-tier cities; the effect of inflation on housing prices is positive in the initial period and then becomes negative, and compared with that in second- and third-tier cities, the negative effect in first-tier cities is much more significant; housing prices have a positive effect on inflation, and the effect gradually increases from first-tier to third-tier cities; the influence of the macroeconomic growth rate on housing prices is generally positive in all the cities, and the strongest effect is found for first-tier cities. Based on the findings, our work can provide the government with more targeted policy recommendations, which can offer some new ideas on the regulation of the real estate market.
Original languageEnglish
Pages (from-to)24-42
Number of pages19
JournalHabitat International
Volume57
DOIs
Publication statusPublished - 1 Jan 2016

Keywords

  • China
  • Cities
  • Housing prices
  • Macroeconomy
  • Real estate
  • Regulation of market

ASJC Scopus subject areas

  • Urban Studies

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