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Mortgage Payment as a Portion of Income: A Better Solution

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Abstract

We propose a program that would further promote housing privatization in China. In addition to operating its current Housing Savings Fund program, the government could guarantee loans, with payments capped at affordable levels or spread out over workable payment periods. Such a program would balance efficiency with fairness by encouraging market forces, while addressing practical necessities (lenders’ rights, corruption, labor mobility) so that privatization could relieve the burden on government and taxpayers. Net benefits would arise through the private market’s greater efficiency in managing housing resources.

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File URL: http://www.umac.mo/fba/irer/papers/past/Vol6_pdf/121-135%20PRC.pdf
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Bibliographic Info

Article provided by Asian Real Estate Society in its journal International Real Estate Review.

Volume (Year): 6 (2003)
Issue (Month): 1 ()
Pages: 121-135

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Handle: RePEc:ire:issued:v:06:n:01:2003:p:121-135

Contact details of provider:
Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Email:
Web page: http://www.asres.org/

Order Information:
Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Email:
Web: http://www.asres.org/

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  1. Anthony Yanxiang Gu, 2002. "Valuing the Option to Purchase an Asset at a Proportional Discount," Journal of Financial Research, Southern Finance Association & Southwestern Finance Association, vol. 25(1), pages 99-109.
  2. John Vickers & George Yarrow, 1988. "Privatization: An Economic Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262720116, December.
  3. Ramon Moreno, 2002. "Reforming China's banking system," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may31.
  4. Edgar O. Olsen, 2000. "The Cost-Effectiveness of Alternative Methods of Delivering Housing Subsidies," Virginia Economics Online Papers 351, University of Virginia, Department of Economics.
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