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An Examination of the Chinese Housing Market through the Lens of the DiPasquale- Wheaton Model: a Graphical Attempt

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Author Info
Charles Ka Yui Leung () (Department of Economics and Finance, City University of Hong Kong, Kowloon Tong, Hong Kong)
Wei Wang (Penghua Fund Management Co., Ltd. 43/F, International Chamber of Commerce Tower, Yitian RD, CBD, Futian Dist., Shenzhen 518048, China)

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Abstract

Many existing studies on the China real estate industry are empirical, or policyoriented. This paper complements the literature by adopting the DiPasquale and Wheaton model (1996) to study the China housing market, and trace the impact of different policies. Surprisingly, the model is capable of accounting for several developments in the market. We also extend the model to a dual-class housing situation, not only for the analysis of a recent policy change in China, but also for the potentially independent interest of other countries. A summary of the evolution of recent China housing policies is provided.

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

Volume (Year): 10 (2007)
Issue (Month): 2 ()
Pages: 131-165
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ire:issued:v:10:n:02:2007:p:131-165

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Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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Related research
Keywords: real estate; policy; determination of price and quantity; submarket;

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Find related papers by JEL classification:
L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Charles Ka Yui Leung, 2004. "Macroeconomics and Housing: A Review of the Literature," Discussion Papers 00004, Chinese University of Hong Kong, Department of Economics. [Downloadable!]
    Other versions:
  2. Ko Wang & Yuqing Zhou, 2000. "Overbuilding: A Game-Theoretic Approach," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 28(3), pages 493-522. [Downloadable!] (restricted)
  3. Ko Wang & Yuqing Zhou, 2006. "Equilibrium Real Options Exercise Strategies with Multiple Players: The Case of Real Estate Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(1), pages 1-49, 03. [Downloadable!] (restricted)
  4. Goodman, Allen C. & Thibodeau, Thomas G., 2003. "Housing market segmentation and hedonic prediction accuracy," Journal of Housing Economics, Elsevier, vol. 12(3), pages 181-201, September. [Downloadable!] (restricted)
  5. Neng Lai & Ko Wang, 1999. "Land-Supply Restrictions, Developer Strategies and Housing Policies: The Case in Hong Kong," International Real Estate Review, Asian Real Estate Society, vol. 2(1), pages 143-159. [Downloadable!]
  6. Bourassa, Steven C. & Hoesli, Martin & Peng, Vincent S., 2003. "Do housing submarkets really matter?," Journal of Housing Economics, Elsevier, vol. 12(1), pages 12-28, March. [Downloadable!] (restricted)
  7. Wensheng Peng & Matthew Yiu & Dickson Tam, 2005. "The Property Market and the Macroeconomy of the Mainland: A Cross Region Study," Working Papers 0512, Hong Kong Monetary Authority. [Downloadable!]
  8. François Ortalo-Magné & Andrea Prat, 2005. "The Political Economy of Housing Supply," Levine's Bibliography 122247000000000954, UCLA Department of Economics. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Kenneth K. Chow & Matthew S. Yiu & Charles Ka Yui Leung & Dickson C. Tam, 2008. "Does the DiPasquale-Wheaton Model Explain the House Price Dynamics in China Cities?," Working Papers 212008, Hong Kong Institute for Monetary Research. [Downloadable!]
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