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Effects of house-sale restrictions in China: a difference-in-difference approach

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  • Yan Yan
  • Ouyang Hongbing

Abstract

Chinese housing prices have increased rapidly in recent years. Concerned about the potential for a burst bubble, the Chinese government has been intervening in the market to rein in the rising price trend since 2010. In March 2017, a new housing policy, called house-sale restriction, was developed to curtail speculation in the Chinese housing market. This study uses a difference-in-difference model to examine the policy effect of this new restriction. By using house-sale and price data of 43 cities across 30 provinces in China, we find that house-sale restrictions could effectively reduce speculation in the market as well as decrease housing prices in the short term. This study analyses only the short-term effect of this new housing policy; the long-term effect requires further examination.

Suggested Citation

  • Yan Yan & Ouyang Hongbing, 2018. "Effects of house-sale restrictions in China: a difference-in-difference approach," Applied Economics Letters, Taylor & Francis Journals, vol. 25(15), pages 1051-1057, September.
    • Handle: RePEc:taf:apeclt:v:25:y:2018:i:15:p:1051-1057
    DOI: 10.1080/13504851.2017.1394968
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    Cited by:

    1. Somerville, Tsur & Wang, Long & Yang, Yang, 2020. "Using purchase restrictions to cool housing markets: A within-market analysis," Journal of Urban Economics, Elsevier, vol. 115(C).
    2. Min Zhou & Wei Guo, 2023. "Self-rated Health and Objective Health Status Among Rural-to-Urban Migrants in China: A Healthy Housing Perspective," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 42(1), pages 1-24, February.
    3. Shi, Song & Zhang, Hong & Zhang, Jun, 2022. "The impact of a home purchase restrictions (HPR) policy on the distressed property market in Beijing," Journal of Housing Economics, Elsevier, vol. 58(PB).
    4. Ya Gao & Xiuting Li & Jichang Dong, 2019. "Does Housing Policy Sustainability Matter? Evidence from China," Sustainability, MDPI, vol. 11(17), pages 1-17, August.
    5. Chen, Yunping & Chen, Huanhuan & Li, Guorong & Jiao, Dongdan & Xu, Xiangyun, 2021. "Time-varying effect of macro-prudential policies on household credit growth: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 241-254.

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