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What do we know about Housing Supply? The case of Hong Kong

Author

Listed:
  • Charles Ka Yui Leung

    (City University of Hong Kong)

  • Joe Cho Yiu Ng

    (City University of Hong Kong)

  • Edward Chi Ho TANG

    (Hong Kong Shue Yan University)

Abstract

The house price in Hong Kong is well-known to be "unaffordable." This paper relates the macroeconomy and the housing market of Hong Kong and argues that the housing supply plays a vital role in explaining the phenomenon. This paper also shows that there are some practical challenges in understanding the housing supply of Hong Kong, including the potentially complicated ownership structure of real estate development. While the discussion centers on the situation of Hong Kong, its lesson may also apply to the housing markets in other small open economies.

Suggested Citation

  • Charles Ka Yui Leung & Joe Cho Yiu Ng & Edward Chi Ho TANG, 2019. "What do we know about Housing Supply? The case of Hong Kong," GRU Working Paper Series GRU_2019_012, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    • Handle: RePEc:cth:wpaper:gru_2019_012
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    File URL: https://www.cb.cityu.edu.hk/ef/doc/GRU/WPS/GRU%232019-012%20Leung.pdf
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    2. Charles Ka Yui Leung & Joe Cho Yiu Ng & Edward Tang, 2020. "Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations," Globalization Institute Working Papers 380, Federal Reserve Bank of Dallas.
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    More about this item

    Keywords

    new housing supply; oligopolistic market structure; ownership structure of real estate development; real estate developers;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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