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Commodification and housing market cycles in Chinese cities

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  • Fulong Wu

Abstract

The paper assesses how housing commodification in China has been used to cope with the impact of financial crises and open up new opportunities to boost economic growth. In particular, in the aftermath of the global financial crisis, the injection of capital has led to a new housing market cycle. We explain the major housing market cycles after 1978 and suggest an underlying linkage with macroeconomic measures aimed at making housing a more ‘liquid’ asset and richer households increasingly using second homes as an investment strategy. Further, the Chinese form of development regime is examined, revealing the role of local government in promoting housing markets, on the one hand, and the concern of central government with property bubbles and financial risks – leading to the adaptation of a more regulated approach to restrict housing sales – on the other. We argue that housing market cycles should be understood by seeing how property development is at the centre of urban development in China.

Suggested Citation

  • Fulong Wu, 2015. "Commodification and housing market cycles in Chinese cities," International Journal of Housing Policy, Taylor & Francis Journals, vol. 15(1), pages 6-26, January.
    • Handle: RePEc:taf:intjhp:v:15:y:2015:i:1:p:6-26
    DOI: 10.1080/14616718.2014.925255
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    Cited by:

    1. Dan S. Rickman & Hongbo Wang, 2016. "Regional Housing Supply Elasticity in China 1999-2013: A Spatial Equilibrium Analysis," Economics Working Paper Series 1606, Oklahoma State University, Department of Economics and Legal Studies in Business.
    2. Natacha Aveline-Dubach & Guillaume Blandeau, 2019. "The political economy of transit value capture: The changing business model of the MTRC in Hong Kong [L'économie politique de la captation de valeur foncière (Land value capture): le nouveau modèle," Post-Print halshs-02100616, HAL.
    3. Mengzhu Zhang & Si Qiao & Xiang Yan, 2021. "The secondary circuit of capital and the making of the suburban property boom in postcrisis Chinese cities," Environment and Planning A, , vol. 53(6), pages 1331-1355, September.
    4. Jiang, Ronghao & Lin, George C.S., 2021. "Placing China’s land marketization: The state, market, and the changing geography of land use in Chinese cities," Land Use Policy, Elsevier, vol. 103(C).
    5. Jiang, Yanpeng & Mohabir, Nalini & Ma, Renfeng & Zhu, Pengyu, 2017. "Sorting through Neoliberal Variations of Ghost Cities in China," Land Use Policy, Elsevier, vol. 69(C), pages 445-453.
    6. Chen, Yawei, 2022. "Financialising urban redevelopment: Transforming Shanghai’s waterfront," Land Use Policy, Elsevier, vol. 112(C).
    7. Natacha Aveline-Dubach & Guillaume Blandeau, 2019. "The political economy of transit value capture: The changing business model of the MTRC in Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 56(16), pages 3415-3431, December.
    8. Wu, Fulong, 2022. "Land financialisation and the financing of urban development in China," Land Use Policy, Elsevier, vol. 112(C).
    9. Manuel B. Aalbers, 2017. "The Variegated Financialization of Housing," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(4), pages 542-554, July.
    10. Le Tang & Fengqin Zhou & Xueliang Feng & Yali Luo, 2018. "Collective Civic Petitions in Urban Neighborhoods: A Comparative Study between Two Different-Tier Chinese Cities," Sustainability, MDPI, vol. 10(12), pages 1-17, December.
    11. Isil Erol, 2019. "New Geographies of Residential Capitalism: Financialization of the Turkish Housing Market Since the Early 2000s," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 724-740, July.
    12. Oguzhan Cepni & Rangan Gupta & Yigit Onay, 2022. "The role of investor sentiment in forecasting housing returns in China: A machine learning approach," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(8), pages 1725-1740, December.
    13. Natacha Aveline-Dubach, 2017. "Centrality of Land in the Capital Accumulation Regime in China [La centralité du foncier dans le régime d’accumulation du capital en Chine]," Post-Print halshs-01556558, HAL.
    14. Chunhui Liu & Weixuan Song, 2019. "Perspectives of Socio-Spatial Differentiation from Soaring Housing Prices: A Case Study in Nanjing, China," Sustainability, MDPI, vol. 11(9), pages 1-16, May.
    15. Jie Shen & Yang Xiao, 2020. "Emerging divided cities in China: Socioeconomic segregation in Shanghai, 2000–2010," Urban Studies, Urban Studies Journal Limited, vol. 57(6), pages 1338-1356, May.
    16. Su, Xing & Qian, Zhu, 2022. "Neoliberal financial governance and its transformation under real estate boom and bust: The case of Ordos City, China," Land Use Policy, Elsevier, vol. 112(C).
    17. Yanpeng Jiang & Paul Waley, 2020. "Who Builds Cities in China? How Urban Investment and Development Companies Have Transformed Shanghai," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 44(4), pages 636-651, July.
    18. Lisha He & Mia M Bennett & Ronghao Jiang, 2022. "The uneven geography of real estate investment by Mainland Chinese state-owned and private enterprises in the U.S.: Local market conditions, migration, and ethnic networks," Environment and Planning A, , vol. 54(4), pages 653-675, June.
    19. Chen, Jie & Wu, Fulong, 2022. "Housing and land financialization under the state ownership of land in China," Land Use Policy, Elsevier, vol. 112(C).
    20. Hongbo Wang & Dan Rickman, 2020. "Housing Price and Population Growth across China: The Role of Housing Supply," International Regional Science Review, , vol. 43(3), pages 203-228, May.

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