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Housing markets in China: an empirical evaluation of present-value model

Author

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  • Raymond Tse
  • James Webb

Abstract

Derived from the present-value model, our model implies that house price is a linear function of expected house rents and the expected rate of growth of house rents where expectations are formed adaptively. The model is used to explain the link between expected inflation and expected house rental growth rates. The estimated parameters of the housing markets in Hong Kong, Shanghai, Guangzhou and Shenzhen were compared.

Suggested Citation

  • Raymond Tse & James Webb, 2008. "Housing markets in China: an empirical evaluation of present-value model," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 6(1), pages 67-75.
  • Handle: RePEc:taf:jocebs:v:6:y:2008:i:1:p:67-75
    DOI: 10.1080/14765280701841516
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    Cited by:

    1. T. Thanh-Binh Nguyen & Kuan-Min Wang, 2010. "Causality between housing returns, inflation and economic growth with endogenous breaks," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 8(1), pages 95-115.

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