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Equilibrium-Oriented Housing Supply: A Case Study of Chengdu City, China

  • Ge He

    ()

    (College of Economics and Management of Sichuan Agricultural University, China)

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    There is a growing concern regarding housing supply management because of soaring housing prices consequent to recent market failure in China. This study is aimed at presenting an equilibrium-oriented housing supply management model that integrates housing supply and demand with time lag and reasonable vacancy area. For validity test of the model, Chengdu City was selected as a sample. The study establishes the feasibility of this model by demonstrating that optimized housing supply can narrow the gap between housing supply and demand. The implication of this finding is that planning of housing supply is an important management tool and that in applying this tool, local government should intervene in housing market to ensure scientific consideration of city's development position, economic growth and housing demand.

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    File URL: http://www.panoeconomicus.rs/casopis/2013_4/07%20Ge%20He.pdf
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    Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

    Volume (Year): 60 (2013)
    Issue (Month): 4 (June)
    Pages: 557-568

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    Handle: RePEc:voj:journl:v:60:y:2013:i:4:p:557-568
    Contact details of provider: Web page: http://www.panoeconomicus.rs/

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    1. Philip Arestis, 2011. "Fiscal Policy Is Still an Effective Instrument of Macroeconomic Policy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(2), pages 143-156, June.
    2. Carliner, Geoffrey, 1973. "Income Elasticity of Housing Demand," The Review of Economics and Statistics, MIT Press, vol. 55(4), pages 528-32, November.
    3. Du, Hongyan & Ma, Yongkai & An, Yunbi, 2011. "The impact of land policy on the relation between housing and land prices: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 19-27, February.
    4. Michael Ball, 2011. "Planning Delay and the Responsiveness of English Housing Supply," Urban Studies, Urban Studies Journal Limited, vol. 48(2), pages 349-362, February.
    5. Jing Wu & Joseph Gyourko & Yongheng Deng, 2010. "Evaluating Conditions in Major Chinese Housing Markets," NBER Working Papers 16189, National Bureau of Economic Research, Inc.
    6. Shunfeng Song & George S.-F. Chu & Rongqing Cao, 1999. "Real Estate Tax In Urban China," Contemporary Economic Policy, Western Economic Association International, vol. 17(4), pages 540-551, October.
    7. Goodman, Allen C., 2002. "Estimating Equilibrium Housing Demand for "Stayers"," Journal of Urban Economics, Elsevier, vol. 51(1), pages 1-24, January.
    8. Stephen Mak & Lennon Choy & Winky Ho, 2012. "Region-specific Estimates of the Determinants of Real Estate Investment in China," Urban Studies, Urban Studies Journal Limited, vol. 49(4), pages 741-755, March.
    9. Hung-Gay Fung & Alan Guoming Huang & Qingfeng "Wilson" Liu & Maggie Xiaoqin Shen, 2006. "The Development of the Real Estate Industry in China," Chinese Economy, M.E. Sharpe, Inc., vol. 39(1), pages 84-102, February.
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