打印

作者

Zhaoyingzi Dong;Eddie C.M. Hui

来源

HABITAT INTERNATIONAL,Vol.127,P.102630

语言

英文

关键字

作者单位

School of Public Affairs Zhejiang University, Zhejiang, China;Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong, China;School of Public Affairs Zhejiang University, Zhejiang, China;Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong, China;School of Management, Guangzhou University, Guangzhou, 510006, China;Department of Urban Studies, University of Glasgow, Glasgow, G12 8QQ, UK;Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong;School of Design, Shanghai Jiao Tong University, Shanghai, PR China;Shanghai Key Laboratory of Urban Renewal and Spatial Optimization Technology, PR China;International Research Center for Architectural Heritage Conservation, Shanghai Jiao Tong University, Shanghai, PR China;Institute of Mountain Hazards and Environment, Chinese Academy of Sciences, #9, Block 4, Renminnan Road, Chengdu, 610041, China;University of Chinese Academy of Sciences, No. 19A Yuquan Road, Beijing, 100049, China;Power China Huadong Engineering Corporation Limited, Hangzhou, 310014, Zhejiang Province, China;School of Geography and Environment, Shandong Normal University, Jinan, 250014, China;College of Management of Sichuan Agricultural University, Chengdu, 611130, China;Sichuan Center for Rural Development Research, College of Management, Sichuan Agricultural University, 211 Huimin Road, Wenjiang District, Chengdu, 611130, China;Department of Urban and Regional Planning, University of Nigeria, Enugu Campus, Enugu, Nigeria;Department of Geoinformatics and Surveying, University of Nigeria, Enugu Campus, Enugu, Nigeria;Department of Management, University of Nigeria, Enugu Campus, Enugu, Nigeria;School of the Built Environment, Kyambogo University, P.O. Box 1, Kampala, Uganda;Institute of Human Settlements Studies, Ardhi University, P. O. Box 35124, Dar es Salaam, Tanzania;Center for Real Estate Studying, Zhejiang University, Hangzhou, China;Department of Civil Engineering, Zhejiang University, Hangzhou, China;Ningbo Urban Construction Investment Holding Company Limited, China;The Hongkong Polytechnic University, Hong Kong, China

摘要

Market sentiment has been playing a important role in Chinese housing market in last two decades, while has not received enough attentions in literature. With this in mind, this paper first establishes sentiment index depicting housing market sentiment in China. Then, the paper uses an endogenous switching regression model to investigate how housing price affects joint determination of housing choice and non-housing expenditure, with regard to the moderating role of market sentiment. This paper finds that the rising housing prices is negatively related to the probability of being an owner and positively associated with consumption. However, the counter-factual analysis the choice of being a owner has a negative effect on consumption over all and such an effect can be weakened by having a mortgage. A higher sentiment can improve the likelihood of home ownership and reduces non-housing consumption. This study helps households to optimize the wealth allocation and governments in their housing policy strategies and developers in their property development.