打印

作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.56,Issue3,P.386-409

语言

英文

关键字

Home-purchase limits; housing prices; policy uncertainty; redevelopment option; Guangzhou; CORPORATE-INVESTMENT EVIDENCE; POLITICAL UNCERTAINTY; POLICY UNCERTAINTY; URBAN CHINA; REDEVELOPMENT; MARKETS; MODELS; OPTION; LAND

作者单位

[Jia, Shijun] Guangzhou Univ, Sch Business Adm, 230 Wai Huan Xi Rd, Guangzhou 510006, Guangdong, Peoples R China. [Wang, Yourong] Cent Univ Finance & Econ, Sch Management Sci & Engn, 39 Xueyuan Nan Rd, Beijing 100081, Peoples R China. [Fan, Gang-Zhi] Konkuk Univ, Dept Real Estate Studies, 120 Neungdong Ro, Seoul 143701, South Korea. Fan, GZ (reprint author), Konkuk Univ, Dept Real Estate Studies, 120 Neungdong Ro, Seoul 143701, South Korea. E-Mail: jiashj@gzhu.edu.cn; rewangyr@cufe.edu.cn; fan10@konkuk.ac.kr

摘要

Home-purchase limits, introduced by China's central government in April 2010 and afterward implemented by the local governments of major cities successively, were usually regarded as the most stringent policy instruments regulating over-heated Chinese housing markets over recent years. Our study attempts to investigate the effects of the home-purchase limits based on the micro data of resale housing transactions between January 2008 and December 2011 in Guangzhou city, one of the largest cities in mainland China. Our regression results show that, while the central government's notice negatively affects housing prices, the localized home-purchase limit measures have positive effects on housing prices in Guangzhou, which deviate far from the expectations the policy makers might have. We also find that the effects of the policies are significantly stronger for the housing units of high-rise building (or with big size) relative to those without elevators (or with small size). We provide the explanation from the aspects of policy uncertainty and redevelopment option embodied in the housing.