Do investment and improvement demand outweigh basic consumption demand in housing market? Evidence from small cities in Jiangsu, China

《Do investment and improvement demand outweigh basic consumption demand in housing market? Evidence from small cities in Jiangsu, China》

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来源: HABITAT INTERNATIONAL,Vol.66,P.24-31

语言: 英文

关键字: Consumption demand; Investment demand; Housing market; Price elasticity; Small cities; Urbanization; China; TENURE CHOICE; EMPIRICAL RECONCILIATION; LOCAL JURISDICTIONS; EQUILIBRIUM-MODELS; PRICES; DETERMINANTS; SUSTAINABILITY; HANGZHOU; INCOME

作者单位: [Du, Jing; Yang, Yifan; Li, Dezhi] Southeast Univ, Sch Civil Engn, Dept Construct Management & Real Estate, Nanjing 210096, Jiangsu, Peoples R China. [Yang, Yifan] Univ Hong Kong, Fac Engn, Dept Civil Engn, Pokfulam, Hong Kong, Peoples R China. [Zuo, Jian] Univ Adelaide, ECIC, Sch Architecture & Built Environm, Adelaide, SA 5000, Australia. Yang, YF (reprint author), Univ Hong Kong, Dept Civil Engn, Pokfulam, Hong Kong, Peoples R China. E-Mail: seuyangyifan@sina.com

摘要: Housing problems in China have recently aroused wide range of interests of scholars. Housing demand, which is a classical discussing point in academia, also acts as reference for governments to enact loose, tense or neutral housing policies. However, studies scrutinizing the housing demand structure, particularly from consumption and investment perspectives are scant. Existing researches have mostly focused on the mature housing market in large cities in China, and the housing market in small cities has rarely been addressed. In this study, housing demand is deliberated in two respective dimensions of rent/own and consumption/investment demand. Price elasticities are obtained through formulating demand functions of each demand category with micro-data collected through questionnaire survey in small cities in Jiangsu. Underpinned by the set of elasticity coefficients, detailed housing demand structure can be calculated proportionately. Results suggest that the improvement and investment housing needs have outweighed basic consumption demand in small cities in Jiangsu Province. Housing price rising has a promoting effect on residential housing demand, which is in stark contrast to the existing studies on price elasticity of housing demand in large cities in China. Factors of urbanization significantly influence the housing need of residents in small cities. Improvement of urbanization rate would contribute to the consumption demand booming while prosperity of tertiary industry would boost improvement and investment housing demand. Not only could the analytic methodology of housing demand structure demonstrated in this paper be referenced, but the empirical answers carry vital implications for governments implementing diverse policy design in large and small cities in China. (C) 2017 Elsevier Ltd. All rights reserved.