Heterogeneous convergence of regional house prices and the complexity in China
The purpose of this research is to analyze the convergence of regional house prices and its complexity in China. In this purpose it used nonlinear time varying factor model. The obtained results have provided evidences for the existence of some degree of segmentation in China’s housing market. By...
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Faculty of Economics University of Rijeka
2015-12-01
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Online Access: | http://www.efri.uniri.hr/sites/efri.uniri.hr/files/cr-collections/2/05-ruilinxinzhangxiutinglijichangdong-2015-2.pdf |
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doaj-aedab35570114064bd83ddf0a0ed496c2020-11-25T03:14:11ZdeuFaculty of Economics University of RijekaZbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu1331-80042015-12-0133232534810.18045/zbefri.2015.2.325Heterogeneous convergence of regional house prices and the complexity in ChinaRui Lin0Xin Zhang1Xiuting Li2Jichang Dong3PhD, School of Economics and Management, University of Chinese Academy of Sciences, Beijing, ChinaPhD, School of Economics and Management, University of Chinese Academy of Sciences,Beijing, ChinaAssistant Professor, School of Economics and Management, University of Chinese Academy of Sciences, Beijing, ChinaFull Professor, School of Economics and Management, University of Chinese Academy of Sciences, Beijing, ChinaThe purpose of this research is to analyze the convergence of regional house prices and its complexity in China. In this purpose it used nonlinear time varying factor model. The obtained results have provided evidences for the existence of some degree of segmentation in China’s housing market. By further dynamic analysis of the convergence, we have found that important housing policies from Chinese central government can significantly alter the housing market but with a time lag of 4 to 5 months, and that quite different behaviors exist between the new house market and the second-hand house market in China, which provides the evidence for the complexity of housing market in China. Multiple factors together are the driving forces for the regional house price convergence. And the driving forces differ among three clubs. The basic conclusion provided from the realized research is that the conventional definitions of economic regions may not be appropriate to analyze house price segregation in China. Heterogeneous convergence exists in China’s regional house prices, indicating the complexity of regional house prices in China. And housing policies should be implemented with different focus among the regions. The way of the central government is to make housing policies aiming at different sub-markets of the new house market and the second-hand house market.http://www.efri.uniri.hr/sites/efri.uniri.hr/files/cr-collections/2/05-ruilinxinzhangxiutinglijichangdong-2015-2.pdfconvergencehouse pricesChina; policycomplexity |
collection |
DOAJ |
language |
deu |
format |
Article |
sources |
DOAJ |
author |
Rui Lin Xin Zhang Xiuting Li Jichang Dong |
spellingShingle |
Rui Lin Xin Zhang Xiuting Li Jichang Dong Heterogeneous convergence of regional house prices and the complexity in China Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu convergence house prices China; policy complexity |
author_facet |
Rui Lin Xin Zhang Xiuting Li Jichang Dong |
author_sort |
Rui Lin |
title |
Heterogeneous convergence of regional house prices and the complexity in China |
title_short |
Heterogeneous convergence of regional house prices and the complexity in China |
title_full |
Heterogeneous convergence of regional house prices and the complexity in China |
title_fullStr |
Heterogeneous convergence of regional house prices and the complexity in China |
title_full_unstemmed |
Heterogeneous convergence of regional house prices and the complexity in China |
title_sort |
heterogeneous convergence of regional house prices and the complexity in china |
publisher |
Faculty of Economics University of Rijeka |
series |
Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu |
issn |
1331-8004 |
publishDate |
2015-12-01 |
description |
The purpose of this research is to analyze the convergence of regional house prices
and its complexity in China. In this purpose it used nonlinear time varying factor
model. The obtained results have provided evidences for the existence of some
degree of segmentation in China’s housing market. By further dynamic analysis of
the convergence, we have found that important housing policies from Chinese
central government can significantly alter the housing market but with a time lag
of 4 to 5 months, and that quite different behaviors exist between the new house
market and the second-hand house market in China, which provides the evidence
for the complexity of housing market in China. Multiple factors together are the
driving forces for the regional house price convergence. And the driving forces
differ among three clubs. The basic conclusion provided from the realized research
is that the conventional definitions of economic regions may not be appropriate to analyze house price segregation in China. Heterogeneous convergence exists in
China’s regional house prices, indicating the complexity of regional house prices
in China. And housing policies should be implemented with different focus among
the regions. The way of the central government is to make housing policies aiming
at different sub-markets of the new house market and the second-hand house
market. |
topic |
convergence house prices China; policy complexity |
url |
http://www.efri.uniri.hr/sites/efri.uniri.hr/files/cr-collections/2/05-ruilinxinzhangxiutinglijichangdong-2015-2.pdf |
work_keys_str_mv |
AT ruilin heterogeneousconvergenceofregionalhousepricesandthecomplexityinchina AT xinzhang heterogeneousconvergenceofregionalhousepricesandthecomplexityinchina AT xiutingli heterogeneousconvergenceofregionalhousepricesandthecomplexityinchina AT jichangdong heterogeneousconvergenceofregionalhousepricesandthecomplexityinchina |
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