| Summary: | 碩士 === 國立高雄師範大學 === 事業經營系 === 101 === Because of the household’s living and investing demand will affect the demand and supply in the owner occupied housing market and rental housing market. Base on that viewpoint, the house price and rental price should be correlated. The investigations regarding this issue are taken great notice of academic researchers and market practitioners. Nowadays, Asian real estate market increasingly receives attention from investors. However, previous studies have investigated the relationship between house price and rental price in a single country. For thoroughly understanding Asian real estate market, we uses the co-integration model and error correction model to examine the relationship between house price and rental price in China, Taiwan, Hong Kong, Japan, South Korea and Singapore which are the most active real estate trading countries in Asia area. According to the empirical result, we find that the long-term relationships exist between house price and rental price in all the countries except Taiwan. Moreover, we find that the two-way lead-lag relationship between the house price and the rental price in Singapore and South Korea. The result also shows that the house price moves ahead the rental price in China and Hong Kong. When the house price deviates from long-term equilibrium, the adjustment speed of house price in China is the fastest and that in South Korea is the slowest. When the rental price deviates from long-term equilibrium, the adjustment speed of rental price in Hong Kong is the fastest and that in Singapore is the slowest. The price-adjustment behaviors in the Chinese owner occupied housing market and in the Hong Kong’s rental housing market are more efficient than rest of Asian countries. Furthermore, the adjustment speeds for the house price is faster than that for the rental price as disequilibrium occurs in all countries. This phenomenon may be caused by the length of the rental contract period limiting the rent adjustment. Our analyses should help international investors to undertake the optimal asset allocation.
|
|---|
