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Emerging Land and Housing Markets in China by Chengri Ding,Yan Song Pdf
This book reviews the history of China's land market reforms, evaluates the current situation and presents outlooks for the future in a way that is accessible to a wide audience of decision makers, nongovernmental organizations, and academics. It is one of the few records of this kind available in English. Most of the chapters are based on the proceedings of sessions sponsored by the Lincoln Institute of Land Policy at the World Planning Congress held in Shanghai, China in July 2001.
International Housing Market Experience and Implications for China by Rebecca L. H. Chiu,Zhi Liu,Bertrand Renaud Pdf
Recent rapid housing market expansion in China is presenting new challenges for policy makers, planners, business people, and citizens. Now that housing in middle-income China is driven by consumer choices and is no longer dominated by state policy decisions, housing policy issues in Chinese cities are becoming increasingly similar to those encountered in other global housing markets. With soaring prices and imbalances in housing supply favoring high income groups and housing demand driven by rising inequality in household incomes, many middle and lower-income households face worsening choices in terms of the quality and location of their housing as well as greater financial difficulties, which together can have negative implications for standards of public health. This book examines the impact of these changes on the general population, as well as on aspiring homeowners and developers. The contributors look at the effect on the widening of wealth gaps, slower economic growth, and threats to political and social stability. Though focusing on China, the editors also present discussions of specific policy design challenges encountered in Australia, Japan, Korea, the Netherlands, the Nordic countries, Singapore, Taiwan, the UK, and the US. This book would be of interest to housing policy makers, as well as academics who are studying the social and political effects of the Chinese housing market.
China's Housing Reform and Outcomes by Joyce Yanyun Man Pdf
This in-depth volume explains China's residential construction boom and reviews how some established trends are likely to challenge its housing market in coming years. It draws on household surveys and public data in China and provides important lessons about housing policy for China and other countries.
The Chinese Real Estate Market by Junjian Albert Cao Pdf
This is the first book to fully present, analyse and interpret the Chinese real estate market. Dr Junjian Albert Cao examines the Chinese real estate market’s growth trajectory, unique governance and factors affecting values and investment in the context of reforms, rapid economic growth and urbanization. The book provides essential insights into the institutional change surrounding the development of the property market, government intervention at local and national levels, taxes and other regulatory charges, and factors such as market practices, economic changes, government policies and social changes that affect the value of real estate. Furthermore, the book analyses academic and policy debates on issues such as: commercial property investment housing price inflation property rights protection affordable and social housing market practices and regulation environment and sustainability taxation property-led growth and the reliance of local economic growth on the property sector The book offers a comprehensive, in-depth and up-to-date account of the Chinese property market and presents a full assessment of the investment potential of Chinese real estate. It is a must read for students, academics and real estate professionals interested in this fascinating real estate market that has implications for Chinese and the world economies.
Author : Martin Eichenbaum,Jonathan A. Parker Publisher : University of Chicago Press Page : 448 pages File Size : 45,6 Mb Release : 2016-06-22 Category : Business & Economics ISBN : 9780226395746
NBER Macroeconomics Annual 2015 by Martin Eichenbaum,Jonathan A. Parker Pdf
This year, the NBER Macroeconomics Annual celebrates its thirtieth volume. The first two papers examine China’s macroeconomic development. “Trends and Cycles in China's Macroeconomy” by Chun Chang, Kaiji Chen, Daniel F. Waggoner, and Tao Zha outlines the key characteristics of growth and business cycles in China. “Demystifying the Chinese Housing Boom” by Hanming Fang, Quanlin Gu, Wei Xiong, and Li-An Zhou constructs a new house price index, showing that Chinese house prices have grown by ten percent per year over the past decade. The third paper, “External and Public Debt Crises” by Cristina Arellano, Andrew Atkeson, and Mark Wright, asks why there appear to be large differences across countries and subnational jurisdictions in the effect of rising public debts on economic outcomes. The fourth, “Networks and the Macroeconomy: An Empirical Exploration” by Daron Acemoglu, Ufuk Akcigit, and William Kerr, explains how the network structure of the US economy propagates the effect of gross output productivity shocks across upstream and downstream sectors. The fifth and sixth papers investigate the usefulness of surveys of household’s beliefs for understanding economic phenomena. “Expectations and Investment,” by Nicola Gennaioli, Yueran Ma, and Andrei Shleifer, demonstrates that a chief financial officer's expectations of a firm's future earnings growth is related to both the planned and actual future investment of that firm. “Declining Desire to Work and Downward Trends in Unemployment and Participation” by Regis Barnichon and Andrew Figura shows that an increasing number of prime-age Americans who are not in the labor force report no desire to work and that this decline accelerated during the second half of the 1990s.
Assessing China’s Residential Real Estate Market by Ding Ding,Xiaoyu Huang,Tao Jin,W. Raphael Lam Pdf
China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market.
Understanding China’s Real Estate Markets by Bing Wang,Tobias Just Pdf
China’s economy has been transforming rapidly over the last 25 years. As a result, Chinese conurbations have changed remarkably, with cities expanding both vertically and horizontally, and the physical environment acting as a medium for unprecedented urbanization. This has provided vast opportunities for investors, real estate developers, and service companies, but also presents huge challenges—as traditional city spaces have been reconfigured, environmental risks and the volatility of real estate markets increased. However, as engagement with China is becoming strategically important for many, forming a synthesized lens through which to read China across the vicissitudes of its real estate sector bears historic significance. By offering an insightful framework and structure for understanding China’s variegated real estate dynamics, players, and markets, Understanding China’s Real Estate Markets codifies the principles and practices of real estate development, finance, and investment in China and builds foundations for future academic research and practical knowledge in shaping and engaging the urban environment within China and beyond.
Emerging Market Real Estate Investment by David J. Lynn Pdf
Emerging markets in real estate investing have been an increasing focus for institutional real estate investors worldwide. Part of the Fabozzi series, this book is an insightful overview of international real estate focusing on three of the BRICs: China, India, and Brazil. The authors provide a framework for thinking about these dynamic markets characterized by youthful populations, extraordinary demand, capital inefficiency, and aspiration. Also discussed are the sociopolitical issues, policy, and entry/exit strategies. Notably, the book makes a sanguine assessment of the risks and opportunities of alternative strategies in each country.
Housing Reform and China’s Real Estate Industry by Pengfei Ni,Linhua Zou,Guangchun Gao,Xuemei Jiang Pdf
This book provides an in-depth analysis of China’s housing system and real-estate industry .The author weaves together the different elements of the real estate industry into a logically coherent whole, in which the relationship between the real-estate industry and the macroeconomy sets the background, the housing market forms the core, real estate finance makes up a necessary condition, public policy provides the guarantee and the housing system the foundation. The book constructs an analytical framework for the development of China’s housing system that considers a comprehensive range of factors, highlights the most important issues, and is soundly structured, logical and clear. By applying this framework, the authors present an overview of the past, present and future of China’s housing industry.
Author : Richard Koss,Xinrui Shi Publisher : International Monetary Fund Page : 33 pages File Size : 50,9 Mb Release : 2018-04-13 Category : Business & Economics ISBN : 9781484348550
Stabilizing China’s Housing Market by Richard Koss,Xinrui Shi Pdf
The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.
The Republic of Korea's industrial policy has directed that nation's economy through nearly three decades of spectacular growth. But the authors of this paper maintain that this policy is showing signs of being outmoded. The time has come, the authors argue, for the Korean government to stop managing the economy's structural development and to redefine the responsibilities of business and government. Under this proposed compact, the allocation of resources would shift from the government to the private industrial and financial sectors. The transformation of the government bureaucracy from an ad hoc policy role to one of a transparent and predictable regulator is a key to the success of this undertaking. These new directions would present the government with enormous challenges. Greater competitive discipline and regulatory oversight would be required. While dealing with the complexities of the transition, the government would have to maintain macroeconomic stability and the momentum of savings and investment. For comparison, the study examines the industrial economies of France, Germany, Japan, and the United States, which underwent similar shifts.
Landed China gives you the key facts and local insights you need to buy a home in China. In Landed China, you’ll learn: How property is bought and sold in China.Where to find financing, legal advice and other essential services.How to recognize and manage China-specific risks.Where to find property listings (even if you can’t read Chinese).Where not to buy.How demographic, economic and social trends are reshaping China’s real estate markets.How non-Chinese people have successfully bought property in Beijing, Guangzhou, Shanghai and Shenzhen.
Rural-Urban Migration, Structural Transformation, and Housing Markets in China by Carlos Garriga,Aaron Hedlund,Yang Tang,Ping Wang Pdf
This paper explores the contribution of the structural transformation and urbanization process to China's housing-market boom. Rural to urban migration together with regulated land supplies and developer entry restrictions can raise housing prices. This issue is examined using a multi-sector dynamic general-equilibrium model with migration and housing. Our quantitative findings suggest that this process accounts for about 80 percent of urban housing price changes. This mechanism remains valid in extensions calibrated to the two largest cities with most noticeable housing booms and to several alternative setups. Overall, supply factors and productivity account for most of the housing price growth.
With urbanism becoming the key driver of socio-economic change in China, this book provides much needed up-to-date material on Chinese urban development. Demonstrating how it transcends the centrally-planned model of economic growth, and assessing the extent to which it has gone beyond the common wisdom of Chinese ‘gradualism’, the book covers a wide range of important topics, including: local land development the local state private-public partnership foreign investment urbanization ageing home ownership. Providing a clear appraisal of recent trends in Chinese urbanism, this book puts forward important new conceptual resources to fill the gap between the outdated model of the ‘Third World’ city and the globalizing cities of the West.
Decades ago, there was no distinct middle class in the People's Republic of China. Any meaningful discussion of China's economy, politics, or society must take into account the rapid emergence and explosive growth of the Chinese middle class. This book details the origins and characteristics of this dramatic change.
