Study on the relationships of housing selling price, land transaction price and house rent price

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Study on the relationships of housing selling price, land transaction price and house rent price

 

Author: Zhao, Apei
Title: Study on the relationships of housing selling price, land transaction price and house rent price
Degree: M.Sc.
Year: 2012
Subject: Housing -- Prices -- China.
Real property -- Prices -- China.
Rent -- China.
Hong Kong Polytechnic University -- Dissertations
Department: Faculty of Construction and Land Use
Pages: 61 p. : ill. ; 30 cm.
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b2554593
URI: http://theses.lib.polyu.edu.hk/handle/200/6892
Abstract: Sustaining increases in housing price have increasingly become an alarming issue in China mainland. Governments have drafted and implemented enormous efforts to alleviate such intertwined problems in the last 10 years, especially through controlling land price and land supply. Most government officials and researchers argued that the high housing price caused to high land price and there is a vicious circle "high house price-high land price-high house price". What really makes land price soar? Does housing price have a role (as many argue)? Many researchers addressed this issue from a quality perspective or quantity perspective, but have yet to get a unified conclusion. The paper aims to investigate the novel linkages between house selling price, land transaction price and rent price, with the case of China mainland. It employs a key method: the Autoregressive Distributed Lag (ARDL) to co-integration procedure. The empirical results show that the relationship between land transaction price and house selling price is positive: a 1 % increase in housing selling price leads to a 0.66% increase in land transaction price. At the same time, we examined that the relationship between land transaction price and house rental price is negative: a 1 % increase in housing rental price leads to a 0.22% decrease in land transaction price. Our findings not only shed light on land price, but also provide implications for policy change to control housing price correctly.

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