Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Department of Building and Real Estate | en_US |
| dc.contributor.advisor | Shen, Jeff (BRE) | en_US |
| dc.creator | Lu, Wanying | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/12041 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | Urban leverage, purchase restriction and housing price in China | en_US |
| dcterms.abstract | Leverage in housing market have increased rapidly and thus received great concerns in recent years in China. Though existing papers hold various opinions on the relationship between housing prices and leverage ratios, most of them focus on how they influence each other directly from the perspective of market rules. Many papers, especially those who affirm leverage's positive impact on housing prices argue that higher leverage means more money flowing into the market, rising the housing prices. And higher housing prices will increase demand for mortgage loan, driving up the leverage level. However, little papers discussed leverage's indirect impact on housing prices. For example, urban leverage level may affect the government's attitude towards housing market. And governments in different cities will response differently to high urban leverage and commit different measures to regulate the market. This will interfere with market rules and contribute to the heterogeneity of leverage's impact on housing prices. As a significant indicator for financial risk, it is essential to explore how urban leverage influences housing prices indirectly and heterogeneously. This paper aims to explore the depressing effect of urban leverage on housing prices in China and investigate whether housing purchase restrictions could affect the relationship between urban leverage and housing price. | en_US |
| dcterms.abstract | Using a panel data of 96 Chinese cities for the period from 2003 to 2019, this paper obtains three main findings. First, this paper finds that urban leverage has depressing effect on housing prices. Second, the first round of purchase restriction policies in 2010 had no significant impact on housing prices and the second round of purchase restriction policies exerted significantly positive impact on housing prices. Third, urban leverage's depressing effect on housing prices is strengthened in cities with purchase restriction policies. And the second round of purchase restriction policies can amplify such depressing effect more significantly than the first round. | en_US |
| dcterms.abstract | On one hand, urban leverage exerts depressing effect on housing prices by influencing the government's attitude toward housing market. When urban leverage is high, the government will tighten loan policies and reduce credit supply to housing market, suppressing housing prices in popular cities. In third- and forth-tier cities, the governments are relatively less vigilant to high urban leverage. This has contributed to the heterogeneity of urban leverage's impact. On the other hand, urban leverage's depressing effect is stronger during the purchase restriction periods because the government is warier of high leverage in cities with purchase restriction and the purchase restriction policies can strengthen such depressing effect on housing prices. | en_US |
| dcterms.extent | 81 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2022 | en_US |
| dcterms.educationalLevel | M.Sc. | en_US |
| dcterms.educationalLevel | All Master | en_US |
| dcterms.LCSH | Housing -- Prices -- China | en_US |
| dcterms.LCSH | Real property -- Prices -- China | en_US |
| dcterms.LCSH | Real property -- Government policy -- China | en_US |
| dcterms.LCSH | Real estate investment -- Finance | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 6505.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.4 MB | Adobe PDF | View/Open |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/12041