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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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The value of land and housing in China’s residential market

The value of land and housing in China’s residential market

(p.239) 37 The value of land and housing in China’s residential market
The Oxford Companion to the Economics of China

Yongheng Deng

Oxford University Press

This chapter reviews studies on the factors behind China’s booming real estate market. It discusses the role of large state-owned enterprises that are directly controlled by the central government; the impact of the local political economy on land prices; and the volatility of house prices. Although an abrupt collapse in house price is unlikely to irreparably damage China’s financing and banking industry, a fall in property prices will mean a significant loss of wealth for many Chinese, endangering Chia’s prospects for future economic growth. The chapter concludes by addressing the question of how to better manage China’s housing market risk under uncertainty.

Keywords:   real estate market, residential housing, land, state-owned enterprises, local political economy

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