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A Tale of Two Countries: Comparing the US and Chinese Housing Markets
Rose Neng Lai1; Robert A. Van Order2
2018-07-15
Source PublicationJournal of Real Estate Finance and Economics, Forthcoming
ISSN0895-5638
Pages1-43
Abstract

The recent surge in property values in China has been similar to the surge in the U.S before the crash in 2007. This raises concerns about whether China is destined to have a crash as well. We estimate similar models of property values for the two countries, in order to compare price dynamics side by side. We find little in common between them. In the U.S. the adjustment process appears prone to “bubbles” in the sense of strong momentum, but Chinese prices have been generally mean reverting, without momentum. This suggests that the recent price rise in China has had more to do with scarcity than with irrational exuberance.

KeywordChinese Housing Market Us hoUsing Market Bubbles Momentum (Pooled) Mean Group Estimation
DOIhttps://doi.org/10.1007/s11146-018-9670-3
Indexed BySSCI ; SSCI
Language英语
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Document TypeJournal article
专题Faculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorRose Neng Lai
Affiliation1.Department of Finance and Business Economics, University of Macau, Taipa, Macau, China
2.George Washington University, Washington, D.C., USA
First Author AffilicationUniversity of Macau
Corresponding Author AffilicationUniversity of Macau
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Rose Neng Lai,Robert A. Van Order. A Tale of Two Countries: Comparing the US and Chinese Housing Markets[J]. Journal of Real Estate Finance and Economics, Forthcoming,2018:1-43.
APA Rose Neng Lai,&Robert A. Van Order.(2018).A Tale of Two Countries: Comparing the US and Chinese Housing Markets.Journal of Real Estate Finance and Economics, Forthcoming,1-43.
MLA Rose Neng Lai,et al."A Tale of Two Countries: Comparing the US and Chinese Housing Markets".Journal of Real Estate Finance and Economics, Forthcoming (2018):1-43.
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