摘要
This paper provides a comparative study of housing policies in the greater China area and Singapore.We trace out the key features of the housing markets in the Chinese mainland,the Hong Kong SAR,the Macao SAR,and Singapore and review policies adopted in these markets.Soaring housing prices may distort capital allocation efficiency as money flows into housing market instead of more productive sectors,which poses threat to longterm sustainability and economic growth.Governments in these four jurisdictions have implemented various macroprudential policies and regulations in an attempt to curb housing demand,however the effectiveness of housing policies varies across markets.The housing prices stabilise in Singapore but continue to rise in Greater China despite the introductions of various tightening policies.The policy effectiveness is contingent on not only the characteristics of the market but also on its design and implementations.
