The house price in the Hong Kong SAR of China is well-known to be‘unaffordable’.This paper relates the macroeconomy with the housing market of Hong Kong and argues that the housing supply plays a vital role in expl...The house price in the Hong Kong SAR of China is well-known to be‘unaffordable’.This paper relates the macroeconomy with the housing market of Hong Kong and argues that the housing supply plays a vital role in explaining the phenomenon.This paper also shows that there are some practical challenges in understanding the housing supply of Hong Kong,including the potentially complicated ownership structure of real estate development.While the discussion centres on the situation of Hong Kong,its lesson may also apply to housing markets in other small open economies.展开更多
基金The authors are grateful to Nan-Kuang Chen,Terence Tai Leung Chong,Qing He,Fred Kwan,Tommy Leung,Shane Su,Byron Tsang,Matthew Yiu,and the anonymous referee for helpful discussion.The authors also express their gratitude to City University of Hong Kong and Hong Kong Shue Yan University for their financial support.Part of the research was conducted when Charles Ka Yui Leung visited the Hoover Institution,whose hospitality is gratefully acknowledged.Moreover,part of the work described in this paper is supported by the Research Grants Council of the Hong Kong Special Administrative Region,China(Project No.:UGC/FDS15/B01/18).The usual disclaimer applies.
文摘The house price in the Hong Kong SAR of China is well-known to be‘unaffordable’.This paper relates the macroeconomy with the housing market of Hong Kong and argues that the housing supply plays a vital role in explaining the phenomenon.This paper also shows that there are some practical challenges in understanding the housing supply of Hong Kong,including the potentially complicated ownership structure of real estate development.While the discussion centres on the situation of Hong Kong,its lesson may also apply to housing markets in other small open economies.
