Research on the Impact of Market Concern for Real Estate Policy on Housing Prices: Evidence from Internet Search and Hedonic Price Theory

To avoid the effects of systemic financial risks caused by extreme fluctuations in housing price,the Chinese government has been exploring the most effective policies for regulating the housing market.Measuring the effect of real estate regulation policies has been a challenge for present studies.This study innovatively employs big data technology to obtain Internet search data(ISD)and construct market concern index(MCI)of policy,and hedonic price theory to construct hedonic price index(HPI)based on building area,age,ring number,and other hedonic variables.Then,the impact of market concerns for restrictive policy,monetary policy,fiscal policy,security policy,and administrative supervision policy on housing prices is evaluated.Moreover,compared with the common housing price index,the hedonic price index considers the heterogeneity of houses and could better reflect the changes in housing prices caused by market supply and demand.The results indicate that(1)a long-term interaction relationship exists between housing prices and market concerns for policy(MCP);(2)market concerns for restrictive policy and administrative supervision policy effectively restrain rising housing prices while those for monetary and fiscal policy have the opposite effect.The results could serve as a useful reference for governments aiming to stabilize their real estate markets.

Policy spillover and regional linkage characteristics of the real estate market in China's urban agglomerations

The main purpose of this study is to determine the spillover effect of real estate regulatory policies released by core cities on the surrounding cities in major urban agglomerations based on regional linkage characteristics of China's real estate market.In this study,real estate transaction data of 157 cities were selected from 11 major urban agglomerations.Agglomeration's housing transaction volatility and spillover effect caused by the core city's regulatory policies were simulated by integrating spatial and temporal analysis model,event analysis,and symbolic time series analysis.The findings showed that(1)the regional linkage of the real estate market in the Harbin-Changchun and Middle-South Liaoning,Middle Reaches of the Yangtze River,Yangtze River Delta,Pearl River Delta,and West Side of the Straits agglomerations were remarkably tight and the core cities'policy spillover effect was significant,of which the house purchase limitation and credit limitation policies had the widest influence;(2)the regional linkage of the real estate market in the Beijing-Tianjin-Hebei agglomeration,Shandong Peninsula,Guanzhong Plain,and Chengdu-Chongqing agglomerations was relatively weaker,but the core cities'policies of mar-ket regulation and taxation had certain spillover effect;(3)there were significant differ-ences in the spillover effects of different types of policies in different urban agglomerations;(4)generally,the core cities'policy spillover often reduced the changing characteristics of the real estate market and made it more ordered with more certainty in the whole agglomeration,with the exception of the Beijing-Tianjin-Hebei,West Side of the Straits,and Chengdu-Chongqing agglomerations.

Policy Framework for the Development of Real Estate and the Real Estate Industry in China

Compared with the situation in other countries,therole played by China’s real estate and real estate industry inincreasing municipal financial resources has the followingobviously different characteristics:In most countries,land in urban areas is privatelyowned,and so are buildings.Therefore,real estate revenuescome mainly through taxation.In China,however,urbanland as well as a greater part of the urban building stock