An Assessment of Housing Market Renewal in East Lancashire

The paper analyses the impact of the Government Housing Market Renewal(HMR)programme in the UK.It focuses on Burnley,East Lancashire,and on the inner-city neighbourhood of Burnley Wood.The aim of the programme was to rebalance the housing market in places suffering shrinkage.The intention was to renew failing housing markets and reconnect them to regional markets,to improve neighbourhoods and to encourage people to live and work in these areas.One of these was East Lancashire and the author visited Burnley,one of its principal towns,in 2005,as part of a CABE study.The paper describes the Pathfinding policy,the actions being taken and the community's reaction.The author recently returned to Burnley and spoke to some of the same people reported in 2005.This paper documents what has been achieved in the past 7 years.

CHINA'S URBAN HOUSING SYSTEM IN TRANSITION

This paper discusses transition of urban housing system andhousing policy issues in China. It focuses on China's urban housing systemand future housing policies Some of the main contexts to be discussed are:(1) the process and characterstics of housing development in new China, (2)the weaknesses of the old urban housing system; (3) reforms of the urbanhousing system; (4) China's housing markets in transition; (5) Current urbanhousing reform policy dilemmas; (6) experiences from developed countries;(7) main housing policy issues in the western world, and (8) ways to dealwith the dilemmas.

Measuring Bubble Levels in China＇s Urban Housing Market

In this paper we demonstrate that price-to-income ratio （PIR） is the most precise indicator of measuring bubble levels in China＇s urban hoasing market under current conditions. We have built a model to measure the reasonable PIR ceiling. Based on current mortgage rates, loan terms and down payment ratios, we conclude that the reasonable PIR for China ＇s urban residents should lie between 4.38-6.78 and should not exceed 7. 7hen, using statistical data, we calculate current PIR in China ＇s major cities. With reference to proper PIR, we conclude the existence of bubbles in China ＇s urban housing market; in particular, bubbles hace grown enormously large in some first-tier cities, which pose a huge financial risk. Based on the above analysis, we propose some policy suggestions to carefully deflate the bubbles in these housing markets.

Interest Rate, Unemployment Rate, and Housing Market in U.S.

The purpose of this paper is to investigate the relationships among the variables, and how interest rate, unemployment, stock market, and consumer confidence affect housing market index （HM1） in the U.S.. We construct vector autoregression （VAR） model with variables such as unemployment rate （UMR）, consumer confidence index （CCI）, the Dow Jones industrial index （DJI）, and interest rate, etc., to forecast the HMI. Our model and analysis show that U.S. HMI very sensitive to unemployment and interest rates. Every 1% moves in unemployment and interest rates will result in HMI to move in the opposite direction by 11.7% and 11.4% respectively. However, changes in CCI and stock mark index have only minor impacts on HMI--0.49% and 0.3%, changes for 1% fluctuation in CCI and DJI. Our research also shows that relationships among these variables associated with housing market are very stable in the long run.

Effect of Population Factors on China＇s Housing Market

The population factors have an important influence on the housing market. Based on forecasting the change of population quantity, family size, age composition, and population migration, this paper estimates and analyzes the future demand for residence in China and its purpose is to provide a guide for the residential construction by the supply-demand rule.

Housing Market Dynamics in Africa

Palgrave Macmillan This book utilizes new data to analyze the main factors currently shaping the African housing market.Some of these factors include the supply and demand for housing finance,infrastructure provision and low-

Unraveling the multi-scalar residential segregation and socio-spatial differentiation in China:A comparative study based on Nanjing and Hangzhou

Residential segregation is a dual process of socio-spatial differentiation in residents and spatio-temporal heterogeneity in dwelling.However,most of the existing studies are established from the single perspective of urban residents based on demographic data,which is difficult to reveal the dynamics and complex spatial reconstruction within and between cities.With the characteristics of both stability and timeliness,the rapidly changing housing market is one of the processes and results of socio-spatial reconfiguration,and it is undoubtedly a better lens to observe residential segregation.This paper adopts methods such as multi-group segregation index,multi-scalar segregation profiles,and decomposition of segregation index,with Nanjing and Hangzhou as case cities,and establishes multi-scalar segregation profiles and comparative models based on three geographical scales of census tract,block and grid,and different residential types.A quantitative study was conducted on the degree and pattern of multi-scalar residential segregation in Nanjing and Hangzhou from 2009 to 2018.The paper found that the spatial segregation index is an improvement of the non-spatial segregation index.There are differences between Nanjing and Hangzhou in the evolution process of residential segregation.Nanjing has a higher degree of spatial differentiation as a whole,among which spatial components have a more significant impact.

Customer Satisfaction Theory Applied in the Housing Industry:An Empirical Study of Low-Priced Housing in Beijing

A household satisfaction index （HSI） model based on the American customer satisfaction index （ACSI） model was fit to the housing industry in China and used with the software LISREL to measure the HSI in Beijing. Specifically, the empirical study analyzes the HSI of low-priced housing in Beijing. The results show that the HSI model is valid and the customer satisfaction theory can effectively analyze the housing industry. The results can help illustrate the factors which most affect customer satisfaction, and can be used to not only enhance the quality of homes and promote the housing market, but also to improve the standard of living for lower income people and provide suggestions to policy makers.

Buyer Search and the Role of Broker in an Emerging Housing Market:A Case Study of Guangzhou

This paper examines homebuyer＇s search process and the role of real estate broker in China＇s urban housing market, where inactive housing resale transactions and an immature brokerage industry are distinct characteristics. Guangzhou is used as a case study to model the intensity and duration of the search process. This study finds that buyers make trade-off between two search costs, activity cost and duration cost. The study also demonstrates that despite the industry＇s immature nature, buyers using brokers do increase search intensity and shorten search duration by reducing the activity cost. Empirical results show that there is no specific buyer group who can effectively lower their search cost by their own efforts, due to the poor information transparency in the current housing market. The broker-choice model shows that besides search cost, buyers＇ confidence in broker＇s service quality can also greatly influence their choice, so improvement in service quality and reputation has important implications for China＇s brokerage industry.

Asymmetric Fluctuating Behavior of China＇s Housing Prices

The present study explains the reasons for the imbalanced development of the Chinese housing market. Using the quantile autoregression unit-root test, we examine housing prices in China＇s five major cities. The results show that the rising and falling of housing prices in these cities exhibits asymmetric reversion. When housing prices fall, market capital is highly sensitive to housing prices, and housing prices resist the pressure to faU further. However, when housing prices rise, the housing market becomes imbalanced, with housing prices tending to overreact in an upturn. The results of this study indicate that when housing prices rise irrationally, the government should intervene in the housing market promptly to prevent housing bubbles.

Estimating the Willingness-to-Pay for Urban Housing in Chinese Cities

The housing market, an important component of the urban economy, is closely integrated with urban development. Urban development attracts labor inflows which then increase the housing demand in the cities. Urban dwellers＇ willingness-to-pay （WTP） for housing, as part of their living costs, depends on their incomes they can earn in the cities and the quality of life （QOL） they want to enjoy. Urban wage growth and quality of life improvements are always accompanied by increased demand and increased WTP. This paper uses the average wages of fully-employed employees and various city indicators to reflect the urban QOL to explain the relationships among people＇s WTP for housing, their urban wages and their urban QOL across 35 metropolitan cities in China. The empirical results illustrate that the urban QOL represented by city indicators and the average wage level accounts for approximately 70% of the housing price variation. Although wages still have significant impact on the WTP, the QOL in Chinese metropolitan cities tends to contribute more to the residents＇ WTP for housing, indicating that social and natural environments are valued by urban residents more and more.

The Spatial Statistics Analysis of Housing Market Bubbles

With the incorporation of spatial statistic method, this paper constructs a state-space model of housing market bubbles, discussing the spatial pattern of housing market bubbles in China,and identifying the dynamic evolution process. The results show that: The bubbles of housing market walked along a path from low level to high level and then downsized to a low level during the period of 2009 and 2014, and the highest level stayed at 2011. From overall, the level of housing market bubbles had shown significant spatial autocorrelation and spatial agglomeration. In detail, the direction of North-South in China showed the inverted U shape, i.e., Central region was with high bubbles, and two ends contained low bubbles; from East-West direction, the East had high bubbles and the West contained comparatively low bubbles. Local spatial test indicates that there were some approximate spatial features in housing market bubbles among the adjacent regions. Observed from the level of housing market bubbles, China contained 3 plates: The first was the plate with low bubble level,including 3 provinces in North-East China(provinces of Jilin, Heilongjiang and Liaoning were included,but Dalian in Liaoning province was excluded; the second was the Central and West plate(the provinces of Yunnan, Guizhou, Sichuan, Guangdong, Guangxi, Hunan, Hubei, Gansu, Fujian, Jiangxi and Hainan were included in this plate), which was also featured with low bubble; and the third was Central East plate(provinces or provincial regions of Beijing, Tianjin, Hebei, Jiangsu, Zhejiang, Shanghai, Shandong,Anhui, Shanxi, Shaanxi and Inner Mongolia were included), which was characterized as high bubble region.

China＇s Housing Market Imbalance from 2003 to 2016： An Analysis Based on the User Cost Approach

During 2003-2016, China experienced an unprecedented housing market imbalance. The present paper applies the user cost approach to conduct a systematic analysis of this important phenomenon, examines the policy factors behind the persistent housing market imbalance, and explores policy options to correct the housing market imbalance. We found that during most of 2003-2016, the user cost was significantly lower than 2 percent, caused by high income growth, rapid credit expansion and low interest rates, which led to the persistent housing market imbalance. Therefore, the government should control bank credit and introduce property taxes during the possession of houses.

Housing price dispersion in the presale market

Sale before completion(i.e.presale)is a common practice that real estate developers use to sell residential units.Since presale buyers are unable to inspect uncompleted units,developers may take advantage of asymmetric information and release information about quality to the market selectively.The search theory also suggests that incomplete pricing information,especially for new products,will induce a less competitive market that is characterised by dispersed presale prices.Would price dispersion be reduced if developers were required to provide more quality and pricing information?In this study,we argue that this is not necessarily the case.We conduct a natural experiment using a new information disclosure ordinance governing first-hand residential sales in the Hong Kong SAR,China.We find that the ordinance reduced the price dispersion of presale units with asymmetric information about property quality,but increased their price dispersion when limited pricing information(e.g.thin trading volume)was available in the neighbourhood.As a critical test,we further show that the ordinance increased price dispersion even more after the units were completed.This suggests that the ordinance has indeed made presale pricing more difficult because developers are no longer allowed to use different strategies to test market demand.

Housing Market Speculation and Firm Productivity:Evidence from China

An appreciation in the price of housing could generate speculation opportunities for enterprises.Many firms try to seize these opportunities for quick returns.This may harm their productivity.We use the real estate boom and the investment activities of Chinese manufacturing firms during 2006–2017 to examine the processes and the net effect of housing market speculation on firm productivity.We find that housing market speculation negatively affects firm productivity by crowding out investments in research and development and productive fixed assets,and the positive effect brought about by a strengthened balance sheet and better financing capacity is outweighed by the crowding-out effect.This negative impact is more evident in state-owned firms,but is mitigated in regions and periods with better business environments.Set in the overheated housing market in China,our study contributes to the existing literature by exploring how firms’investments outside of their main business influence firm behavior and productivity.

The development of Hong Kong housing market:past,present and future

From previous boom-bust cycles of the housing market of the Hong Kong SAR of China,we find that the imbalance between housing demand and supply,the interaction between the stock market,financial institutions and the real estate market,and international capital flows are the key determinants of housing price movements in Hong Kong.A comparison between the current episode of high real estate prices and that in 1997 suggests that structural changes have taken place and that different underlying forces are in play,thus indicating a low likelihood of a similar crash in the housing market.However,it is still imperative for the Hong Kong SAR government to find effective ways to cool down the overheated housing market.While we agree that the actions taken by the government will be able to suppress the housing price in the long run,the short-term effect may not be satisfactory due to the time lags of these policies.

China’s transitioning class identity

China’s rapid economic transformation is similar in some ways to those that have occurred in other East Asian nations.But the changing structure of perceived class identity that occurs in many rapidly growing economies is found to be absent in China,and in fact as China has continued to grow such change as has occurred is found to be downward,despite the immense material improvement there.Objective data on income distribution in China do not explain this phenomenon,but anomalies in China’s urban real-estate market might.

New Hope for the Housing Market

The government has pledged to adopt all necessary policies to stimu-late the troubled residential real estate sector

Auction House Boosts Mainland Arts Market

IN the spring of 1994, the China Guardian Auction Company Ltd., held a successful painting and calligraphy auction, which not only set records for unit price and total sales volume, but also successfully restructured its business according to international standards of the arts market. Guardian’s success has given new inspiration to the mainland arts market, which is still in the early stages. it also has renewed the enthusiasm of collectors and businessmen who are also interested in art as an investment.