The impacts of housing purchase restriction policy on residential land supply in China

IF 6.5 1区经济学 Q1 DEVELOPMENT STUDIES

Habitat International Pub Date : 2024-09-12 DOI:10.1016/j.habitatint.2024.103175

Liangjian Wang , Jingjing Zhou , Kunqiu Chen , Wei Zhang

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引用次数: 0

Abstract

Analyzing the impact of the housing purchase restriction policy on residential land supply is crucial for land and real estate market regulation. Although numerous studies have investigated the impact of the purchase restriction policy on the real estate market, there is relatively less research on their effect on the land transfer market. Herein, we examined the impact of the purchase restriction policy on the real estate market and the land grant market through the“price-volume” dimension using a panel of 273 cities from 2004 to 2018 in China. The results are as follows: (1)purchase restriction policy can have a significant impact on the real estate supply market (land grant market) in China; (2)the impact of the purchase restriction policy on the number of land sales is significantly negative, but there is a difference in the impact on the price of land sales; (3)the impact of the purchase restriction policy on the reduction of the number of land grants and the increase of the price of land grants is extremely significant in first-tier cities, with decreasing effects on second- and third-tier cities decreases in turn; (4) the purchase restriction reduces the number of land sales most strongly and lifts the price of land grants the most in the eastern city in China. The policy effect was significantly weakened in the central and western regions. In the western region, the purchase restriction even hit the land supply market, with a significant negative impact on both the volume of land sales and the price of land sales.

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住房限购政策对中国住宅用地供应的影响

分析住房限购政策对住宅用地供应的影响对于土地和房地产市场调控至关重要。尽管已有大量研究探讨了限购政策对房地产市场的影响，但关于限购政策对土地出让市场影响的研究相对较少。在此，我们以2004-2018年中国273个城市为面板，通过 "价-量 "维度考察了限购政策对房地产市场和土地出让市场的影响。研究结果如下(1)限购政策会对中国房地产供应市场（土地出让市场）产生显著影响；(2)限购政策对土地出让数量的影响显著为负，但对土地出让价格的影响存在差异；(3)限购政策对土地出让数量减少和土地出让价格上涨的影响在一线城市极为显著，对二、三线城市的影响依次递减；(4)限购对我国东部城市土地出让数量减少和土地出让价格上涨的影响最为强烈。政策效应在中西部地区明显减弱。在西部地区，限购令甚至冲击了土地供应市场，对土地出让量和土地出让价格都产生了显著的负面影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Habitat International Multiple-

CiteScore

10.50

自引率

10.30%

发文量

151

审稿时长

38 days

期刊介绍： Habitat International is dedicated to the study of urban and rural human settlements: their planning, design, production and management. Its main focus is on urbanisation in its broadest sense in the developing world. However, increasingly the interrelationships and linkages between cities and towns in the developing and developed worlds are becoming apparent and solutions to the problems that result are urgently required. The economic, social, technological and political systems of the world are intertwined and changes in one region almost always affect other regions.