Evolution of Relationship Between Housing and Rental Prices and Inter-Urban Differences in China Under the Context of the Simultaneous Rental and Sales Markets Policy

IF 0.6 Q4 BUSINESS, FINANCE

Real Estate Management and Valuation Pub Date : 2021-08-13 DOI:10.2478/remav-2021-0019

Guancen Wu, Chen Li, Xing Niu, Ping Li, Li Tao

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引用次数: 1

Abstract

Abstract This research analyzes the relationship between housing and rental prices in 26 first-tier and second-tier cities in China before and after the policy of simultaneous rental and sales markets. The PVAR model and monthly panel data of these cities from June 2010 to December 2018 were employed. The study found that, before the policy of simultaneous rental and sales markets took effect, the housing and rental prices were relatively independent of each other, whereas the rental market in second-tier cities is affected more considerably by the sales market. After the enactment of the policy on simultaneous rental and sales markets, rental prices have a positive effect on housing prices, with this effect being more obvious in second-tier cities. The rental prices with the first-order lag have a significant negative impact on current rental price in first-tier cities. Considering the features of the housing market in different cities, the implementation of the simultaneous rental and sales markets policy needs to be more targeted and attention should be paid to preventing simultaneous irrational growth, both on the sales and rental markets.

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租售并举市场政策背景下中国住房与租赁价格关系的演变及城市差异

摘要本研究分析了租售并举政策前后中国26个一二线城市的住房价格与租赁价格的关系。采用PVAR模型和这些城市2010年6月至2018年12月的月度面板数据。研究发现，在租售并举政策生效之前，住房和租赁价格相对独立，而二线城市的租赁市场受销售市场的影响更大。租售并举政策出台后，租金价格对房价产生了积极影响，二线城市的这种影响更为明显。一阶滞后的租赁价格对一线城市当前的租赁价格有显著的负面影响。考虑到不同城市住房市场的特点，租售并举政策的实施需要更有针对性，并注意防止销售和租赁市场同时出现非理性增长。

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

Real Estate Management and Valuation Economics, Econometrics and Finance-Finance

CiteScore

1.50

自引率

25.00%

发文量

审稿时长

23 weeks

期刊介绍： Real Estate Management and Valuation (REMV) is a journal that publishes new theoretical and practical insights that improve our understanding in the field of real estate valuation, analysis and property management. The aim of the Polish Real Estate Scientific Society (Towarzystwo Naukowe Nieruchomości) is developing and disseminating knowledge about land management and the methods, techniques and principles of real estate valuation and the popularization of scientific achievements in this field, as well as their practical applications in the activities of economic entities.