NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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China's Real Estate Market

Chang Liu, Wei Xiong

NBER Working Paper No. 25297
Issued in November 2018
NBER Program(s):Asset Pricing, Corporate Finance, Public Economics

Since the 1990s, China's real estate market has experienced a dramatic and long-lasting boom across China. This boom has led to substantial concerns in both academic and policy circles that the rising housing prices might have developed into a gigantic housing bubble, which might eventually burst and damage China’s financial system and economy. Motivated by this concern, this paper reviews the historical development of China’s real estate market, describes the real estate boom, and discusses its links to households, local governments, firms and the financial system.

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Document Object Identifier (DOI): 10.3386/w25297

 
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