Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/274970 
Year of Publication: 
2022
Citation: 
[Journal:] Journal of Risk and Financial Management [ISSN:] 1911-8074 [Volume:] 15 [Issue:] 10 [Article No.:] 450 [Year:] 2022 [Pages:] 1-17
Publisher: 
MDPI, Basel
Abstract: 
This paper constructs a mathematical model to study China's urban real estate markets, in which there are different types of demands from house buyers, and housing suppliers adopt the strategy of quality differentiation second-degree price discrimination. Our theoretical result shows that, in China's case, without government intervention in the housing market, it is almost inevitable that the prices of both housing and the related resources will rocket. To achieve the goal of "houses built for inhabitance", we put forward a policy scheme to achieve "houses built for inhabitance" in China's cities from the perspectives of "speculation limitation" and "price control". We also conduct a numerical analysis to consider the macroeconomic effects of these two policy solutions on the housing market, and we conclude that Chinese authorities should introduce a resale tax in the housing market and learn from Singapore's experience in housing market regulation.
Subjects: 
residential demand
speculative demand
quality differentiation
pro-rich
pro-poor
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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