Examination of the Impact of Guidance Price Policy on the Secondary Market in China
- 10.2991/assehr.k.211209.095How to use a DOI?
- secondary housing market; policy; housing price; maximum likelihood estimation; negative binomial regression
This research examines the effect of the latest regulation policy for the second-handed housing market in Shenzhen, China, which announces a series of references for the prices of secondary houses. These price references serves as important guidance for housing transaction prices and mortgages. The research investigates how the secondary housing market in Shenzhen responds to the policy in terms of its supply, transaction volume and housing price. Therefore, readers can know to what extent the guidance price policy reduces the speculation of the local secondary housing market. Based on maximum likelihood time series analysis, this research finds that the guidance price policy has effectively decreased the local secondary housing market’s supply, transaction volume, and housing price, and estimates the policy’s effects quantitatively. The research also analysizes this policy qualitatively, and proposes that the guidance price policy affects the secondary housing market by restricting mortgage supply of the credit market. Consequently, in the short run, the regulation policy successfully reduces real estate speculation and places restrictions on the growth rate of housing price in Shenzhen. The case of Shenzhen’s secondary housing market can be further studied for constructing a better real estate speculation regulation policy.
- © 2021 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article under the CC BY-NC license.
Cite this article
TY - CONF AU - Mengyu Xie AU - Yiqi Xu PY - 2021 DA - 2021/12/15 TI - Examination of the Impact of Guidance Price Policy on the Secondary Market in China BT - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) PB - Atlantis Press SP - 572 EP - 578 SN - 2352-5428 UR - https://doi.org/10.2991/assehr.k.211209.095 DO - 10.2991/assehr.k.211209.095 ID - Xie2021 ER -