Do bank loans and local amenities explain Chinese urban house prices? |
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| Institution: | 1. HKUST Jockey Club Institute for Advanced Study, The Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong;2. Department of Economics and Finance, City University of Hong Kong, Tat Chee Avenue, Kowloon Tong, Hong Kong;3. China Merchants Group, 37th floor, Shun Tak Centre, 168-200 Connaught Rd. C., Hong Kong;4. University of International Business and Economics, School of Finance, Beijing, China;1. School of Economics and Management, Beijing Jiaotong University, China;2. National School of Development, Peking University, China;1. School of Geographic and Oceanographic Sciences, Nanjing University, China;2. School of Architecture and Hang Lung Center for Real Estate, Tsinghua University, China;3. Natural Resources Research Centre of Nanjing University, Nanjing University, China |
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| Abstract: | Based on Chinese city-level data from 1999 to 2012 and controlling for geological, environmental, and social diversity, our multi-step estimation suggests that credit plays a significant role in driving up house prices after the Great Recession, whereas property prices only influence bank lending before 2008. Local amenities such as higher education, green infrastructure, healthcare, and climate also positively affect house prices. Moreover, the impacts of bank loans on housing prices tend to be related to the level of amenities, suggesting that pooling macroeconomic and urban economic data may be important for housing market research in the future. |
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