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A Reexamination of Housing Price and Household Consumption in China: The Dual Role of Housing Consumption and Housing Investment

The journal of real estate finance and economics, 2018-04, Vol.56 (3), p.472-499 [Peer Reviewed Journal]

Springer Science+Business Media, LLC, part of Springer Nature 2018 ;The Journal of Real Estate Finance and Economics is a copyright of Springer, (2018). All Rights Reserved. ;ISSN: 0895-5638 ;EISSN: 1573-045X ;DOI: 10.1007/s11146-017-9648-6

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  • Title:
    A Reexamination of Housing Price and Household Consumption in China: The Dual Role of Housing Consumption and Housing Investment
  • Author: Yang, Zan ; Fan, Ying ; Zhao, Liqing
  • Subjects: Accumulation ; Aging ; Consumption ; Economic development ; Economic models ; Economics ; Economics and Finance ; Financial Services ; Households ; Housing ; Housing market ; Housing prices ; Investments ; Marriage ; Ownership ; Regional/Spatial Science ; Uncertainty ; Wealth
  • Is Part Of: The journal of real estate finance and economics, 2018-04, Vol.56 (3), p.472-499
  • Description: It is important to investigate the correlation between housing price and household consumption to gain an understanding of the behavior of the economy and effectively handle the consequences of economic development. In the last two decades, the accumulation of housing wealth by Chinese households has not been effectively transmitted to their final consumption. We discovered that the sustained increase in household wealth and housing-ownership rate in China has been accompanied by a decrease in consumption rate. We also identified a negative correlation between housing price and household consumption for both the homeowners who own one housing unit and those who own two units of housing. We investigated this phenomenon in China both theoretically and empirically by capturing the dual nature of housing as a consumption good and an investment vehicle. We found that the demand for second housing units is motivated by increasing housing consumption demand rather than pure investment needs. To explain the mechanisms that drive household-consumption behavior, we also explored the effects on household consumption of China’s educational system, marriage market and ageing society, as well as future housing-market uncertainty. The implications of government intervention in the housing market are discussed.
  • Publisher: New York: Springer US
  • Language: English
  • Identifier: ISSN: 0895-5638
    EISSN: 1573-045X
    DOI: 10.1007/s11146-017-9648-6
  • Source: AUTh Library subscriptions: ProQuest Central
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