China S Land Market Auctions
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China S Land Market Auctions
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Author : Hongbin Cai
language : en
Publisher:
Release Date : 2009
China S Land Market Auctions written by Hongbin Cai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Auctions categories.
This paper studies the urban land market in China in 2003--2007. In China, all urban land is owned by the state. Leasehold use rights for land for (re)development are sold by city governments and are a key source of city revenue. Leasehold sales are viewed as a major venue for corruption, prompting a number of reforms over the years. Reforms now require all leasehold rights be sold at public auction. There are two main types of auction: regular English auction and an unusual type which we call a "two stage auction". The latter type of auction seems more subject to corruption, and to side deals between potential bidders and the auctioneer. Absent corruption, theory suggests that two stage auctions would most likely maximize sales revenue for properties which are likely to have relatively few bidders, or are "cold", which would suggest negative selection on property unobservables into such auctions. However, if such auctions are more corruptible, that could involve positive selection as city officials divert hotter properties to a more corruptible auction form. The paper finds that, overall, sales prices are lower for two stage auctions, and there is strong evidence of positive selection. The price difference is explained primarily by the fact that two stage auctions typically have just one bidder, or no competition despite the vibrant land market in Chinese cities.
From Negotiation To Auction
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Author : Zhiyu Jerry Chen
language : en
Publisher:
Release Date : 2007
From Negotiation To Auction written by Zhiyu Jerry Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The land market and the associated land-development-control mechanism in China have been experiencing a series of reforms since the 1990s, of which Land Conveyance Reform (LCR) in 2004 is a very recent and an important one. LCR-the formal procedure to transfer the land-use rights (LURs) from the government to other users-has been used together with land use planning as institutional tools to generate and distribute the revenues for both local municipal government and real estate developers. Meanwhile, a large-scale government-led deindustrialization has been going on sine 1995 in city of Beijing, where many State-Owned Enterprises (SOEs) were relocated from downtown Beijing to suburbs or other cities. I studied the change of the LCR from the former negotiation approach to the current auction approach. I analyzed its institutional impact on the land-use planning decision-making process and its social impacts on the deindustrialization process, specifically, the economic and social condition of working staff of SOEs. I conducted an empirical study in Beijing to investigate both institutional and social impacts. The LCR has caused an institutional shift in the land-use planning process, from the former "developer-coordinated process" to the current "local government-coordinated process." However, that shift did not solve the social problems caused by deindustrialization and SOE privatization; instead, it just slows down the occurrence of the problems.
China S Land Market
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Author : Sun Ying-hui
language : en
Publisher:
Release Date : 1995
China S Land Market written by Sun Ying-hui and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.
Trading Volume In The Housing Market Around Land Auctions Events
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Author : Shuk-Man Chiu
language : en
Publisher: Open Dissertation Press
Release Date : 2017-01-26
Trading Volume In The Housing Market Around Land Auctions Events written by Shuk-Man Chiu and has been published by Open Dissertation Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-26 with categories.
This dissertation, "Trading Volume in the Housing Market Around Land Auctions Events" by Shuk-man, Chiu, 趙淑文, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Land and housing markets are separated, with the traders in the land market being developers and those in the housing market being end-users for self-occupation and investors for investment. The two markets, however, are closely related because demand for residential sites is derived from demand for housing. With this close relationship, any signals from the land market should be impounded to the housing market. Land auction, which is the most commonly adopted land disposal method in Hong Kong, is a significant event in the land market. The land auction events should contain market signals affecting trading decisions of homebuyers and sellers in the housing market in a similar way that corporate earnings announcements of a listed company affect the trading of its shares in the stock market. This study investigates how land auctions affect trading volume in the secondary housing market in Hong Kong. Hypotheses are developed based on previous studies on the impacts of corporate earnings announcements on trading volume in stock markets with modifications to take into account the differences between housing and stock markets. The characteristics of housing market that are important in formulating the hypotheses are high transaction cost and market incompleteness (e.g. absence of short selling). In addition, lumpiness and indivisibility of housing, which make market participants risk-averse, also play important roles in the development of the hypotheses in this study. The research results indicate that greater dispersion in prior beliefs before the land auctions is associated with lower trading volume in the housing spot market. Unexpected land auction outcomes, be they positive or negative, are also negatively related to trading volume in the housing market, with the negative outcomes exerting a strong downward pressure on trading volume. These findings are contradictory to the findings commonly found in most finance literature about trading volume around corporate earnings announcements which assumes negligible transaction cost but consistent with findings in Barron and Karpoff (2004). The deviation from previous studies of stock market can be explained by the risk-averse behaviour of market participants, high transaction cost and market incompleteness in the housing market. Although empirical data in Hong Kong are used, the implications are general and should be applicable to other housing markets with similar characteristics. This study also sheds light on how increase in transaction cost and restriction on short selling may affect trading volume around corporate earnings announcements in the stock market. DOI: 10.5353/th_b5137944 Subjects: Public land sales - China - Hong Kong Housing - Prices - China - Hong Kong
Land Property Construction In The People S Republic Of China
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Author : Anthony Walker
language : en
Publisher: Hong Kong University Press
Release Date : 1992-10-01
Land Property Construction In The People S Republic Of China written by Anthony Walker and has been published by Hong Kong University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-10-01 with Business & Economics categories.
A major element of China’s economic modernization has been the reform of its land tenure system and the development of its construction industry. These changes, which have accepted the principles of paying for the right to use land and profit-making by construction companies, have been dramatic. So has the attraction of foreign investors to joint ventures with Chinese companies, many of which need land and buildings. These initiatives have, in turn, generated further development of land policies and construction. This book documents the progress made in these important sectors of the economy and their potential for creating a property market, their impact on overseas companies building in China and also on the indigenous construction industry itself.
Stabilizing China S Housing Market
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Author : Richard Koss
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-13
Stabilizing China S Housing Market written by Richard Koss and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-13 with Business & Economics categories.
The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.
The Chinese Real Estate Market
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Author : Junjian Albert Cao
language : en
Publisher: Routledge
Release Date : 2015-05-08
The Chinese Real Estate Market written by Junjian Albert Cao and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-08 with Business & Economics categories.
This is the first book to fully present, analyse and interpret the Chinese real estate market. Dr Junjian Albert Cao examines the Chinese real estate market’s growth trajectory, unique governance and factors affecting values and investment in the context of reforms, rapid economic growth and urbanization. The book provides essential insights into the institutional change surrounding the development of the property market, government intervention at local and national levels, taxes and other regulatory charges, and factors such as market practices, economic changes, government policies and social changes that affect the value of real estate. Furthermore, the book analyses academic and policy debates on issues such as: commercial property investment housing price inflation property rights protection affordable and social housing market practices and regulation environment and sustainability taxation property-led growth and the reliance of local economic growth on the property sector The book offers a comprehensive, in-depth and up-to-date account of the Chinese property market and presents a full assessment of the investment potential of Chinese real estate. It is a must read for students, academics and real estate professionals interested in this fascinating real estate market that has implications for Chinese and the world economies.
Urban Land Market Development In China
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Author : Youxuan Zhu
language : en
Publisher:
Release Date : 1993
Urban Land Market Development In China written by Youxuan Zhu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with City planning categories.
The Handbook Of China S Financial System
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Author : Marlene Amstad
language : en
Publisher: Princeton University Press
Release Date : 2020-11-17
The Handbook Of China S Financial System written by Marlene Amstad and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-17 with Business & Economics categories.
A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.
Dealing With Small Property Rights In China S Land Market Development
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Author : Xiaofang Shen
language : en
Publisher:
Release Date :
Dealing With Small Property Rights In China S Land Market Development written by Xiaofang Shen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.