Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

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Examination of the Impact of Guidance Price Policy on the Secondary Market in China

Authors
Mengyu Xie1, †, Yiqi Xu2, *, †
1Tianfu School, Chengdu, Sichuan Province, 611100, China
2School of PPLS, the University of Edinburgh, Edinburgh, EH8 9YL, the United Kingdom
†

These authors contributed equally.

*Corresponding author. Email: s1793361@ed.ac.uk
Corresponding Author
Yiqi Xu
Available Online 15 December 2021.
DOI
10.2991/assehr.k.211209.095How to use a DOI?
Keywords
secondary housing market; policy; housing price; maximum likelihood estimation; negative binomial regression
Abstract

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.

Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
15 December 2021
ISBN
978-94-6239-483-4
ISSN
2352-5428
DOI
10.2991/assehr.k.211209.095How to use a DOI?
Copyright
© 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

risenwbib
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  -