“…Recent years have witnessed a rapid increase in academic research and policy debate on China's emerging housing market in general (e.g., Kim, 1987;Lee, 1988;Tolley, 1991;Dowall, 1994), and on housing choice in particular (e.g., Zhou & Logan, 1996;Li, 2000). This growing literature reflects the importance of residential property in China's economic reforms as well as in individual's household assets.…”