Land availability and housing price in China: Empirical evidence from nonlinear autoregressive distributed lag (NARDL)

Yii, Kwang‐Jing; Tan, Chai-Thing; Ho, Wing-Ken; Kwan, Xiao-Hui; Nerissa, Feng-Ting Shim; Tan, Yan-Yi; Wong, Kar-Horn

doi:10.1016/j.landusepol.2021.105888

Cited by 22 publications

(7 citation statements)

References 67 publications

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“…Shen et al (2016) study the lead-lag relationship between credit and housing price growth based on 27 provinces and four municipalities in China during 1992–2012 through the panel error correction model and find bi-directional lead-lag relations, with the leading effect of housing prices on credit stronger than that of credit on housing prices. Yii et al (2022) explore the relation between the land availability and housing price in China during 2005–2017 through the nonlinear auto-regressive distributed lag model that controls for the gross domestic product, inflation and interest rate and find that the land availability possesses an asymmetric effect on the housing price in the long run. Particularly, they determine that positive changes, as compared to negative changes, in the land availability possess greater effects on the housing price.…”

Section: Literature Reviewmentioning

confidence: 99%

Contemporaneous causality among residential housing prices of ten major Chinese cities

Zhang

2022

IJHMA

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Purpose This study aims to investigate dynamic relationships among residential housing price indices of ten major Chinese cities for the years 2005–2021. Design/methodology/approach Using monthly data, this study uses vector error correction modeling and the directed acyclic graph for characterization of contemporaneous causality among the ten indices. Findings The PC algorithm identifies the causal pattern and the Linear Non-Gaussian Acyclic Model algorithm further determines the causal path, from which this study conducts innovation accounting analysis. Sophisticated price dynamics are found in price adjustment processes following price shocks, which are generally dominated by the top tiers of cities. Originality/value This study suggests that policies on residential housing prices in the long run might need to be planned with particular attention paid to these top tiers of cities.

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Section: Literature Reviewmentioning

confidence: 99%

Contemporaneous causality among residential housing prices of ten major Chinese cities

Zhang

2022

IJHMA

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“…However, Shanghai stands out to have great impacts on other cities. Other studies have concentrated on nonlinear causality between house prices and different economic and policy variables, such as monetary policies (Zhang and Pan, 2021), output (Zhang and Pan, 2021), stock prices (Ding et al , 2014), investor sentiments (Hong and Li, 2020), land availabilities (Yii et al , 2022) and international real estate prices (Liow et al , 2019a).…”

Section: Literature Reviewmentioning

confidence: 99%

House price information flows among some major Chinese cities: linear and nonlinear causality in time and frequency domains

Zhang

2022

IJHMA

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Purpose With the rapid-growing house market in the past decade, the purpose of this paper is to study the important issue of house price information flows among 12 major cities in China, including Shanghai, Beijing, Xiamen, Shenzhen, Guangzhou, Hangzhou, Ningbo, Nanjing, Zhuhai, Fuzhou, Suzhou and Dongguan, during the period of June 2010 to May 2019. Design/methodology/approach The authors approach this issue in both time and frequency domains, latter of which is facilitated through wavelet analysis and by exploring both linear and nonlinear causality under the vector autoregressive framework. Findings The main findings are threefold. First, in the long run of the time domain and for timescales beyond 16 months of the frequency domain, house prices of all cities significantly affect each other. For timescales up to 16 months, linear causality is weaker and is most often identified for the scale of four to eight months. Second, while nonlinear causality is seldom determined in the time domain and is never found for timescales up to four months, it is identified for scales beyond four months and particularly for those beyond 32 months. Third, nonlinear causality found in the frequency domain is partly explained by the volatility spillover effect. Originality/value Results here should be of use to policymakers in certain policy analysis.

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“…Over the years, some researchers have investigated the development of railways and subway stations; the relationship between urban development and stations, i.e., the theory of rail transit and development [ 15 ]; the impact on the land market and house prices [ 16 ]; changes in land and house prices [ 17 ]; and the influence of rail transit stations in urban development [ 18 ]. Sustainable development and a livable environment represent the big visionary ideas of urban planning, but there are also a host of conflicts to solve.…”

Section: Literature Reviewmentioning

confidence: 99%

Past—Present—Future: Urban Spatial Succession and Transition of Rail Transit Station Zones in Japan

Zhuang

Zhang²,

2022

IJERPH

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In today’s environmentally conscious society, advocated by a global point of view, land and building use around rail transit stations have changed in the urbanization process. Promoting urban construction and development centered on rail transit stations not only meets the actual needs of urban sustainable development but is also an important means to guide the development of innovative cities. Therefore, it is meaningful to study the characteristics of urban spatial succession, development rules, and future trends based on this new perspective. We analyzed the relationship between rail transit networks and urban form in Japan using GIS by investigating changes in land and building use around rail transit stations over 30 years in the 1980s, 1990s and 2000s (from 1985–2010) using factor analysis and cluster analysis, and we discussed the impact of land consolidation planning and the setting and site selection of new stations based on urban development to understand the development trends inside and outside station zones and urban spatial succession. The results showed the following: (1) There are certain relationships between the development of urban form and traffic demand, and the rail transit network in Japan has the characteristics of high accessibility and aggregation of a small network; (2) Commercial development with a high plot ratio is dispersed and diverted by high-density rail transit stations in the commercial center of Japan; and (3) Commercial sub-centers form complexes by integrating multi-line transfers and form regional linkages through clustered commercial development. Regional business centers realize the agglomeration and radiation of functions through the compound development of station zones. This case study on rail transit zones and urban spatial succession in Japan has important enlightenment significance for urban construction toward optimizing the location and development of suburban rail transit lines, promoting the compact development of cities, exploring new ways to build more reasonable transport, planning city design and layout for rail transit station zones, and providing decision-making references for urban regeneration and sustainable development.

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Land availability and housing price in China: Empirical evidence from nonlinear autoregressive distributed lag (NARDL)

Cited by 22 publications

References 67 publications

Contemporaneous causality among residential housing prices of ten major Chinese cities

Contemporaneous causality among residential housing prices of ten major Chinese cities

House price information flows among some major Chinese cities: linear and nonlinear causality in time and frequency domains

Past—Present—Future: Urban Spatial Succession and Transition of Rail Transit Station Zones in Japan

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