“…Focusing on policy issues, is another characteristic of research work on Asian real estate markets (Adams, 1987;Chen, 1996;Dowall, 1994;Firman, 1997;Ho, 1994;Kong and Yeoh, 1994;Lee, 1993;Lee, 1997;Li, 1997a;Li and Yu, 1990;Ma and Fan, 1994;Ooi, 1991;Quan, 1991;Reece, 1996;Tse, 1996c;Wang and Murie, 1996;Winchester and Chalkley, 1990;Wu, 1996;Xu and Fang, 1996;Zhao and Zhang, 1995;and Zhu, 1994). Some of these studies have addressed issues related to housing, (Chang, and Ward, 1993;Chua, (1991), Dowall, 1989Dowall, 1992;Kim, 1992;Kim, 1993;Lodhi and Pasha, 1991;Low, 1996;Ong and Chew, 1996;Peng and Wheaton, 1994;Seko, 1993;Shefer, 1990;Smart, 1988;and Teo and Kong, 1997), land price and policy (Dowall and Leaf, 1991;Green, et.…”