Effects of Bank Lending on Urban Housing Prices for Sustainable Development: A Panel Analysis of Chinese Cities

Analysis on the Spatial Effect of Infrastructure Development on the Real Estate Price in the Yangtze River Delta

This study explores the spatial effect of infrastructure development on real estate prices in the Yangtze River Delta. It constructs an evaluation system of the infrastructure development level across five dimensions (i.e., transportation, water supply and drainage, energy and power, postal communication, and ecological environment), analyzes the development characteristics of urban infrastructure in the Yangtze River Delta, and uses a spatial panel model to explore how urban infrastructure development affects real estate prices. Results indicate that (1) the overall development level of urban infrastructure in the Yangtze River Delta region shows an upward trend. Significant regional differences exist as the development level of urban infrastructure in the eastern region is ahead of that in the central region; (2) Spatial autocorrelation and real estate prices in the Yangtze River Delta region in infrastructure development and overall levels, respectively, are high; (3) Infrastructure directly affects local real estate market demand and improves the vitality of the housing market in adjacent areas; and (4) Infrastructure construction can significantly promote the rise of urban real estate prices in the eastern region, while this driving effect is not significant in the central region. This research will help the government promote the coordinated development of urban infrastructure and formulate relevant policies for the macro-control of the real estate market in urban agglomerations.

Understanding the Intention and Behavior of Renting Houses among the Young Generation: Evidence from Jinan, China

In the last decade, the rapid growth of China’s economy and population has generated a large demand for housing. Increasingly high prices have become the main obstacle for homeownership, especially for the young generation. In this study, we investigate the determinants of rental housing among the young generation in Chinese cities. A theoretical model and hypotheses were proposed by extending the theory of planned behavior (TPB). An empirical analysis was conducted via the structural equation model validation to reveal the following conclusions. (1) Attitude towards behavior (perceived usefulness and perceived usability) are the most important factors influencing renting behavior. (2) Mandatory policies and regulatory pressures promote renting behavior. (3) The government’s economic incentives have a significant impact on perceptual behavior control and indirectly affect behavioral intentions through perceptual behavior control. Based on the above conclusions, this study proposed recommendations for the government and businesses. This study contributed to existing theory and practice by providing useful insights into the influences on the young generation’s renting intentions. Furthermore, these findings provide the government with implications for facilitating the sustainability of the housing market.

The Impact of Population Migration on Urban Housing Prices: Evidence from China’s Major Cities

With increasingly high housing prices, the urban housing problem has changed from an economic issue to a livelihood issue in China. Taking 32 major cities in China as an example, this paper employed data from 2007 to 2016 to build a panel data model to empirically study the impact of population migration on urban housing prices. From the two perspectives of the national level and regional level (eastern region, central region and western region), the results of this study showed that (1) on the national level, population inflow had a significant positive correlation with urban housing prices, where a population inflow rate increase of 1% increased urban housing prices by 0.31%; and (2) on the regional level, a population inflow rate increase of 1% increased urban housing prices in the eastern region by 1.34%, but population inflow had no obvious impact on the urban housing prices in the central and western regions. Based on the results, this study suggested addressing housing supply imbalances through housing product diversification and affordable housing system improvement, and addressing construction land supply imbalances by building a perfect system linking land-use planning to population; at the same time, it also suggested building more nationally central cities following the urbanization trend, and taking this as the key to developing urban agglomerations, reasonably decentralizing the population flow, promoting the healthy and stable development of the real-estate market and advancing sustainable urbanization. The above conclusions have practical significance for China and other developing countries to coordinate population and urban development in the process of rapid urbanization.

Population Aging, Mobility, and Real Estate Price: Evidence from Cities in China

Demographic factors are crucial to the sustainable development of one country. China’s population is aging at an accelerating rate and, together with the increasing mobility between cities, some special demographic issues have formed, which is quite related to the urban real estate market. The paper aims to investigate how the population aging and mobility affect housing prices at the city level, by using a set of two-period panel data of 294 prefecture-level cities in China. The results show that an increase in elderly dependency ratio by 1% leads to a rise in housing prices by 0.368%. Meanwhile, an increase in urbanization level by 1% drives up housing prices by about 0.139%, and a rise in the ratio of inter-regional migration by 1% will increase housing prices by about 1.038%. Furthermore, the policy of purchase limits could weaken the positive impacts of elderly dependency ratio and inter-regional migration on housing prices and, thus, plays a moderating role on the relationship between demographic structure and housing prices.