A Tale of Two Policies: Examining Treatment Effects on Housing Prices in Shenzhen, China

Luya Wang, Zheng Li and Qi Li ()
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Luya Wang: School of Statistics, Capital University of Economics and Business
Zheng Li: Department of Agricultural and Resource Economics, North Carolina State University
Qi Li: Department of Economics, Texas A&M University

Annals of Economics and Finance, 2023, vol. 24, issue 2, 277-288

Abstract: The city of Shenzhen has seen a surge in housing prices. In response, the Shenzhen government implemented policies to make housing more affordable. Two notable policies were implemented between 2016-2018. The first policy increases the supply of land for housing and raises down payment rates. The second policy restricts the sale of houses for a certain period of time. We use the Hsiao et al. (2012) method and factor model method to assess the effectiveness of these policies. Our empirical results suggest that the first policy had significant effects on housing prices while the second policy had no significant effect.

Keywords: Housing prices; Program evaluation; Panel data (search for similar items in EconPapers)
JEL-codes: C23 R31 R38 (search for similar items in EconPapers)
Date: 2023
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