Commodification and housing market cycles in Chinese cities

Fulong Wu

International Journal of Housing Policy, 2015, vol. 15, issue 1, 6-26

Abstract: The paper assesses how housing commodification in China has been used to cope with the impact of financial crises and open up new opportunities to boost economic growth. In particular, in the aftermath of the global financial crisis, the injection of capital has led to a new housing market cycle. We explain the major housing market cycles after 1978 and suggest an underlying linkage with macroeconomic measures aimed at making housing a more ‘liquid’ asset and richer households increasingly using second homes as an investment strategy. Further, the Chinese form of development regime is examined, revealing the role of local government in promoting housing markets, on the one hand, and the concern of central government with property bubbles and financial risks – leading to the adaptation of a more regulated approach to restrict housing sales – on the other. We argue that housing market cycles should be understood by seeing how property development is at the centre of urban development in China.

Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (23)

Downloads: (external link)
http://hdl.handle.net/10.1080/14616718.2014.925255 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:intjhp:v:15:y:2015:i:1:p:6-26

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/REUJ20

DOI: 10.1080/14616718.2014.925255

Access Statistics for this article

International Journal of Housing Policy is currently edited by Professor Suzanne Fitzpatrick, Gerard van Bortel and Richard Ronald

More articles in International Journal of Housing Policy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().