In China, the real estate sector has been one of the most powerful driving forces in economic development over the past two decades. The housing sector, particularly, has a strong wealth effect on consumption. This has attracted much attention not only in academia but also in society at large....

As housing markets have overheated recently in urban China, housing price bears substantial risk. The issue of housing price bubbles in these markets has become a popular and significant topic among consumers, policymakers and academia alike. In particular, Guangzhou and Shenzhen, as the most...

One of the recent advances in property valuation is to view a property or the right to develop it as a call option. Shilling et al. (1985) were among the first to apply option pricing theory in this way. For real estate development, although not explicitly said so in his paper, Titman (1985) was...

The interaction between the construction market and the overall economy has attracted much attention, but few studies have investigated the influence of the property market on the construction market in terms of property price. The disaggregated data of Hong Kong’s housing and retail...

Fluctuations in housing prices not only affect the financial well-being of corporations and households, but also influence the stability of economies. One of the results derived from such fluctuations is known as price bubbles. We aim to investigate whether such housing price bubbles did exist...

Hong Kong and Shenzhen, while being interrelated in many aspects, have encountered different types of demand shocks throughout the past decade. This is likely due to disparities in market conditions and degrees of government regulations. In the light of such differences in property price trends,...