We solve an optimal land sale problem for a mayor who sells public land and uses the land sale revenue to finance infrastructure. Over an infinite horizon the mayor chooses land sale and infrastructure in each period to maximize the market value of the city net of the spending on infrastructure....

As it has rightfully been recognized by China's central government, successful urbanization will be decisive for the nation's future development. Key challenges will be to realize urbanization economies, improve production and innovation capabilities, direct urban and suburban growth and improve...

Purpose – There exists a large volume of literature evaluating the mortgage prepayment risk based on the USA's and other developed countries' experiences. With access to detailed loan‐level data provided by a national mortgage lender in China, the purpose of this paper is to revisit the...

The response of housing prices to changes in the geography of the economy and population within cities is empirically understudied. This paper examines the spatial dynamics of the Hong Kong housing market between 1992 and 2008, a time period that includes two periods of strong price appreciation...

High and rising prices in Chinese housing markets have attracted global attention. Price-to-rent ratios in Beijing and seven other large markets across the country have increased by 30% to 70% since the beginning of 2007. Current price-to-rent ratios imply very low user costs of no more than...