The purpose of this research is to analyze the convergence of regional house prices and its complexity in China. In this purpose it used nonlinear time varying factor model. The obtained results have provided evidences for the existence of some degree of segmentation in China's housing market....

A great deal of research effort has been devoted to the analysis of the multilevel factor model. To date, however, limited progress has been made on the development of coherent inference for identifying the number of the global factors. We propose a novel approach based on the canonical...