Value of qualification to buy a house: Evidence from the housing purchase restriction policy in China

被引:5
|
作者
Zheng, Hefan [1 ]
Zhang, Rongjie [1 ,2 ]
Wu, Jing [1 ]
机构
[1] Tsinghua Univ, Hang Lung Ctr Real Estate, Dept Construct Management, Beijing, Peoples R China
[2] Tsinghua Univ, Heshanheng Bldg, Beijing 100084, Peoples R China
基金
中国国家自然科学基金;
关键词
Housing purchase restriction; Housing prices; Willingness to pay; Judicial housing auction; MARKET; PRICE; FORECLOSURE;
D O I
10.1016/j.cities.2023.104197
中图分类号
TU98 [区域规划、城乡规划];
学科分类号
0814 ; 082803 ; 0833 ;
摘要
China's housing purchase restriction (HPR) policy imposes administrative restrictions on households' home purchase eligibility to curb speculative demand. We quantify households' willingness to pay (WTP) to re-acquire such eligibility. The empirical results based on the staggered DID specification suggest that when local governments implement the HPR policy, the transaction prices of judicial housing auctions legally exempted from HPR increase by 18.91 %. This HPR-exempted qualification premium can be converted to an estimate of 22.48 % of the transaction price as buyers' WTP for home purchase eligibility. The heterogeneity analysis also suggests that the WTP significantly increases when speculative incentives are stronger in the housing market. If policymakers in mainland China consider replacing the HPR policy with an additional buyer transaction tax like that in Singapore and Hong Kong, China, the WTP estimates can serve as the benchmark in setting the tax rate.
引用
收藏
页数:10
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