Bertrand Renaud

Frederik Pretorius

Bernabe Pasadilla

'The real estate economy of Hong Kong is one of the most dynamic and sophisticated in the world, and has contributed greatly to the spectacular development of this vibrant city. More importantly, at a time of rapid globalization of the world economy, it is possibly the best model of the behaviour of an advanced real estate industry operating in an open economy. Hong Kong is thereforeof interest to analysts and policymakers everywhere, not least because of Hong Kong's political reintegration with China in 1997. With this in mind, the authors have managed to capture the key economic features of the private residential real estate market in Hong Kong in this compact volume. They have identified and highlighted critical institutions that contribute to the success and economic factors which shape the dynamics of all sectors of the real estate industry in Hong Kong. This book is essential reading for market analysts, policymakers, students and international readers with an interest in comparative analysis of real estate markets and institutions.' Professor Anthony Walker, Centre for Real Estate and Urban Economics,The University of Hong Kong.

Dynamics of the Residential Real Estate Market in Hong Kong

Markets at Work

Kyung-Hwan Kim

Man Cho

This book is the first to evaluate the organisation, behaviour and performance of six major East Asian real estate markets. It offers a unique analysis of the growth and transformation of the real estate sector across East Asia. The authors examine the interactions between volatility in the sector and the overall stability of the economy, in particular during the Asia financial crisis of 1997-98, and the global financial crisis of 2008-09. draws on the best available theoretical and empirical literature applies analytic tools in the context of East Asian institutions and policies helps understand factors affecting resilience and stability in East Asian real estate markets.

Dynamics of Housing in East Asia

Zhi Liu

Rebecca L. H. Chiu

Recent rapid housing market expansion in China is presenting new challenges for policy makers, planners, business people, and citizens. Now that housing in middle-income China is driven by consumer choices and is no longer dominated by state policy decisions, housing policy issues in Chinese cities are becoming increasingly similar to those encountered in other global housing markets. With soaring prices and imbalances in housing supply favoring high income groups and housing demand driven by rising inequality in household incomes, many middle and lower-income households face worsening choices in terms of the quality and location of their housing as well as greater financial difficulties, which together can have negative implications for standards of public health. This book examines the impact of these changes on the general population, as well as on aspiring homeowners and developers. The contributors look at the effect on the widening of wealth gaps, slower economic growth, and threats to political and social stability. Though focusing on China, the editors also present discussions of specific policy design challenges encountered in Australia, Japan, Korea, the Netherlands, the Nordic countries, Singapore, Taiwan, the UK, and the US. This book would be of interest to housing policy makers, as well as academics who are studying the social and political effects of the Chinese housing market.

International Housing Market Experience and Implications for China

Koichi Mera

This book by a distinguished academic and a professional economist from the World Bank clearly demonstrates the significant role played by the real estate sector in inducing the Asian crisis; the linkage of the real estate sector to the general economy; the causes of real estate booms and subsequent busts; and the economic costs of real estate price volatility. The book also includes suggestions for moderating such volatility in the future.

Bertrand Renaud

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