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Publication Detail
Presentation: Pair-wise Convergence of Intra-city House Prices in Beijing
  • Publication Type:
    Conference presentation
  • Publication Sub Type:
    Presentation
  • Authors:
    Gabrieli T, Panagiotidis T, Xu Y
  • Name of Conference:
    25th Annual European Real Estate Society Conference
  • Conference place:
    University of Reading
  • Conference start date:
    27/06/2018
  • Conference finish date:
    30/06/2018
  • Keywords:
    Pair-wise approach, House Price Convergence, Cointegration and Chinese House Prices
Abstract
This paper examines the long-run convergence of houses price across the eighteen Beijing districts using monthly dataset that span from January 2006 to December 2014. Following a pair-wise approach, we conduct unit root tests on all N(N-1)/2 possible pairs of housing price differentials across the N districts of Beijing. By doing so we do not select any base-district or regional average as the benchmark. A two-stage approach is employed . In the first stage, unit root tests are employed to investigate the convergence (stationarity) of house price differentials across Beijing. Over half of the intra-city house price differentials are found to be stationary. The second stage of the investigates the drivers of convergence. The probability of a pair being stationarity is affected by income differentials across the eighteen districts, as well as the demographics differentials and supply-side factors. Last we reveal that the half-life of a shock towards long-run price equilibrium is positively affected by distance and housing supply while little evidence can be found for the influence of income and population density.
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