The Paul and Marcia Wythes Center on Contemporary
Princeton, NJ 08542
Institutional Affiliation: Princeton University & CUHK Shenzhen
NBER Working Papers and Publications
|November 2018||China's Real Estate Market|
with Wei Xiong: w25297
Since the 1990s, China's real estate market has experienced a dramatic and long-lasting boom across China. This boom has led to substantial concerns in both academic and policy circles that the rising housing prices might have developed into a gigantic housing bubble, which might eventually burst and damage China’s financial system and economy. Motivated by this concern, this paper reviews the historical development of China’s real estate market, describes the real estate boom, and discusses its links to households, local governments, firms and the financial system.