IDEAS home Printed from https://ideas.repec.org/a/ire/issued/v02n011999p143-159.html
   My bibliography  Save this article

Land-Supply Restrictions, Developer Strategies and Housing Policies: The Case in Hong Kong

Author

Abstract

The Hong Kong residential market is unique in several aspects: restricted land supply, high price volatility, high appreciation rate, a small group of large developers, and a huge public housing sector. Assuming that higher price appreciation and volatility can be attributed to the limited land supply, this study examines the relationships among developers?ousing-supply decisions, government land-supply decisions, and public housing policies. Using data for the 1973-1997 period, our result shows that an increase in land supply by the Hong Kong government may not be a solution to the perceived shortage of housing supply in Hong Kong. This finding indicates that it is important to examine developers?profit maximization strategies when enacting public policies related to property markets.

Suggested Citation

  • Rose Neng Lai & Ko Wang, 1999. "Land-Supply Restrictions, Developer Strategies and Housing Policies: The Case in Hong Kong," International Real Estate Review, Global Social Science Institute, vol. 2(1), pages 143-159.
    • Handle: RePEc:ire:issued:v:02:n:01:1999:p:143-159
    as

    Download full text from publisher

    File URL: https://www.gssinst.org/irer/wp-content/uploads/2020/10/1999-Vol-2-No-1-Land-Supply.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Skyscrapers and Housing Affordability: Debunking Misconceptions
      by Jason Barr in Skynomics Blog on 2021-03-23 12:10:58

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Han, Wenjing & Zhang, Xiaoling & Zheng, Xian, 2020. "Land use regulation and urban land value: Evidence from China," Land Use Policy, Elsevier, vol. 92(C).
    2. Joseph T. L. Ooi & Thao T. T. Le, 2012. "New Supply and Price Dynamics in the Singapore Housing Market," Urban Studies, Urban Studies Journal Limited, vol. 49(7), pages 1435-1451, May.
    3. Longji Zeng & Yuandi Wang & Yajuan Deng, 2022. "How Land Transactions Affect Carbon Emissions: Evidence from China," Land, MDPI, vol. 11(5), pages 1-25, May.
    4. Mee Kam Ng, 2020. "Transformative urbanism and reproblematising land scarcity in Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 57(7), pages 1452-1468, May.
    5. LAI, Ping-fu (Brian) & CHAN, Ho Sum, 2014. "The Imminent Housing Collapse - Will History Repeat Itself?," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 18(4), pages 63-104.
    6. Joanna Wai Ying Lee & Wing-Shing Tang, 2017. "The hegemony of the real estate industry: Redevelopment of ‘Government/Institution or Community’ (G/IC) land in Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 54(15), pages 3403-3422, November.
    7. Chien-An Wang & Chin-Oh Chang, 2008. "Is It a Heavy Log that Broke the Camel’s Back? Evidence of the Credit Channel in Taiwan’s Construction Industry," International Real Estate Review, Global Social Science Institute, vol. 11(1), pages 38-64.
    8. Su H. Chan & Mark H. Stohs & Ko Wang, 2001. "Are Real Estate IPOs a Different Species? Evidence from Hong Kong IPOs," Journal of Real Estate Research, American Real Estate Society, vol. 21(3), pages 337-356.
    9. Charles K. Leung & Kelvin S. Wong, 2004. "The Construction and Related Industries in a Changing Socio-Economic Environment: The Case of Hong Kong," International Real Estate Review, Global Social Science Institute, vol. 7(1), pages 139-170.
    10. Charles Ka Yui Leung, 2015. "Availability, Affordability and Volatility: The Case of the Hong Kong Housing Market," International Real Estate Review, Global Social Science Institute, vol. 18(3), pages 383-428.
    11. Edward C. H. Tang, 2021. "Speculate a lot," Pacific Economic Review, Wiley Blackwell, vol. 26(1), pages 91-109, February.
    12. Mr. R. S Craig & Mr. Changchun Hua, 2011. "Determinants of Property Prices in Hong Kong SAR: Implications for Policy," IMF Working Papers 2011/277, International Monetary Fund.
    13. Klaas Kresse & Erwin van der Krabben, 2021. "Housing Supply Limitations, Land Readjustment and the Ecological Performance of the Urban Landscape," Sustainability, MDPI, vol. 13(17), pages 1-24, August.
    14. Yingqi Guo & Shu-Sen Chang & Feng Sha & Paul S F Yip, 2018. "Poverty concentration in an affluent city: Geographic variation and correlates of neighborhood poverty rates in Hong Kong," PLOS ONE, Public Library of Science, vol. 13(2), pages 1-17, February.
    15. Xiaolong Liu & Weidong Qu, 2015. "Winner's Curse or Signaling? Bidding Outcomes in the Chinese Land Market," International Real Estate Review, Global Social Science Institute, vol. 18(1), pages 113-129.
    16. Su Han Chan & Ko Wang & Jing Yang, 2011. "A Rational Explanation for Boom-and-Bust Price Patterns in Real Estate Markets," International Real Estate Review, Global Social Science Institute, vol. 14(3), pages 257-282.
    17. Charles Ka Yui Leung & Wei Wang, 2007. "An Examination of the Chinese Housing Market through the Lens of the DiPasquale- Wheaton Model: a Graphical Attempt," International Real Estate Review, Global Social Science Institute, vol. 10(2), pages 131-165.
    18. L. Li & Helen X. H. Bao & K. W. Chau, 2023. "On the Strategic Timing of Sales by Real Estate Developers: To Wait or To Presell?," The Journal of Real Estate Finance and Economics, Springer, vol. 66(1), pages 169-196, January.

    More about this item

    Keywords

    Land supply; land bank; public housing;
    All these keywords.

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ire:issued:v:02:n:01:1999:p:143-159. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: IRER Graduate Assistant/Webmaster (email available below). General contact details of provider: https://www.gssinst.org/gssinst/index.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.