IDEAS home Printed from https://ideas.repec.org/a/pal/palcom/v11y2024i1d10.1057_s41599-024-03415-5.html
   My bibliography  Save this article

Fragmented property rights and their risks on foreclosed housing: a qualitative comparative analysis based on judicial auctions in China

Author

Listed:
  • Xingyu Qian

    (Chongqing University)

Abstract

During China’s transition towards land and housing marketization in the 1980s to 1990s, a series of legal and policy arrangements led to the separation of land ownership from land-use rights, followed by the separation of housing ownership from land-use rights. This has institutionally fragmented the housing property rights, allowing properties to be financialized as collaterals. Consequently, the fragmentation of housing property rights inflicts substantial risks on judicial auctions of foreclosed housing. As China’s real estate sector is grappling with a mounting debt crisis, it becomes imperative to enhance the efficiency of judicial auctions to address bank debts and stabilize the housing financial system. By employing the cs-QCA method with a dataset comprising 136 cases of foreclosed properties, this study reveals the critical role of various configurations of property-rights risks in determining the outcome of judicial auctions. Additionally, it identifies the importance of credible commitments offered by the courts in mitigating property-rights risks. The research expects to provide practical and theoretical insights for China’s courts and financial institutions to manage foreclosed properties effectively.

Suggested Citation

  • Xingyu Qian, 2024. "Fragmented property rights and their risks on foreclosed housing: a qualitative comparative analysis based on judicial auctions in China," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
    • Handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-03415-5
    DOI: 10.1057/s41599-024-03415-5
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41599-024-03415-5
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1057/s41599-024-03415-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    2. Tim Blackman, 2013. "Rethinking policy-related research: charting a path using qualitative comparative analysis and complexity theory," Contemporary Social Science, Taylor & Francis Journals, vol. 8(3), pages 333-345, November.
    3. Iris Claus & Les Oxley & Jie Chen & Xuehui Han, 2014. "The Evolution Of The Housing Market And Its Socioeconomic Impacts In The Post-Reform People'S Republic Of China: A Survey Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 28(4), pages 652-670, September.
    4. Kyle C. Longest & Stephen Vaisey, 2008. "fuzzy: A program for performing qualitative comparative analyses (QCA) in Stata," Stata Journal, StataCorp LP, vol. 8(1), pages 79-104, February.
    5. Pappas, Ilias O. & Woodside, Arch G., 2021. "Fuzzy-set Qualitative Comparative Analysis (fsQCA): Guidelines for research practice in Information Systems and marketing," International Journal of Information Management, Elsevier, vol. 58(C).
    6. Alchian, Armen A. & Demsetz, Harold, 1973. "The Property Right Paradigm," The Journal of Economic History, Cambridge University Press, vol. 33(1), pages 16-27, March.
    7. Wagemann, Claudius & Buche, Jonas & Siewert, Markus B., 2016. "QCA and business research: Work in progress or a consolidated agenda?," Journal of Business Research, Elsevier, vol. 69(7), pages 2531-2540.
    8. Terrence M. Clauretie & Nasser Daneshvary, 2009. "Estimating the House Foreclosure Discount Corrected for Spatial Price Interdependence and Endogeneity of Marketing Time," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 43-67, March.
    9. Hanqing Zhou & Yuan Yuan & Christopher Lako & Michael Sklarz & Charles McKinney, 2015. "Foreclosure Discount: Definition and Dynamic Patterns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(3), pages 683-718, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business.
    2. Thomas Vendryes, 2014. "Peasants Against Private Property Rights: A Review Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 971-995, December.
    3. Borozan, Dj, 2022. "Detecting a structure in the European energy transition policy instrument mix: What mix successfully drives the energy transition?," Renewable and Sustainable Energy Reviews, Elsevier, vol. 165(C).
    4. Jason Coupet & Abagail McWilliams, 2017. "Integrating Organizational Economics and Resource Dependence Theory to Explain the Persistence of Quasi Markets," Administrative Sciences, MDPI, vol. 7(3), pages 1-13, August.
    5. Plinio Limata, 2020. "Blockchain and Institutions (II): The Realm of Law," CERBE Working Papers wpC36, CERBE Center for Relationship Banking and Economics.
    6. Akee, Randall K. Q., 2006. "Checkerboards and Coase: Transactions Costs and Efficiency in Land Markets," IZA Discussion Papers 2438, Institute of Labor Economics (IZA).
    7. Baker, Matthew J. & Conning, Jonathan, 2021. "The Transformations of Customary Property Regimes in Africa: An Analytical Framing," 2021 Conference, August 17-31, 2021, Virtual 315325, International Association of Agricultural Economists.
    8. Ruttan, Vernon W., 2006. "Social science knowledge and induced institutional innovation: an institutional design perspective," Journal of Institutional Economics, Cambridge University Press, vol. 2(3), pages 249-272, December.
    9. Yang, Chen & Qian, Zhu, 2022. "The complexity of property rights embedded in the rural-to-urban resettlement of China: A case of Hangzhou," Land Use Policy, Elsevier, vol. 122(C).
    10. Reyman, Katarzyna & Maier, Gunther, 2023. "Property rights regime and the timing of land development in a post-transition country (Poland)," SRE-Discussion Papers 01/2023, WU Vienna University of Economics and Business.
    11. Shulu Che & Ronald Ravinesh Kumar & Peter J. Stauvermann, 2021. "Taxation of Land and Economic Growth," Economies, MDPI, vol. 9(2), pages 1-20, April.
    12. Yang, Qi & Zhu, Yueji & Liu, Ling & Wang, Fang, 2021. "Land tenure stability and adoption intensity of sustainable agricultural practices: Evidence from banana farmers in China," 2021 Conference, August 17-31, 2021, Virtual 315254, International Association of Agricultural Economists.
    13. Cheung, K.S. & Wong, S.K. & Wu, H. & Yiu, C.Y., 2021. "The land governance cost on co-ownership: A study of the cross-lease in New Zealand," Land Use Policy, Elsevier, vol. 108(C).
    14. Congdon Fors, Heather & Olsson, Ola, 2007. "Endogenous institutional change after independence," European Economic Review, Elsevier, vol. 51(8), pages 1896-1921, November.
    15. Ruttan, Vernon W., 2002. "Social Science Knowledge And Institutional Innovation," Staff Papers 13628, University of Minnesota, Department of Applied Economics.
    16. Feldmann, Horst, 1993. "Die Eigentumstheorien Lockes und Humes und ihre Lehren für den Aufbau privatwirtschaftlicher Eigentumsordnungen in den Transformationsländern," Tübinger Diskussionsbeiträge 30, University of Tübingen, School of Business and Economics.
    17. Congdon Fors, Heather & Houngbedji, Kenneth & Lindskog, Annika, 2019. "Land certification and schooling in rural Ethiopia," World Development, Elsevier, vol. 115(C), pages 190-208.
    18. Donner, Herman & Song, Han-Suck & Wilhelmsson, Mats, 2016. "Forced sales and their impact on real estate prices," Journal of Housing Economics, Elsevier, vol. 34(C), pages 60-68.
    19. Eva Thomann & Martino Maggetti, 2020. "Designing Research With Qualitative Comparative Analysis (QCA): Approaches, Challenges, and Tools," Sociological Methods & Research, , vol. 49(2), pages 356-386, May.
    20. Mulaj, Isa, 2006. "Redefining Property Rights with Specific Reference to Social Ownership in Successor States of Former Yugoslavia: Did it Matter for Economic Efficiency?," MPRA Paper 243, University Library of Munich, Germany.

    More about this item

    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:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-03415-5. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: https://www.nature.com/ .

    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.