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. 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).
    2. 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.
    3. 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.
    4. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    5. 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.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    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. Flores Thomas Edward, 2014. "Vertical Inequality, Land Reform, and Insurgency in Colombia," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 20(1), pages 5-31, January.
    4. Jean-Baptiste Fleury & Alain Marciano, 2022. "Methodological Individualism and the Foundations of the "Law and Economics" movement," Post-Print hal-03820441, HAL.
    5. Barnes, James N. & James, Harvey S., Jr. & Kalaitzandonakes, Nicholas G., 2004. "The Coase Theorem, or the Coasian Lens? An Application to GMO Regulation," 2004 Annual Meeting, February 14-18, 2004, Tulsa, Oklahoma 34640, Southern Agricultural Economics Association.
    6. 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).
    7. 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.
    8. Plinio Limata, 2020. "Blockchain and Institutions (II): The Realm of Law," CERBE Working Papers wpC36, CERBE Center for Relationship Banking and Economics.
    9. James N. Conklin & N. Edward Coulson & Moussa Diop, 2023. "Distressed comps," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(1), pages 170-195, January.
    10. Akee, Randall K. Q., 2006. "Checkerboards and Coase: Transactions Costs and Efficiency in Land Markets," IZA Discussion Papers 2438, Institute of Labor Economics (IZA).
    11. 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.
    12. Kim, Sung Min & Mahoney, Joseph T., 2006. "Collaborative Planning, Forecasting, and Replenishment (CPFR) as a Relational Contract: An Incomplete Contracting Perspective," Working Papers 06-0102, University of Illinois at Urbana-Champaign, College of Business.
    13. 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.
    14. Gabriel Hoh Teck Ling & Pau Chung Leng & Chin Siong Ho, 2019. "Effects of Diverse Property Rights on Rural Neighbourhood Public Open Space (POS) Governance: Evidence from Sabah, Malaysia," Economies, MDPI, vol. 7(2), pages 1-33, June.
    15. 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).
    16. 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.
    17. Shulu Che & Ronald Ravinesh Kumar & Peter J. Stauvermann, 2021. "Taxation of Land and Economic Growth," Economies, MDPI, vol. 9(2), pages 1-20, April.
    18. Congdon Fors, Heather & Houngbedji, Kenneth & Lindskog, Annika, 2019. "Land certification and schooling in rural Ethiopia," World Development, Elsevier, vol. 115(C), pages 190-208.
    19. Lahsen, Amina. A & Piper, Alan T., 2018. "Property Rights and Intellectual Property Protection, GDP growth and Well-Being in Latin America," MPRA Paper 90034, University Library of Munich, Germany.
    20. Kim, Jongwook & Mahoney, Joseph T., 2006. "How Property Rights Economics Furthers the Resource-Based View: Resources, Transaction Costs and Entrepreneurial Discovery," Working Papers 06-0100, University of Illinois at Urbana-Champaign, College of Business.

    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.