IDEAS home Printed from https://ideas.repec.org/a/taf/intjhp/v15y2015i1p6-26.html
   My bibliography  Save this article

Commodification and housing market cycles in Chinese cities

Author

Listed:
  • Fulong Wu

Abstract

The paper assesses how housing commodification in China has been used to cope with the impact of financial crises and open up new opportunities to boost economic growth. In particular, in the aftermath of the global financial crisis, the injection of capital has led to a new housing market cycle. We explain the major housing market cycles after 1978 and suggest an underlying linkage with macroeconomic measures aimed at making housing a more ‘liquid’ asset and richer households increasingly using second homes as an investment strategy. Further, the Chinese form of development regime is examined, revealing the role of local government in promoting housing markets, on the one hand, and the concern of central government with property bubbles and financial risks – leading to the adaptation of a more regulated approach to restrict housing sales – on the other. We argue that housing market cycles should be understood by seeing how property development is at the centre of urban development in China.

Suggested Citation

  • Fulong Wu, 2015. "Commodification and housing market cycles in Chinese cities," International Journal of Housing Policy, Taylor & Francis Journals, vol. 15(1), pages 6-26, January.
    • Handle: RePEc:taf:intjhp:v:15:y:2015:i:1:p:6-26
    DOI: 10.1080/14616718.2014.925255
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/14616718.2014.925255
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/14616718.2014.925255?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.

    Citations

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


    Cited by:

    1. Rickman, Dan S. & Wang, Hongbo, 2016. "Regional Housing Supply Elasticity in China 1999-2013: A Spatial Equilibrium Analysis," MPRA Paper 69157, University Library of Munich, Germany.
    2. Manuel B. Aalbers, 2017. "The Variegated Financialization of Housing," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(4), pages 542-554, July.
    3. Le Tang & Fengqin Zhou & Xueliang Feng & Yali Luo, 2018. "Collective Civic Petitions in Urban Neighborhoods: A Comparative Study between Two Different-Tier Chinese Cities," Sustainability, MDPI, vol. 10(12), pages 1-17, December.
    4. Isil Erol, 2019. "New Geographies of Residential Capitalism: Financialization of the Turkish Housing Market Since the Early 2000s," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 724-740, July.
    5. Oguzhan Cepni & Rangan Gupta & Yigit Onay, 2022. "The role of investor sentiment in forecasting housing returns in China: A machine learning approach," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(8), pages 1725-1740, December.
    6. Natacha Aveline-Dubach, 2017. "Centrality of Land in the Capital Accumulation Regime in China [La centralité du foncier dans le régime d’accumulation du capital en Chine]," Post-Print halshs-01556558, HAL.
    7. Chunhui Liu & Weixuan Song, 2019. "Perspectives of Socio-Spatial Differentiation from Soaring Housing Prices: A Case Study in Nanjing, China," Sustainability, MDPI, vol. 11(9), pages 1-16, May.
    8. Jie Shen & Yang Xiao, 2020. "Emerging divided cities in China: Socioeconomic segregation in Shanghai, 2000–2010," Urban Studies, Urban Studies Journal Limited, vol. 57(6), pages 1338-1356, May.
    9. Natacha Aveline-Dubach & Guillaume Blandeau, 2019. "The political economy of transit value capture: The changing business model of the MTRC in Hong Kong [L'économie politique de la captation de valeur foncière (Land value capture): le nouveau modèle," Post-Print halshs-02100616, HAL.
    10. Mengzhu Zhang & Si Qiao & Xiang Yan, 2021. "The secondary circuit of capital and the making of the suburban property boom in postcrisis Chinese cities," Environment and Planning A, , vol. 53(6), pages 1331-1355, September.
    11. Su, Xing & Qian, Zhu, 2022. "Neoliberal financial governance and its transformation under real estate boom and bust: The case of Ordos City, China," Land Use Policy, Elsevier, vol. 112(C).
    12. Yanpeng Jiang & Paul Waley, 2020. "Who Builds Cities in China? How Urban Investment and Development Companies Have Transformed Shanghai," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 44(4), pages 636-651, July.
    13. Jiang, Ronghao & Lin, George C.S., 2021. "Placing China’s land marketization: The state, market, and the changing geography of land use in Chinese cities," Land Use Policy, Elsevier, vol. 103(C).
    14. Jiang, Yanpeng & Mohabir, Nalini & Ma, Renfeng & Zhu, Pengyu, 2017. "Sorting through Neoliberal Variations of Ghost Cities in China," Land Use Policy, Elsevier, vol. 69(C), pages 445-453.
    15. Lisha He & Mia M Bennett & Ronghao Jiang, 2022. "The uneven geography of real estate investment by Mainland Chinese state-owned and private enterprises in the U.S.: Local market conditions, migration, and ethnic networks," Environment and Planning A, , vol. 54(4), pages 653-675, June.
    16. Chen, Yawei, 2022. "Financialising urban redevelopment: Transforming Shanghai’s waterfront," Land Use Policy, Elsevier, vol. 112(C).
    17. Natacha Aveline-Dubach & Guillaume Blandeau, 2019. "The political economy of transit value capture: The changing business model of the MTRC in Hong Kong," Urban Studies, Urban Studies Journal Limited, vol. 56(16), pages 3415-3431, December.
    18. Chen, Jie & Wu, Fulong, 2022. "Housing and land financialization under the state ownership of land in China," Land Use Policy, Elsevier, vol. 112(C).
    19. Hongbo Wang & Dan Rickman, 2020. "Housing Price and Population Growth across China: The Role of Housing Supply," International Regional Science Review, , vol. 43(3), pages 203-228, May.
    20. Wu, Fulong, 2022. "Land financialisation and the financing of urban development in China," Land Use Policy, Elsevier, vol. 112(C).

    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:taf:intjhp:v:15:y:2015:i:1:p:6-26. 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: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/REUJ20 .

    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.