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The Inflation Hedging Ability of Real Estate in China

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  • Xiaorong Zhou
  • Sherwood Clements

Abstract

Executive Summary. The investigation of the inflation hedging ability of real estate is very timely in view of the current widespread rising inflation expectations in the People's Republic of China. An autoregressive distributive lag (ARDL) cointegration technique is used to examine the long-run relationship between inflation and Chinese real estate prices. The study covers the time period from 2000 to 2008, which is after the privatization of real estate in China. Overall, no long-run equilibrium relationship between real estate price changes and inflation rate is found. Thus, Chinese real estate is not an effective inflation hedging asset.

Suggested Citation

  • Xiaorong Zhou & Sherwood Clements, 2010. "The Inflation Hedging Ability of Real Estate in China," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 16(3), pages 267-277, January.
    • Handle: RePEc:taf:repmxx:v:16:y:2010:i:3:p:267-277
    DOI: 10.1080/10835547.2010.12089885
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