Land Supply, Land Policy and Housing Price: A Case of China

摘要

This paper analyses the relationship between land supply and housing price in China. Methods of improved stock-flow model and panel data model are used. The effects of land supply restrictions on housing price fluctuation are compared under different environments of land supply. The results indicate that land supply policies have significant influences on housing price in China. It is concluded that the contractive and rigorous policies of land supply since 2004 in China made the effect of the housing price controlling policies undesirable through the self-realization process of the anticipation and speculation.