The Relationship between Housing Price and Rent of Chinese Residential and Nonresidential Property Market

摘要

There are many differences between the residential and nonresidential buildings, such as their location, structure and the ways to use them and so on, which may lead to different conclusions when studying the same question of the two property markets. This paper aims to examine the relationship between housing price and rent of Chinese residential and nonresidential real estate market, by using the unit root test and Granger causality test, and find out what are the differences between the relationships. The quarterly indices of housing price and rent from 2000:Q1 (Quarterly 1) to 2006:Q3 are used in this paper. The results suggest that in the residential market, rent is the Granger cause of housing price, but housing price has no impact on rent, and the effect of rent on house price lags for five or six seasons. While in the nonresidential market, it is housing price that has effect on rent, and the effect lags for three seasons, but rent isn't the Granger cause of housing price. It shows that the information transmission in nonresidential market is mush faster than that in residential market.