Abstract
This study analyses estate-type housing prices in Hong Kong by investigating the lead-lag relationships between prices of small/medium and large estate-type residential units in urban areas and the New Territories. The results of this study suggest that house prices of small/medium units tend to lead prices of large units in urban areas, and house prices of large units in urban areas tend to lead prices of small/medium units in New Territories. There is evidence of a feedback effect between prices of small/medium and large units in urban areas, and between prices of large units in the urban and the New Territories.
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