Abstract
ABSTRACT China’s housing sector offers an interesting case study of relationship between government interventions and price dynamics. Frequent and intensive government interventions create a highly fluctuant housing market in China. This paper applies a structural break model to investigate the dynamics in the evolution of China’s housing price between 1998 and 2016. Results show that the development of China’s real estate market exhibits much richer characteristics of structural changes rather than simple switching between boom and burst. Further studies indicate that government interventions is the most important source of structural changes in the dynamics of China’s housing market because of the inherent conflict between policy aims of market stability and rapid economic development mainly backed up by the housing sector.
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