The development of Hong Kong housing market:past,present and future

作     者：Terence Tai Leung Chong Xiaoyang Li 

作者机构：Department of EconomicsThe Chinese University of Hong KongHong Kong SARChina 

出 版 物：《Economic and Political Studies》 (经济与政治研究（英文版）)

年 卷 期：2020年第8卷第1期

页      面：21-40页

学科分类：0202[经济学-应用经济学] 02[经济学] 020205[经济学-产业经济学] 

基　　金：This research is supported by the Fundamental Research Funds for the Central Universities and the Research Funds of Renmin University of China[13XNJ003] 

主　　题：Housing market housing crisis Hong Kong economy 

摘      要：From previous boom-bust cycles of the housing market of the Hong Kong SAR of China,we find that the imbalance between housing demand and supply,the interaction between the stock market,financial institutions and the real estate market,and international capital flows are the key determinants of housing price movements in Hong Kong.A comparison between the current episode of high real estate prices and that in 1997 suggests that structural changes have taken place and that different underlying forces are in play,thus indicating a low likelihood of a similar crash in the housing ***,it is still imperative for the Hong Kong SAR government to find effective ways to cool down the overheated housing *** we agree that the actions taken by the government will be able to suppress the housing price in the long run,the short-term effect may not be satisfactory due to the time lags of these policies.