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Housing price dispersion in the presale market

Economic and Political Studies 2020年第1期8卷 65-81页

作者： Siu Kei Wong Ka Shing Cheung Department of Real Estate and Construction University of Hong Kongthe Hong Kong SARChina The Ronald Coase Centre for Property Rights Research University of Hong Kongthe Hong Kong SARChina Department of Property The University of Auckland Business SchoolAucklandNew Zealand

Sale before completion(***)is a common practice that real estate developers use to sell residential *** presale buyers are unable to inspect uncompleted units,developers may take advantage of asymmetric information and release information about quality to the market *** search theory also suggests that incomplete pricing information,especially for new products,will induce a less competitive market that is characterised by dispersed presale *** price dispersion be reduced if developers were required to provide more quality and pricing information?In this study,we argue that this is not necessarily the *** conduct a natural experiment using a new information disclosure ordinance governing first-hand residential sales in the Hong Kong SAR,*** find that the ordinance reduced the price dispersion of presale units with asymmetric information about property quality,but increased their price dispersion when limited pricing information(*** trading volume)was available in the *** a critical test,we further show that the ordinance increased price dispersion even more after the units were *** suggests that the ordinance has indeed made presale pricing more difficult because developers are no longer allowed to use different strategies to test market demand.

关键词： Price dispersion presale housing market pricing information quality information natural experiment

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