The Significance of Second Tier City Housing Markets in China
China’s housing market has grown at an impressive speed in terms of its volume and depth since the 1990s housing reform. The issues surrounding Chinese housing markets have started to attract major attention in the real estate literature. So far little attention has been placed on second tier city property markets, which implies a lack of awareness of this potentially significant investment vehicle for international investors. This study aims to investigate the effectiveness of China’s second tier housing markets as an investment vehicle. In the analysis, the performance and diversification benefits of these markets were examined. The results show that the second tier housing markets in China can be effective property investment vehicles in light of their strong risk-adjusted returns, given certain market and policies requirements to be in place. Importantly, diversification benefits of these cities’ markets are evident. The findings provide valuable insights into the world’s largest emerging property investment market.
housing second tier cities return on investment diversification China
WU Hao Chyi Lin Lee Nelson Chan
Faculty of Architecture Building and Planning, University ofMelbourne, Australia 3010 School of Economics and Finance, University of Western Sydney, Australia 1797
国际会议
2009 International Conference on Construction & Real Estate Management(2009建设与房地产管理国际会议)
北京
英文
985-991
2009-11-05（万方平台首次上网日期，不代表论文的发表时间）