NO. 175 报告人:朱国钟
——Patterns of Growth in Chinese Cities: Implications of the Land Lease
编辑:系统管理员时间:2012-10-26访问次数:195
题 目:Patterns of Growth in Chinese Cities: Implications of the Land Lease
报告人:朱国钟 北京大学光华管理学院
主持人:叶 兵
时 间:2012年10月26日 星期五 15:00-17:00
地 点:浙大玉泉校区外经贸大楼418室
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CRPE秘书处
2012-10-24
内容概要: A special feature of China's housing market is land use rights in the form of ground lease or land leasehold contracts granted by the government. Using a model in which a representative developer optimally redevelops the existing structure and develops new residential area, we show that this feature leads to city centers being developed less intensely and to more land being used on the outskirts of cities as time passes. Consequently, cities in China are likely to be relatively more spread out, with city centers having relatively older buildings than would be the case with ``fee simple" ownership. In addition, compared with the ownership case, housing supply will grow more quickly in the near future, but more slowly later on during the transition of the Chinese economy. Parallel to the supply growth pattern, equilibrium price grows relative slowly in the near future, but more quickly later on.