File Download

There are no files associated with this item.

  Links for fulltext
     (May Require Subscription)
Supplementary

Article: Land supply and housing prices in Hong Kong: The political economy of urban land policy

TitleLand supply and housing prices in Hong Kong: The political economy of urban land policy
Authors
KeywordsGranger causality test
Land supply
Issue Date2016
PublisherSage Publications Ltd. The Journal's web site is located at http://epc.sagepub.com/
Citation
Environment and Planning C: Government and Policy, 2016, v. 34 n. 5, p. 981-998 How to Cite?
AbstractUrban land and housing market is a political arena where the government is usually expected by the general public to intervene for the benefit of the society. With the government owning all land in Hong Kong, public land auctions have been an important channel for developers to acquire land for property development, apart from private-led urban regeneration. For a long time before 1997, the government of Hong Kong supplied land to the market via a supply-oriented model which was entirely dependent on the willingness of government to sell. The situation changed in 1997 when the administration found that they were being unresponsive, and switched to a demand-oriented supply model, the Application List System. In any case, there is a general expectation in the society that government urban land policy in supplying land should have a major bearing on the housing market, especially in making housing more affordable by the general working class. By applying a Granger causality framework, we find this expectation unrealistic as there is no evidence supporting the claim that changing land supply via government land sale programme would impact on housing prices. However, it is found that housing prices do Granger-cause land supply under the Application List System which implies that private sector is more responsive to market changes than the government, which is ironic as the government decided to abandon this model and revert back to the old supply-oriented model in 2013. We conclude that the political economy of the urban land market has made the land supply model too subjective and dependent on government agenda, which is not a health development towards a more optimal urban land policy.
Persistent Identifierhttp://hdl.handle.net/10722/214510
ISSN
2015 Impact Factor: 1.664
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLi, LH-
dc.contributor.authorWong, SK-
dc.contributor.authorCheung, KS-
dc.date.accessioned2015-08-21T11:33:14Z-
dc.date.available2015-08-21T11:33:14Z-
dc.date.issued2016-
dc.identifier.citationEnvironment and Planning C: Government and Policy, 2016, v. 34 n. 5, p. 981-998-
dc.identifier.issn0263-774X-
dc.identifier.urihttp://hdl.handle.net/10722/214510-
dc.description.abstractUrban land and housing market is a political arena where the government is usually expected by the general public to intervene for the benefit of the society. With the government owning all land in Hong Kong, public land auctions have been an important channel for developers to acquire land for property development, apart from private-led urban regeneration. For a long time before 1997, the government of Hong Kong supplied land to the market via a supply-oriented model which was entirely dependent on the willingness of government to sell. The situation changed in 1997 when the administration found that they were being unresponsive, and switched to a demand-oriented supply model, the Application List System. In any case, there is a general expectation in the society that government urban land policy in supplying land should have a major bearing on the housing market, especially in making housing more affordable by the general working class. By applying a Granger causality framework, we find this expectation unrealistic as there is no evidence supporting the claim that changing land supply via government land sale programme would impact on housing prices. However, it is found that housing prices do Granger-cause land supply under the Application List System which implies that private sector is more responsive to market changes than the government, which is ironic as the government decided to abandon this model and revert back to the old supply-oriented model in 2013. We conclude that the political economy of the urban land market has made the land supply model too subjective and dependent on government agenda, which is not a health development towards a more optimal urban land policy.-
dc.languageeng-
dc.publisherSage Publications Ltd. The Journal's web site is located at http://epc.sagepub.com/-
dc.relation.ispartofEnvironment and Planning C: Government and Policy-
dc.rightsEnvironment and Planning C: Government and Policy. Copyright © Sage Publications Ltd.-
dc.subjectGranger causality test-
dc.subjectLand supply-
dc.titleLand supply and housing prices in Hong Kong: The political economy of urban land policy-
dc.typeArticle-
dc.identifier.emailLi, LH: lhli@hku.hk-
dc.identifier.emailWong, SK: skwongb@hku.hk-
dc.identifier.authorityLi, LH=rp01010-
dc.identifier.authorityWong, SK=rp01028-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1177/0263774X15614699-
dc.identifier.scopuseid_2-s2.0-84983082051-
dc.identifier.hkuros247500-
dc.identifier.volume34-
dc.identifier.issue5-
dc.identifier.spage981-
dc.identifier.epage998-
dc.identifier.isiWOS:000383203400012-
dc.publisher.placeUnited Kingdom-
dc.identifier.issnl0263-774X-

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats