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- Publisher Website: 10.1016/j.habitatint.2022.102715
- Scopus: eid_2-s2.0-85142439460
- WOS: WOS:000903737300005
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Article: Panacea or Pandora's Box? An institutional analysis of the contested long-term rental apartments development in China
Title | Panacea or Pandora's Box? An institutional analysis of the contested long-term rental apartments development in China |
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Authors | |
Keywords | Housing financialisation Institutional change Long-term rental apartments Policy drift Policy layering Private rental sector |
Issue Date | 1-Jan-2023 |
Publisher | Elsevier |
Citation | Habitat International, 2023, v. 131 How to Cite? |
Abstract | The dramatic growth of long-term rental apartments (LRAs) in China's megacities since 2015, spurred by a series of state policies encouraging the development of the private rental sector (PRS), has culminated in many LRA firms encountering capital chain rupture and even going bankrupt within a short period. As a result, thousands of tenants were rendered homeless and many property owners were left unpaid. The present study analyses the boom and bust of LRA development in China under housing financialisation and explores the relationship between the transformative institutions – characterised by policy deregulation/re-regulation – and market performance stimulated by capital speculation. The findings of this study reveal the institutional changes in China's PRS to have been closely linked to the socio-economic changes emanated from endogenous opportunism and exogenous shocks. Specifically, the policy drift in the PRS was closely associated with deregulation and capital speculation, while policy layering was employed to institutionalise, regulate and legalise the PRS, thus mitigating the housing shortage crisis and ensuring the retention of social stability. Adapting to the volatile politico-economic circumstances as a form of punctuated equilibrium, policies governing the PRS require constant assessment and reflection to safeguard people's basic housing rights. |
Persistent Identifier | http://hdl.handle.net/10722/331585 |
ISSN | 2023 Impact Factor: 6.5 2023 SCImago Journal Rankings: 1.630 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Li, Chenxi | - |
dc.contributor.author | Zhu, Jin | - |
dc.contributor.author | He, Shenjing | - |
dc.date.accessioned | 2023-09-21T06:57:09Z | - |
dc.date.available | 2023-09-21T06:57:09Z | - |
dc.date.issued | 2023-01-01 | - |
dc.identifier.citation | Habitat International, 2023, v. 131 | - |
dc.identifier.issn | 0197-3975 | - |
dc.identifier.uri | http://hdl.handle.net/10722/331585 | - |
dc.description.abstract | <p>The dramatic growth of long-term rental apartments (LRAs) in China's megacities since 2015, spurred by a series of state policies encouraging the development of the private rental sector (PRS), has culminated in many LRA firms encountering capital chain rupture and even going bankrupt within a short period. As a result, thousands of tenants were rendered homeless and many property owners were left unpaid. The present study analyses the boom and bust of LRA development in China under housing <a href="https://www.sciencedirect.com/topics/social-sciences/financialization" title="Learn more about financialisation from ScienceDirect's AI-generated Topic Pages">financialisation</a> and explores the relationship between the transformative institutions – characterised by policy deregulation/re-regulation – and market performance stimulated by capital speculation. The findings of this study reveal the institutional changes in China's PRS to have been closely linked to the socio-economic changes emanated from endogenous opportunism and exogenous shocks. Specifically, the policy drift in the PRS was closely associated with deregulation and capital speculation, while policy layering was employed to institutionalise, regulate and legalise the PRS, thus mitigating the housing shortage crisis and ensuring the retention of social stability. Adapting to the volatile politico-economic circumstances as a form of punctuated equilibrium, policies governing the PRS require constant assessment and reflection to safeguard people's basic housing rights.<br></p> | - |
dc.language | eng | - |
dc.publisher | Elsevier | - |
dc.relation.ispartof | Habitat International | - |
dc.subject | Housing financialisation | - |
dc.subject | Institutional change | - |
dc.subject | Long-term rental apartments | - |
dc.subject | Policy drift | - |
dc.subject | Policy layering | - |
dc.subject | Private rental sector | - |
dc.title | Panacea or Pandora's Box? An institutional analysis of the contested long-term rental apartments development in China | - |
dc.type | Article | - |
dc.identifier.doi | 10.1016/j.habitatint.2022.102715 | - |
dc.identifier.scopus | eid_2-s2.0-85142439460 | - |
dc.identifier.volume | 131 | - |
dc.identifier.eissn | 1873-5428 | - |
dc.identifier.isi | WOS:000903737300005 | - |
dc.identifier.issnl | 0197-3975 | - |