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UPDATE: China Average Housing Price Rises in June After 9 Months of Decline - CREIS - China housing prices rebounded for the first time in June on month after nine months of decline, according to a private data provider -- Average housing price in June was CNY8,688 a square meter, rising 0.05% from CNY8,684 in May, reversing from May's 0.31% decline -- Housing prices in Inner Mongolia's Baotou city and Beijing rose by the widest margin, at 2.6% and 2.3%, respectively -- Sales have improved as China eases monetary policy, and prices are rising as developers have started to reduce discounts, analysts say (Adds comments from analysts in third to fourth paragraphs, 13th to 14th paragraphs, a homebuyer's comment in 10th to 12th paragraphs and background onrecent property easing moves by local governments in the final paragraphs.) By Esther Fung SHANGHAI--The average price of housing in 100 major Chinese cities recorded its first sequential rise in June after nine straight months of decline, in a further sign that the housing market is turning a corner, though analysts say a robust rebound in prices remains unlikely. A survey of property developers and real-estate firms showed the average price of housing in June was CNY8,688 a square meter, rising 0.05% from CNY8,684 in May, and overturning May's 0.31% decline, data provider China Real Estate Index System said Monday. "I believe the housing market has bottomed out," said Nicole Wong, a property analyst from CLSA. She also said that inventory will likely peak in the third quarter and prices will rise by a modest 5% by the fourth quarter, as demand for new launches has been strengthening in the past few months and developers don't need to lower their prices too much to attract buyers. On an on-year basis, the average housing price fell for a third consecutive month, sliding 1.90% from CNY8,856 booked in June 2011, and accelerating from May's 1.53% decline. The survey, compiled wi

DOI : http://dx.doi.org.gate3.inist.fr/10.1016/j.foar.2012.02.013 [ScienceDirect, via Biblio-SHS] Auteur : GU Chaolin, WU Liya, Ian Cook Paru dans : Frontiers of Architectural Research, Volume 1, Issue 2, June 2012, Pages 101-149 Abstract This paper is a comprehensive study on the progress in research on Chinese urbanization. On the basis of the concept and connotation of Chinese urbanization defined by Chinese scholars, the paper systematically collects the research results on the issues concerning urbanization in China from the different approaches of demography, geography, city planning, economics and history, reviewing the process of research on Chinese urbanization made both domestically and internationally. In this paper, the domestic studies fall into five periods as follows: the initial period of research on urbanization in China (1978-1983); the period with both domestically constructed and borrowed theories on urbanization (1984-1988); the period of research on leading urbanization factors and localization (1989-1997); the period with the research greatly promoted by the government (1998-2004); and the period featuring flourishing studies on the science of urbanization in China (2005 till today). In contrast, the overseas research on Chinese urbanization can be divided into three periods: the period studying the history of urbanization in China (before the 1970s); the systematic research on Chinese urbanization (1970-1999); and the comprehensive research on Chinese urbanization (2000 till today). The paper focuses on the key results of research on Chinese urbanization, including nine issues as follows: the guidelines and road for urban development in China, the features of Chinese urbanization, the mechanism driving the growth of Chinese urbanization, the process of Chinese urbanization, the spatial patterns of Chinese urbanization, the urbanization in rural areas in China, the comparison of urbanization in China and other co

Xuefei Ren's work on the high-end of the building boom in China brings together the sociology of globalization with the study of architecture and the built environment. Building Globalization treats architectural production as crucial to the material and symbolic ways in which global cities are made. Based on Ren's doctoral research at the University of Chicago, the book draws on fieldwork conducted in Beijing and Shanghai between 2004 and 2008, covering the bull years leading up to the Beijing Olympics. China is now taken to exemplify the geo-demographic shift that has seen developing countries lead current processes of urbanisation. However the Chinese government's attitude towards quanqiuhua chengshi (global cities) and its support for rapid urban growth from the mid-late 1990s represented a striking reversal of official policy which had been to limit the growth of large cities and promote instead the development of small-medium centres (p.11). The re-scaling of state power to metropolitan level in the interests of enhancing urban competitiveness has been an international trend in recent decades. In China this has proved particularly effective in driving urban growth, given state ownership of land and government control over household registration, urban planning and development decisions. Metropolitan governments in China have the kind of ownership and discretionary powers of which the most boosterist western city mayors can only dream. Ren argues convincingly that the processes shaping these cities are increasingly transnational; in particular, the forces that make buildings 'operate beyond national boundaries, as seen in the circulation of investment capital, the movements of built-environment professionals, and the diffusion of new technologies' (p.6). However, while Chinese economic growth may have destabilized a global balance of power dominated by the triad of the USA, the European Union and Japan, Ren's analysis suggests that older core-peripher

[ScienceDirect, via Biblio-SHS] Auteurs : Wen-Chi Liao, Xizhu Wang Paru dans : Journal of Housing Economics, Volume 21, Issue 1, March 2012, Pages 16-27 Abstract Despite its long history, hedonic pricing for housing valuation remains an active research area, and applications of new estimation methods continually push research frontiers. However, housing studies regarding Chinese cities are limited because of the short history of China's free housing market. Such studies may, nonetheless, provide new insights given the nation's current transitional stage of economic development. Therefore, this research makes use of publicly accessible sources to construct a new micro-dataset for an emerging Chinese city, Changsha, and it incorporates quantile regression with spatial econometric modeling to examine how implicit prices of housing characteristics may vary across the conditional distribution of house prices. Substantial variations are found, and the intuitions and implications are discussed. Additionally, the spatial dependence exhibits a U-shape pattern. The dependence is strong in the upper and lower parts of the response distribution, but it is little in the medium range. Highlights ► We incorporate quantile regression into spatial econometric modeling. ► We collect housing transactions' microdata, which are rare in China. ► Spatial dependence of house prices is U-shaped across the response distribution. ► Housing attributes' implicit prices vary greatly across the response distribution.

DOI : http://dx.doi.org.gate3.inist.fr/10.1016/j.euroecorev.2012.02.012 [ScienceDirect, via Biblio-SHS] Auteur : Siqi Zheng (Tsinghua University, China), Jing Wu (University of California at Los Angeles), Matthew E. Kahn (National Bureau of Economic Research (NBER), USA), Yongheng Deng (National University of Singapore, Singapore) Paru dans : European Economic Review Volume 56, Issue 5, July 2012, Pages 974-984, "Green Building, the Economy, and Public Policy" Abstract In recent years, formal certification programs for rating and evaluating the sustainability and energy efficiency of buildings have proliferated around the world. Developers recognize that such "green labels" differentiate products and allow them to charge a price premium. China has not formally adopted such rating standards. In the absence of such standards, developers are competing with each other based on their own self-reported indicators of their buildings' "greenness". We create an index using Google search to rank housing complexes in Beijing with respect to their "marketing greenness" and document that these "green" units sell for a price premium at the presale stage but they subsequently resell or rent for a price discount. An introduction of a standardized official certification program would help "green" demanders to acquire units that they desire and would accelerate the advance of China's nascent green real estate market. Highlights ► China has not formally adopted rating standards for "green" buildings. ► We create a Google index to rank "marketing greenness" of housing complexes in Beijing. ► Developers charge a price premium for self-reported buildings' "greenness" during presale. ► These "green" premiums disappear in the subsequent resells and the rental market. ► A standardized certification program would advance China's nascent green real estate market.

[Sur ScienceDirect via Biblio-SHS] Auteurs : Yan Songa, Yves Zenou Publié dans : Regional Science and Urban Economics, Volume 42, Issue 3, May 2012, Pages 495-505 Abstract The presence of urban villages is a unique product of China's urbanization. In this article, we explore the effects of urban villages on the formal housing market. For this purpose, we develop a hedonic housing price model to investigate whether the proximity to urban villages affects the selling price of urban housing units. Controlling for the structure and other characteristics of urban housing units, we find that housing prices are lower the closer the buildings are from urban villages. We then carry out a survey of households living nearby and explore how they are affected by urban villages. The results indicate that there are both positive and negative effects associated with these villages. Highlights ► In this article, we explore the effects of urban villages on the formal housing market in China. ► Propose a theoretical urban model of urban villages. ► We test the model and find that housing prices are lower the closer the buildings are from urban villages. ► Households declare that they are both positive and negative effects associated with these villages.

Thématique n° 2 [ScienceDirect, via Biblio-SHS] Auteur : Jing Wu, Joseph Gyourko, Yongheng Deng Paru dans : Regional Science and Urban Economics, Volume 42, Issue 3, May 2012, Pages 531-543, Special Section on Asian Real Estate Market Abstract High and rising prices in Chinese housing markets have attracted global attention. Price-to-rent ratios in Beijing and seven other large markets across the country have increased by 30% to 70% since the beginning of 2007. Current price-to-rent ratios imply very low user costs of no more than 2%-3% of house value. Very high expected capital gains appear necessary to justify such low user costs of owning. Our calculations suggest that even modest declines in expected appreciation would lead to large price declines of over 40% in markets such as Beijing, absent offsetting rent increases or other countervailing factors. Price-to-income ratios also are at their highest levels ever in Beijing and select other markets, but urban income growth has outpaced price appreciation in major markets off the coast. Much of the increase in prices is occurring in land values. Using data from the local land auction market in Beijing, we are able to produce a constant quality land price index for that city. Real, constant quality land values have increased by nearly 800% since the first quarter of 2003, with half that rise occurring over the past two years. State-owned enterprises controlled by the central government have played an important role in this increase, as our analysis shows they paid 27% more than other bidders for an otherwise equivalent land parcel.

August 15, 2012 9:20 AM Posted By: Melissa M. Chan As criticism of land grabs and forced demolitions continues, the Wall Street Journal reports that despite signs of a rebound in the property market, Chinese developers are skittish at land auctions: A number of cities, including Shenyang, Dalian, Zhuhai and Tianjin, have seen disappointing land auctions, with many real-estate developers reluctant to add to their land holdings. That is bad news for local governments, which depend on land sales for a large slice of their revenue. Data from the Ministry of Finance show that revenue nationwide from land transfers dropped 27.1% to 1.35 trillion yuan ($212.1 billion) in the first seven months of the year compared with a year earlier. Government officials in Shenyang, Dalian and Tianjin all declined to discuss the data. An official in Zhuhai conceded that there has been a problem selling land even at reduced prices, adding that this has squeezed government resources. "It's difficult to sell land now," the official said. "The government had to scrap plans for auctions, and has had to sit tight and see how things work out." Some cash-rich companies like China Vanke Co., 000002.SZ -0.12% the nation's biggest listed developer by market value, have jumped into the market, either at auction or in second-hand deals. But others are holding back, waiting for local governments to lower their prices or to see if the market is making a more solid turnaround. Amid difficulties in auctioning off land, Beijing and local governments have produced conflicting real estate policies. From MarketWatch: Over the pas

Author(s): Xu Yuhui)1; Lv Yanke; HuangYing Source: ADVANCES IN CIVIL ENGINEERING, PTS 1-6 Book Series: Advanced Materials Research Volume: 255-260 Pages: 1607-1611 DOI: 10.4028/www.scientific.net/AMR.255-260.1607 Part: Part 1-6 Published: 2011 Conference: International Conference on Civil Engineering and Building Materials (CEBM) Location: Kunming, PEOPLES R CHINA Date: JUL 29-31, 2011 Sponsor(s): Kunming Univ Sci & Technol; Int Assoc Sci & High Technol Abstract: Along with the Reform and opening-up and the establishment of Market Economy, the economy and living standards of our citizen are improving, nonetheless the gap between rich and poor is widening in the society, so the social groups is gradually getting differentiation. Especially the perspective of residential segregation with live position and live quality for represent. At the same time, the construction of the public rental housing which become the current social hot point usually neglect the social influence resulted by residential segregation. Taking the public rental housing in metropolitan area of Chongqing as an example, the paper tallies up the successful strategy of the construction of public rental housing from address and construct mode, land and funds cost, guarantee object and facilities kit in order to guide the construction of the public rental housing from residential segregation to residential introjection.

[ScienceDirect, via Biblio-SHS] Auteurs : Ying Xu, Bo-sin Tang, Edwin H.W. Chan Paru dans : Habitat International, Volume 35, Issue 1, January 2011, Pages 57-65 Abstract Since the implementation of economic reforms in 1978, Chinese cities have undergone unprecedented urban expansion. The suburban landscape of these cities has changed dramatically - from traditionally agricultural to rapidly urbanizing. This paper sheds light on the urbanization process that rural villages have undergone through state-led land requisition. It identifies two physical manifestations of the Chinese countryside during the urbanization process: semi-urbanized villages and urban resettlement housing districts. Based on a case study of the suburban districts of Shanghai, it argues that these two emerging forms of suburban landscape differ not only in terms of their physical form and land-use structure, but also in many of the social, economic, cultural and organizational characteristics of these ex-rural communities. Through analysis of public data and observation from personal interview, the study concludes that state-led land requisition has been a dominant force in expediting the urbanization of the suburban areas of Chinese cities and that the complex interplay between state and market impetuses has led to the multi-faceted transformation of rural communities and to a complicated countryside profile.

The presence of urban villages is a unique product of China's urbanization. In this article, we explore the effects of urban villages on the formal housing market.