Conference Agenda

The judicial auction housing market has gradually become an important element of the urban resale housing supply. In this study, we examined the factors influencing judicial auction house prices in China based on transaction samples in 17 major cities from June 2016 to December 2021. The bidding rules and hot housing market had a positive effect on auction prices, which were still generally lower than the normal resale residential prices. Defects in property rights and the stigma effect are important factors creating a judicial auction discount. However, this discount has both temporal and spatial heterogeneities. Judicial auction discounts existed in most Chinese cities, except Shenzhen, where we found a significant premium in the judicial auction housing market. The exogenous shock of coronavirus disease 2019 increased the discount rate of judicial auction housing. The results will serve to optimize the judicial auction process and information disclosure mechanism, and balance the policies implemented for the normal residential market and the judicial auction housing market to help match the supply and demand of urban resale houses.

This paper explores the impact of home purchase restriction (HPR) policy on household consumption risks. Employing the Chinese Household Finance Survey data during the period of 2011-2019, this paper finds that HPR policy amplifies consumption risks of homeowners, but dwarfs consumption risks of renters. On one hand, HPR policy ruins homeowners’ housing safety base and collateral value, while substitute housing assets for financial assets. On the other hand, HPR policy abates renters’ housing consumption expenditure and precautionary saving for housing price. Moreover, consumption risks are more salient for the households with more houses and constrained by the stringent HPR policy.

In this paper, we examine the impact of social housing on nearby house prices in Amsterdam, where there is a historically large stock of social housing. More specifically, we focus on the legacy price effect of the existing social housing stock and the transitory price effect of additional social housing in neighborhood with large stock of social housing. Combing data from the Amsterdam Federation of Housing Corporations (AFWC), Dutch Association of Real Estate Agents (NVM), Statistics Netherlands (Centraal Bureau voor de Statistiek, CBS), and the Basic register addresses and buildings (BAG) in the Netherlands, we find that social housing has both a significantly negative legacy effect and transitory effect on house prices in the neighborhoods by allowing neighborhood fixed effects and different time trend among regions.

A growing number of young adults with housing difficulties are choosing to rent in the private sector and share housing with unknown individuals. The shared living arrangement allows these young single tenants to reduce their housing expenses while enjoying a shared lifestyle that encourages social interaction with a diverse group of housemates. However, physical proximity does not guarantee social proximity. As a result, the social benefits of shared housing may not be realized. Using a rich dataset of housing sharers living in condominiums in Shanghai, China (n=271,443), this study examines how the composition of housemates influences tenants’ decision to terminate their shared housing tenancy. The results show that the similarity of housemates in age, gender, industry, and birthplace reduces the probability of an early termination of the shared tenancy. The impact of housemate similarity is further augmented by tenants’ bargaining power and individual characteristics. Since terminating a tenancy before its expiration increases the vacancy rate of shared housing, sharing with undesirable housemates incurs significant social costs. This study sheds light on how to make a shared housing tenancy more sustainable as well as how residents living in close proximity can share urban space effectively.