Housing price, land supply, and revenue from land sales

Auteur :
TSE, R.Y.C.

Description :
The A. shows that there is no causal relationship between land supply and housing prices. Estimations based on the annual data of Hong Kong's public land sales find that the government acts to maximise land revenue. Maximisation of revenue from land sales is consistent with the efficient allocation of resources. The A. also shows that the amount of land sales by the government and land in developers' land banks tend to decrease when market interest rates increase. Land banking behaviour is governed by economic conditions.


Type de document :
Article de périodique

Source :
Urban studies (Harlow), issn : 0042-0980, 1998, vol. 35, n°. 8, p. 1377-1392, Collation : Illustration, Références bibliographiques : 34 ref.

Date :
1998

Editeur :
Pays édition : Royaume-Uni, Harlow, Longman Group