China&Apos;S Real Estate Market

36 Pages Posted: 26 Nov 2018 Last revised: 14 Feb 2021

See all articles by Chang Liu

Chang Liu

Princeton University

Wei Xiong

Princeton University - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: November 2018


Since the 1990s, China's real estate market has experienced a dramatic and long-lasting boom across China. This boom has led to substantial concerns in both academic and policy circles that the rising housing prices might have developed into a gigantic housing bubble, which might eventually burst and damage China’s financial system and economy. Motivated by this concern, this paper reviews the historical development of China’s real estate market, describes the real estate boom, and discusses its links to households, local governments, firms and the financial system.

Suggested Citation

Liu, Chang and Xiong, Wei, China&Apos;S Real Estate Market (November 2018). NBER Working Paper No. w25297, Available at SSRN:

Chang Liu (Contact Author)

Princeton University ( email )

22 Chambers Street
Princeton, NJ 08544-0708
United States

Wei Xiong

Princeton University - Department of Economics ( email )

Princeton, NJ 08544-1021
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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