It is widely accepted that land supply plays an important role in restricting housing supply and adjusting housing price level. This study aims to explore the dynamic relationship and causality between land supply and housing price with the cases of Hong Kong and Guangzhou, which are two close relative Chinese cities under the framework of ‘One country, two systems’. This study employs the vector auto-regression (VAR), Vector Error Correction Model (VECM) and Granger Causality test to disentangle the complicated relationship, long-run and short-run, between land supply and housing price. Besides, the dynamic analysis of VAR and VECM are conducted using innovation accounting methods such as impulse response function (IRF) and variance decomposition (VDC). The empirical results show that the land supply and housing price are co-integrated in Hong Kong during the sample period between 2001 and 2011, and a long-run unilateral causality is confirmed from housing price to land supply for Hong Kong. Regarding Guangzhou, although there is no co-integration between land supply and housing price during 2001 and 2011, Granger causality from land supply to housing price shows a time lag of 10 quarters. These findings imply the relative efficient market economy in the Hong Kong housing market compared to Guangzhou, which is also consistent with the differences in land leasing systems and housing markets in Hong Kong and Guangzhou. This study not only sheds light on the discrepancies of land leasing systems and housing market mechanism between capitalism and socialism, but also provides implications for policy makers in formulating strategy to improve housing affordability. / published_or_final_version / Real Estate and Construction / Master / Master of Philosophy

published_or_final_version / Urban Planning / Master / Master of Science in Urban Planning

published_or_final_version / Real Estate and Construction / Master / Master of Science in Construction Project Management

published_or_final_version / abstract / Economics and Finance / Master / Master of Philosophy

published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

by Tse Tin-leung, Raymond. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1993. / Includes bibliographical references (leaves 84-85). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / CHAPTERS / Chapter I. --- INTRODUCTION --- p.1 / Scope of This Project --- p.1 / Chapter II. --- METHODOLOGY --- p.4 / Chapter III. --- THE SYSTEM OF LAND & PROPERTY SUPPLY IN HONG KONG --- p.5 / Supply by Hong Kong Government --- p.5 / Supply by Private Sectors --- p.5 / Chapter VI. --- BUYING & SELLING ： THE DECISION MAKING PROCESS --- p.7 / Buying Properties --- p.7 / Selling Properties --- p.9 / Chapter V. --- FACTORS AFFECTING THE PRICE MOVEMENT --- p.11 / The Price Movement --- p.11 / Factors Affecting Price Movement --- p.11 / Chapter VI. --- THE FINDINGS --- p.18 / Chapter VII. --- APPLYING PRICE EQUATION TO WHAMPOA GARDEN --- p.21 / Choice of District --- p.21 / The Data Collection for Whampoa Garden --- p.22 / The Findings --- p.23 / Chapter VIII. --- CONCLUSION --- p.25 / Chapter IX. --- LIMITATION --- p.27 / APPENDIX --- p.28 / BIBLIOGRAPHY --- p.84

Yu Qing. / Thesis submitted in: November 2000. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 65-68). / Abstracts in English and Chinese. / Acknowledgements --- p.i / Abstract --- p.ii / 摘要 --- p.iii / Table of Contents --- p.iv / List of Tables --- p.vi / List of Figures --- p.vi / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.4 / Chapter 2.1 --- Theoretical Model --- p.4 / Chapter 2.2 --- Empirical Investigation --- p.9 / Chapter 2.2.1 --- Choice of The Functional Form --- p.9 / Chapter 2.2.2 --- Choice of Variables --- p.13 / Chapter 2.2.3 --- Estimation of Supply and Demand Functions --- p.16 / Chapter 2.2.4 --- Test of Heteroskedasticity --- p.17 / Chapter 2.2.5 --- Test of Multicollinearity --- p.18 / Chapter 2.2.6 --- Application of The Hedonic Price Model to Developing Countries --- p.20 / Chapter 2.3 --- Concluding Remarks --- p.21 / Chapter Chapter 3 --- Introduction of The Housing Market in Guang Zhou --- p.23 / Chapter 3.1 --- Development and Current Situation --- p.23 / Chapter 3.2 --- Some Caveats --- p.26 / Chapter Chapter 4 --- Empirical Results --- p.30 / Chapter 4.1 --- The Data --- p.30 / Chapter 4.1.1 --- Dependent Variable --- p.34 / Chapter 4.1.2 --- Locational Variables --- p.34 / Chapter 4.1.3 --- Structural Variables --- p.35 / Chapter 4.1.4 --- Neighbourhood Variables --- p.37 / Chapter 4.2 --- The Results --- p.38 / Chapter 4.2.1 --- Regression Results and Possible Interpretation --- p.40 / Chapter 4.2.2 --- Test of Multicollinearity --- p.48 / Chapter 4.2.3 --- Test of Heteroscedasticity --- p.50 / Chapter 4.2.4 --- Test of Alternative Functional Forms --- p.55 / Chapter 4.3 --- Possible Sources of Estimation Bias --- p.57 / Chapter 4.4 --- Concluding Remarks --- p.59 / Chapter Chapter 5 --- Conclusion --- p.61 / References --- p.65

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management