Chinese housing market and bank credit

Masaya Sakuragawa, Satoshi Tobe, Mengyuan Zhou

Research output: Contribution to journalArticlepeer-review

5 Citations (Scopus)


This paper presents an empirical analysis of the determinants of housing prices using the province-level panel data that covers all the regions in China for the period 1999–2015. The bank credit is the primary determinant of housing prices. Remarkably, a one-percentage-point increase in the growth of bank credit leads to a subsequent appreciation in the growth of the housing price by 0.281 %. The sensitivity of bank credit varies across subcategories of buildings, and between the province-level analysis and the city-level analysis.

Original languageEnglish
Article number101361
JournalJournal of Asian Economics
Publication statusPublished - 2021 Oct


  • Bank credit
  • Chinese economy
  • Housing price
  • Panel GMM

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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