Cross-city spillovers in Chinese housing markets

From a city network perspective

Journal article (2020)

Authors

Yunlong Gong China University of Mining and Technology
J. de Haan Statistics Netherlands (CBS)
P.J. Boelhouwer Housing Systems - Architecture and the Built Environment
Research Group
Housing Systems (Architecture and the Built Environment) (TU Delft)
Copyright: © 2020 Yunlong Gong, Jan de Haan, P.J. Boelhouwer
DOI: https://doi.org/10.1111/pirs.12512
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Published Date

2020

Language

English

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Faculty

Architecture and the Built Environment

Department

Management in the Built Environment

Research Group

Housing Systems

Abstract

Cross-city spillovers among housing markets are usually modelled by the classical spatial autoregressive models, which usually suffer from identification problems in practice. This paper investigates the cross-city house price spillovers arising from city network externalities wherein a city's connections with other cities in the urban network create the external house price premium through productivity and amenity gains. Using a cross-sectional data set for an urban system in eastern China, we present significant evidence for positive network spillovers by the application of spatial lag of X model and spatial Durbin error model. Besides, common shocks are also proved to be responsible for cross-city dependence of house prices.

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