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Determinants of property prices in Hong Kong SAR : implications for policy

Author: R Sean Craig; Changchun Hua; International Monetary Fund. Asia and Pacific Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2011.
Series: IMF working paper, WP/11/277.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroeconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Craig, R. Sean.
Determinants of Property Prices in Hong Kong SAR: Implications for Policy.
Washington : International Monetary Fund, ©2011
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: R Sean Craig; Changchun Hua; International Monetary Fund. Asia and Pacific Department,
ISBN: 1283569388 9781283569385 9781463930455 1463930453
OCLC Number: 768765540
Notes: At head of title: Asia and Pacific Department.
Title from PDF title page (IMF Web site, viewed December 16, 2011).
"November 2011."
Description: 1 online resource (15 pages).
Contents: Cover Page; Title Page; Copyright Page; Contents; References; VI. Conclusions; V. Explaining the Rapid Rise in Property Prices; IV. Model Estimation Results; III. An Econometric Model of Property Prices in Hong Kong SAR; II. Policies to Restrain Residential Property Prices in Hong Kong SAR; I. Introduction; Footnotes.
Series Title: IMF working paper, WP/11/277.
Responsibility: R. Sean Craig and Changchun Hua.

Abstract:

This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroeconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though land supply and prudential and tax policy, with the latter policies taking the form of a stamp duty on property transactions and a tighter loan-to-value ratio (LTV) on lending. Land supply is the most effective policy instrument for restraining property price increases but it operates with a significant lag. The LTV and stamp duty dampen speculative activity that drives up property prices. While these policies can slow the increase in the short run, they should be guided by their long run objectives of financial stability and counteracting speculation.

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