On October 29th, Regina Fang-Ying Lin, Associate Professor of Business School, was invited by the 2022 International Conference on Business Administration and Data Science (2022 BADS) to give a keynote speech. The topic is "The Impact of Chinese Developers' Agglomeration Investment on the House Prices Stability and the Livability of Cities in China". The audience scale is about 1000.
Professor Lin's speech began with the story of the 2008 Great Financial Crisis (GFC) and Robert J. Shiller et al.’ contributions, the 2013 Nobel Economics Prize winner. She pointed out that housing consumption is one of the most human’s important practical issues. Housing prices are affected by income per capita, urban development, environment and other factors. The relationship between cities is increasingly close with the development of information technology and modern transportation technology. Therefore, the housing price changes are not only affected by the change of local related factors but also affected by the related cities. Housing investment is associated with a complex network of economic and social systems, resources, environment, population and other factors interacting and influencing each other over time and space. The changes in each node in the network will affect the surrounding nodes and vice versa. Therefore, the changes in housing prices show a certain spatial linkage and mutual influence.
On this basis, the empirical spatial econometric models are established. Under the setting of several different spatial weight matrices, the results show that residential development investment agglomeration can significantly positively impact local housing prices and has spillover effects on adjacent areas. Furthermore, urban livability and market expectations have a regulatory impact on urban housing prices.
Professor Lin's research suggested that at the level of housing price regulation, establish the concept of "a chess game for national regulation". Although, on the one hand, the housing price correlation between cities makes the housing price regulation show a trend of spatial interaction, on the other hand, it also promotes the implementation of housing price regulation at the overall level. This requires regulators to pay attention to the economic attribute data of specific cities and the interaction between urban housing prices in space, grasp the fluctuation trend of housing prices as a whole, and formulate more scientific and effective housing price regulation measures.
Professor Niu Feiliang, Dean of the School of Economics and Management at Kashgar University (a scholar of the Hundred Talents Program in Tianchi, Xinjiang), commented on Professor Lin's research that she provides an innovative perspective for us to understand the housing price fluctuation.
Picture 1: Meeting Announcement
Picture 2: Regina Fang-Ying Lin is presenting the online speech
Figure and text: Regina Fang-Ying Lin
