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Abstract
This aim of this study was to determine the extent of any convergence in house prices across China, using a regional panel data set. The results showed little evidence of convergence across the regions, although there is evidence of a ripple effect starting in Shanghai, Guangzhou and Beijing, although only the former two regions are affected by the distance from them to the respective cities.
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Notes
1 The link index is based on the same quarter of last year; for example, if HPI in the last quarter was 100 and it increased by 10% over the last 12 months, HPI in this quarter is 110. In this article, we need to transform the link index into the constant growth index (the first period index = 100); for example, if HPI in the first quarter is 100 and it increased by 10% in the next quarter, HPI in the second quarter is 110.
2 These unit root tests were also conducted on the house prices and produced the same result.