Housing sales in urban Beijing

Abstract

In the housing market, new properties sometimes experience delays before they are sold. Such delays reflect the preferences of buyers in respect of the homes’ characteristics. Therefore, it is important for managerial purposes to identify the causes of housing sales delays. After analysing the delays in sales of housing in Beijing City, China, the principal finding of this study is that delays are largely explained by the dwellings’ characteristics and location. Policy implications of the research findings, particularly those related to means of reducing the delays, are discussed.

Keywords:

• duration models
• survival models
• Beijing
• China

JEl Classification:

• C41

Acknowledgements

Comments from the Editor and from two anonymous referees are gratefully acknowledged. Carlos P. Barros: UECE (Research Unit on Complexity and Economics) is financially supported by FCT (Fundação para a Ciência e a Tecnologia), Portugal. This article is part of the Multi-annual Funding Project (POCI/U0436/2006). Luis A. Gil-Alana gratefully acknowledges financial support from the Ministerio de Ciencia y Tecnología (ECO2008-03035 ECON Y FINANZAS, Spain) and from a PIUNA Project from the University of Navarra.