中国房地产价格有几成泡沫

The dramatic rise of house prices in many cities of China has brought huge attention from both the governmental and academic circles.There is a huge debate on whether the increasing house prices are driven by market fundamentals or just by speculation.Like Levin and Wright(1997a,1997b),we decompose house prices in China into fundamental and non fundamental components and demonstrate that the non fundamental prat contributes a relatively small proportion of the rise of house prices in China.