[The 3rd Lecture on Economics and Business]
On8thMarch, 2017, in the room A618 of the New Main Building, Prof. Li GAN from Department of Economics of Texas A&M University, was invited to make an academic lecture on “The Mystery of Family Self-owned Housing Vacancy Rate”.
The lecture was chaired by Prof. Ying FAN, Dean of School of Economics and Management. More than 50 tutors and students from the SEM attended this lecture.
According to the data base from “China Household Finance Survey” (CHFS), Prof. GAN has made an elaboration on the relationships between the housing vacancy rate and the allocation of family assets, the distribution of income, the intergenerational transference, the availability of household credit, the supply and demand of real estate market and the urbanization respectively.
Distinguished from various definitions on vacant property around the world, Prof. GAN and his team summed up the concept of vacant property with Chinese characteristics to explore the mystery of family self-owned housing vacancy rate. On the basis ofthe critical analysis by data regression in a random sampling survey, the supply of urban housing is worked out to be consistent with the housing demand,which indicates that the urbanization is the main driver of occupancy rate. Due to the results of the simulated stress test research by Prof. GAN and his team,a high risk exists in China’s housing market and three conditions have been researched as stimuli to promote the mystery of the urbanization for the further exploration of the mystery of family self-owned housing vacancy rate. The three conditions are the transfer from rural household to non-agricultural household,the residence migration from rural areas to urban ones and the change of statistical code for the residential community into urban areas without residence migration.
Depended on the data analysis on the study of passive families into the city and positive ones with the rigid demand and the demand to improve, Prof. GAN drew the inspiration for the housing market, the scales of passive families into cityand positive ones are both equally overvalued the demand of housing as one of the significant reasons for the oversupply in the housing market.
At the end of the lecture, the tutors and students from the SEM put forward various advices about the data, the development trend of the housing market and other related topics from Prof. GAN. The lecturer and listeners were immersed in a deep academic atmosphere and looking forward to more academic communications in the future.
(Written By Lianqi Song)
Institute of Economics and Business
Beihang University
