중국의 도시주택가격 결정요인과 부동산금융 부실화 가능성 분석

This study analysis the determinants of Chinese urban housing prices and the possibility of housing finance insolvency. Since the global financial crisis there was housing prices boom in urban areas. By 31 local panel data analysis, I found the factors that determine China’s urban housing prices. Those were income increasing and population growth and the influence of increasing income factor is greater. By Chinese urban housing price analysis I found that Debt to Icome ratio is over 60%, Price to Income ratio has exceeded 8.24. And except top 10% of the total household it was higher than normal level of DTI & PIR. There is possibility of housing financial insolvency if there is a sharp drop in housing prices. However, the impact on the entire financial system is expected to be limited.