Hong Kong Housing and the Asian Financial Crisis

Authors: Raymond Y.C. Tse, and  James, R. Webb

Start Page: 21
End Page:32
Volume: 12
Issue Number:1
Year: 2004
Publication: Journal of Real Estate Literature

Abstract: This study investigates the effect of the Asian Financial Crisis, capital flows, speculative demand and retail sales activity on housing transactions in Hong Kong. An error correction model and Granger causality tests were used to examine the interaction between house prices, retail sales and housing transactions. The asymmetric effects of capital flows on housing transactions were also examined.