Date of Award


Degree Type


Degree Name

Master of Philosophy (MPHIL)



First Advisor

Prof. HO Lok Sang

Second Advisor

Prof. MA Yue


The thesis contains three papers on different areas of housing study in Hong Kong. The first paper focuses on government policy in public housing privatization on housing market and its effect on the overall economy. By comparing the negative impacts of two financial crises in 1997 and 2008 on housing market, the paper tries to offer explanation for the property downturn during 1997-2003. It aims to study how a public housing privatization program would produce adverse effects on housing transactions and the economy. The second one links up the housing market and macro economy. It is found that housing sector appears to serve as a link between exports and domestic expenditures. Housing prices are found to be driven by exports and interest rates over a long period, while housing prices in turn drive domestic expenditures. The last one attempts to investigate the dynamics of private housing market in Hong Kong. Using the cointegarting approach, the paper identifies two cointegrating relations, ie. a long run demand side relation between property price, prime rate, housing price expectation and GDP per capita, and supply side relation between private housing completion, property price, prime rate and land cost, which show a short run disequilibrium dynamics in demand and supply of private housing during 1985 – 2008.


Housing, China, Hong Kong, Econometric models

Recommended Citation

Wong, W. C. G. (2010). Three essays on housing market in Hong Kong: Implications for public policy and macro economy (Master's thesis, Lingnan University, Hong Kong). Retrieved from

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