Effect of the Xiong’an New Area Policy on the Real Estate Market in Beijing
Publication: Journal of Urban Planning and Development
Volume 148, Issue 2
Abstract
The establishment of the Xiong’an New Area has been an important decision for China to remove noncapital functions. This paper will use the Xiong’an New Area policy as a quasi-natural experiment and will use the synthetic control and difference-in-difference (DID) methods to study the influence of the establishment of the Xiong’an New Area on the quantity and prices in the new and secondhand housing markets in Beijing. This paper found that after the Xiong’an New Area was established, the overall quantity of new houses in Beijing decreased and the quantity of secondhand houses first increased and then decreased. The price of new housing increased steadily and the price of secondhand housing had a downward trend. Overall, the Xiong’an New Area policy had a significant influence on the quantity of new and secondhand housing and the prices of the new and secondhand housing index in Beijing. Based on the empirical results, to promote the rational development of Beijing’s real estate market through the Xiong’an New Area policy, and to achieve the national policy goal of “no speculation on housing” and “housing for housing the planning and construction in the area need to be strengthened.
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Data Availability Statement
Some or all data, models, or codes generated or used during the study are available in a repository or online following funder data retention policies.
Acknowledgments
The authors would like to extend their appreciation to the chief editor and the anonymous reviewers for their valuable comments on the initial draft of this paper. The Humanities and Social Science Planning Fund from the Ministry of Education of China (Grant No. 19JZD012) funded this research.
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Published In
Journal of Urban Planning and Development
Volume 148 • Issue 2 • June 2022
Copyright
© 2022 American Society of Civil Engineers.
History
Received: Apr 6, 2021
Accepted: Nov 18, 2021
Published online: Feb 14, 2022
Published in print: Jun 1, 2022
Discussion open until: Jul 14, 2022
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