题　目：Price and Volume Divergence in China’s Real Estate Markets: The Role of Local Governments

嘉　宾：张劲帆 副教授 香港中文大学（深圳）经济管理学院

主持人：宋忠智 副教授 上海交通大学安泰经济与管理学院

时　间：2023年10月30日（周一）10:00-11:30

地　点：上海交通大学 徐汇校区安泰楼B207室 

内容简介:

During the Covid-19 pandemic (2020-2022), Chinese cities witnessed a contradiction: residential land and property prices surged even as transaction volumes plummeted. This divergence wasn’t due to supply shortages. Instead, we attribute it to active management of land and housing prices by local governments. Cities that had been more reliant on land sales and land-collateralized debt to fund their budgets before the pandemic experienced more substantial increases in land prices. Moreover, Local Government Financing Vehicles (LGFVs) secured more land at elevated prices compared to other buyers. These findings underscore the significant roles local governments play in shaping real estate markets in China.

演讲人简介：

张劲帆，现任香港中文大学（深圳）经济管理学院副教授、博士项目主任、教育部青年长江学者，曾担任国际货币基金组织（IMF）经济学家、中国证监会中证金融研究院特聘研究员、中国人民银行研究局访问学者、长江商学院助理教授。张劲帆教授获耶鲁大学金融学博士，清华大学电子工程学博士，哈佛大学统计学硕士，清华大学电子工程学硕士，清华大学电子工程学学士，北京大学经济学双学位学士，在国内外顶级金融经济学学术期刊，包括 American Economic Review: Insights, Review of Financial Studies, Journal of Financial Economics, Review of Finance和《金融研究》等杂志发表论文多篇。研究成果获得Review of Finance, Best Paper Award Finalist, 2022; WFA Annual Meeting Best Paper Award, 2011.

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