The Emerging Mortgage Markets in China

Mortgage Markets Worldwide

Volumn , Issue , 2009, Pages 1-33

  Deng, Yongheng ^a   Fei, Peng ^a  

^a UNIVERSITY OF SOUTHERN CALIFORNIA   (United States)

Author keywords

China and adjustable rate mortgages (ARMs); China Construction Bank (CCB) and mortgage loans in China; China's banking market monopolized by state owned commercial banks (SOCB); Chinese borrowers tending to be 'uncertainty averse'; Dual channel housing finance system; History of residential housing and mortgage markets in China; Housing finance system framework of China; Individual households through State Owned Enterprises (SOEs) work units 'Danwei' in Chinese; Mortgage markets worldwide mortgage market evolution in China; Residential mortgage market in household ownership oriented housing reform

Indexed keywords

EID: 84873922621     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1002/9781444302301.ch1     Document Type: Chapter

References (24)

1. Archer, W.R., Ling, D.C. and McGill, G.A. (1996) The effect of income and collateral constraints on residential mortgage terminations. Regional Science and Urban Economics 26(3-4): 235-61.
2. Calhoun, A.C. and Deng, Y. (2002) A dynamic analysis of fixed-and adjustablerate mortgage terminations. Journal of Real Estate finance and Economics 24(1-2): 9-33.
3. Chen, J. and Deng, Y. (2003) Commercial Mortgage Workout Strategyand Conditional Default Probability: Evidence from Special Serviced CMBS Loans. USC Lusk Center Working Paper No. 2003-1008.
4. Cunningham, D. and Capone, C. (1990) The relative termination experience of adjustable to fixed-rate mortgage. Journal of Finance 45(5): 1687-703.
5. Deng, Y. and Liu, P. (2006) Forward Housing Market and Its Impact on Mortgage Prepayment and Default Risks in China. Universityof California at Berkeley, Haas School of Business, Mimeo.
6. Deng, Y. and Quigley, J.M. (2002) Woodhead Behavior and the Pricing of Residential Mortgage. USC Lusk Center Working Paper 2003-1005.
7. Deng, Y., Quigley, J.M. and Van Order, R. (1996) Mortgage default and low downpayment loans: the cost of public subsidy. Regional Science and Urban Economics 26(3-4): 263-85.
8. Deng, Y., Quigley, J.M. and Van Order, R. (2000) Mortgage terminations, heterogeneity and the exercise of mortgage options. Econometrica 68(2): 275-307.
9. Deng, Y., Zheng, D. and Ling, C. (2005) An earlyassessment of residential mortgage performance in China. Journal of Real Estate Finance and Economics 31(2): 117-36.
10. Green, J. and Shoven, J.B. (1986) The effect of interest rates on mortgage prepayment. Journal of Money, Credit and Banking 18: 41-50.
11. Kau, J.B. and Keenan, D.C. (1995) An overview of the option-theoretic pricing of mortgages. Journal of Housing Research 6(2): 217-44.
12. Kau, J.B., Keenan, D.C., Muller, W.J. and Epperson, J.F. (1990) The valuation and analysis of adjustable rate mortgages. Management Science 36(12): 1417-31.
13. Lung, R. (2005) China: an evolving housing market. Asia Focus, (June 2005). Federal Reserve Bank of San Francisco. Available at: http://www.frbsf.org/publications/banking/asiafocus/2005/asiafocus-Jun05.pdf. (Retrieved 5 February 2008.)
14. Naughton, B. (1994) Reforming a planned economy: is China unique? In Lee, C.H. and Reisen, H. (eds) From Reform to Growth: China and Other Countries in Transition in Asian and Central Europe. OECD, Paris.
15. Quigley, J.M. (1987) Interest rate variations, mortgage prepayments and household mobility. Review of Economics and Statistics 69: 636-43.
16. Schwartz, E.S. and Torous, W.N. (1989) Prepayment and the valuation of mortgage-backed securities. Journal of Finance 44: 375-92.
17. Stanton, R. and Wallace, N. (1995) ARM wrestling: valuing adjustable rate mortgages indexed to the eleventh district cost of funds. Real Estate Economics 23: 311-45.
18. Stanton, R. and Wallace, N. (1999) Anatomyof an ARM: the interests-rate risk of adjustable-rate mortgages. Journal of Real Estate Finance and Economics 19(1): 49-67.
19. Wang, Y.P. (2001) Urban housing reform and finance in China: A case studyof Beijing. Urban Affair Review 36(5): 620-45.
20. Wang, Y.P. and Murie, A. (1999) Housing Policyand Practice in China. St. Martin's Press, New York.
21. Wang, K., Young, L. and Zhou, Y. (2002) Non-discriminating foreclosure and voluntary liquidating costs. Review of Financial Studies 15:3, 959-85.
22. Wong, F.K.W., Yeung, S.C.W., Hui, E.C.M., Howes, R. and Kong, L.S.P. (1998) A Study of Welfare Housing Development in Major Cities in China (Research Monograph). Department of Building and Real Estate, Hong Kong Polytechnic University, Hong Kong.
23. Wong, S., Yiu, C., Tse, M. and Chau, K. (2006) Do the forward sales of real estate stabilize spot prices? Journal of Real Estate Finance and Economics 32(3): 289-304.
24. Zhu, X.D., Hu, H., Deng, L. and Huang, L. (2001) FiftyYears of Public Housing: An International Perspective. Working paper of Joint Centre of Housing Studies, Harvard University, Cambridge, MA.