| With urbanization,China's real estate prices in the overall upward trend,but regional differences clearly. In this paper, real estate price formation mechanism, characteristics and its influencing factors are summarized descript as the theoretical foundation of the full text. This article select real estate industry's inter-provincial panel data from1999 to 2007 as a sample, empirically analyzed the factors which determined the differences of regional real estate prices, based on the Quantile Regression Model and Grey incidence analysis.The empirical results show, (1)China's real estate prices in the overall upward trend,but prices in different regions of China are obviously different,and wth the passage of time,regional differences in the trend has expanded.(2)Income, real estate sales, construction costs and Credit scale have the asymmetric effects of the different regional real estate prices.(3)Credit scale has the greatest impact on high quantile regions real estate prices, indicating that the implementation of credit policies on price regulation and control of these areas are effective. GDP per capita has the greatest impact on middle quantile regions real estate prices, indicating that real estate development in the region more dependent on the region's economic development. Construction cost has the greatest impact on low quantile regions real estate prices, indicating that local house prices more truly reflect the supply of real estate prices. Real estate sales as the volume of market transactions have a significant negative effect of long-term trends in house prices and volatile impact of prices with the change of quantile.(4)The level of regional GDP and the construction cost is not the reason of inter-regional price differences,inter-regional differences in real estate prices in China are mainly caused by regional real estate needs and financing. |
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