China's Housing Market: Turning Points, Challenges, and Policy Choices

Great changes have taken place in China's housing market in the last three years. The housing market has shifted from being undersupplied, to having equilibrium of supply and demand with regional oversupply. From a mid- to long-term perspective, the housing market in developed countries reveals important differences and insights as development stages shift. According to trends in the housing market of typical economies, China's housing market is entering a new era and will face many new challenges. As the housing market transitions from one stage to another, the objectives of housing development should be adapted in a timely manner and related policies should be adjusted accordingly.

Deng Yusong, PhD in economics, is a Senior Research Fellow and Deputy Director General of Institute of Market Economy of Development Research Center of the State Council, P. R. China (DRC). He is the team leader on "real estate economics and policy research" at the DRC. Now, he is a visiting fellow at Harvard Kennedy School. His research interests mainly focus on macro economy perspectives, housing markets, and housing policy. Dr. Deng has participated in and led more than 50 policy research projects.