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An Estimation of the Housing Assets of Urban Households in China

【Authors】
YANG Yewei & XU Xianchun
【WorkUnit】
YANG Yewei (Peking University, 100081)XU Xianchun (Tsinghua University, 100091)
【Abstract】

It has become a major research direction to do economic analysis from the perspective of the balance sheet. In China, housing assets are the most important components of total household assets. Since the Chinese government does not publish the official balance sheet of the household sector, it is crucial to estimate the housing assets of urban households for the purpose of analyzing the real estate market and the balance sheet of the household sector. Based on published official data, this paper first clarifies the scope of housing assets according to the SNA2008 accounting standards and sets the principles for valuation for different types of housing assets, and then estimates the total value of household housing assets. Compared with previous research results, this paper is more focused on the complex urban housing system of China and produces more accurate estimations of housing assets by type of property rights. The results show that the Chinese urban housing market is not yet saturated and the per capita housing assets is lower than that of developed countries, which means huge growth potential. Meanwhile, the current debt to total asset ratio linked to housing assets is not very high and the overall debt risk remains mild. However, the rapid rise of the debts still requires close attention.

JEL:O18, R21

【KeyWords】
Urban Household Housing Assets, Scope of Accounting, Valuation Method, Data Source