Journal
JOURNAL OF HOUSING AND THE BUILT ENVIRONMENT
Volume 36, Issue 1, Pages 131-151Publisher
SPRINGER
DOI: 10.1007/s10901-019-09713-8
Keywords
Multi-home ownership; Portfolio compositions; Risky financial assets; Urban China
Funding
- National Natural Science Foundation of China, Young Scientists Fund [71703103]
- Humanities and Social Sciences Fund of Ministry of Education of China [19YJC790013]
- Guangdong Science and Technology Project [2015A070705007]
- Natural Science Foundation of Guangdong [2017A030310548]
- Guangdong Innovation Team [2016WCXTD001]
- National Natural Science Foundation of China [71973157]
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The study shows that multi-home ownership significantly reduces the proportion of risky financial assets held by urban Chinese households, with wealthier households and regions with medium financial market development levels experiencing a stronger crowding out effect.
This study shows that multi-home ownership determines the patterns of portfolio composition. The IV-Tobit models have been used on the 2015 China household and finance survey data, and the potential endogeneity problem has been addressed by using the variation of housing prices at the city level as instruments. The results show that multiple-housing ownership significantly crowds out the proportion of risky financial assets held by urban Chinese households, which reflects the substitution effect and people's risk awareness with regard to real estate. Moreover, this crowding out effect is particularly significant and generally stronger for wealthy households and for regions with a medium development level of financial markets.
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