【金融高端论坛】 第一百零六期

主 题：A Tale of Two Cities: The Impact of Cross-Border Migration on Hong Kong’s Housing Market

主讲人: Maggie Rong HU（CUHK）

时 间：2019-11-15 10:00

地 点：明德商学楼302室

Abstract：

In this era of globalization, cross-border migration brings capital flows and leads to accelerating demand for local housing resources. This paper examines the impact of the increase in mainland Chinese migrants between 2001 and 2017 on Hong Kong’s housing market. We find that mainland Chinese buyers pay 4.4% more than locals for housing purchase. This price disparity is greater for larger units at central locations. Sellers enjoy 6.6% higher gross holding period return when they sell to mainland buyers. In the same building, more mainland buyers also lead to a housing price increase and higher gross return in the subsequent year. The “safe haven effect”, or mainland buyer’s confidence in China’s currency and economy, explains over 34% of the price premium they pay, which dominates other channels, such as residential sorting and the weak bargaining power of mainland buyers.

Key words: migration, housing, safe haven effect, residential sorting, bargaining power

BIO：

Prof. Maggie Hu is currently an Assistant Professor of Real Estate and Finance at The Chinese University of Hong Kong (CUHK), jointly appointed by the School of Hotel and Tourism Management & Department of Finance. Her primary research interests include real estate economics, p2p lending, and empirical corporate finance. Her research has been published in top finance and real estate journals, such as Management Science, Journal of Financial and Quantitative Analysis, and Real Estate Economics. She received her PhD in Finance in 2013, and Bachelor of Engineering Degree from National University of Singapore in 2008. Prior to joining CUHK in 2016, she worked at University of New South Wales, Australia.