IMF Working Papers

A Tale of Tier 3 Cities

By Kenneth Rogoff, Yuanchen Yang

September 30, 2022

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Kenneth Rogoff, and Yuanchen Yang. A Tale of Tier 3 Cities, (USA: International Monetary Fund, 2022) accessed October 6, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper provides new estimates of the housing stock, construction rates and price developments by city tier in China in order to understand where imbalances might be concentrated, and the implications of any significant contraction. We also update estimates of the size of China’s rapidly evolving real estate sector through 2021, allowing one to look at the initial impact of COVID-19, as well as extending the analysis to incorporate urban-expansion related infrastructure construction. We argue that China overall faces imbalances between supply and demand for housing stock, but the problem is significantly deeper outside tier 1 cities.

Keywords: China, Macro Economy, Real Estate

Publication Details

  • Pages:

    58

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 2022/196

  • Stock No:

    WPIEA2022196

  • ISBN:

    9798400222320

  • ISSN:

    1018-5941