（英文版）
作者：Jing Wu，Yongheng Deng，Hongyu Liu
发表时间：2012-03-01
概要：
The recent house price surge in several major cities in China has attracted global interest, which makes an improved understanding of accurate measurement of house prices in China as well as in other emerging markets an important and timely issue. The three most common methods of price measurement are applied to both the newly-built and resale housing market in China: the simple average method without quality adjustment, the hedonic modeling approach, and the matching approach with the repeat sales modeling framework. The theoretical and empirical analyses suggest that in the emerging residential housing market in China, the hedonic method is preferable in measuring the house price level and its movement when applied to the newly-built housing market, while the repeat sales method with matching approach performs better for the newly emerged resale market for houses. The results also indicate that the two official house price indices published and widely used in China both suffer from downward bias, which implies that the current Chinese housing market may be even more overheated than is reported in existing metrics.
