Property Rights Uncertainty, Prices, and Speculation: Evidence from China's Housing Market -- by Hanming Fang, Jing Wu, Vincent Yao

We would like to thank Russell Cooper, Yongheng Deng, Amir Kermani, Andra Ghent, Nancy Qian, Tim Riddiough, Jacob Sagi, Randy Wright, Tao Zha, Guozhong Zhu and conference/seminar participants at CCER Summer Institute, University of Wisconsin-Madison, Hong Kong University, IMF-FRB Atlanta China Workshop for helpful comments. Xiaodan Wang provided excellent research assistance. We are responsible for all remaining errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.