An empirical study of the relationships between economic growth, real estate prices and real estate investments in Hong Kong

摘要: This study examines the lead-lag relationships between real estate prices, investments, and economic growth. The results suggest that there is no relationship GDP investment. contradicts of similar previous studies in other economies. We propose lack due to significant variation project's duration Hong Kong. project implies observed volume investment any period represents realization decisions made at different points time past. a growth does not mean changes demand for have effect on performance. Since Kong's market very efficient, conditions sector are reflected more accurately quickly prices. Our empirical show especially office residential lead findings this number implications. First, prices particular, were found Therefore, movements can be used forecast Second, since GDP, policies stabilize also likely Third, policy suppresses or deters sector, negatively affect Similarly, stimulates will stimulate economy.