Cross-border High-speed Railway’s Impact on Short-term Rental Housing Market: a Natural Experiment Study on Yau Tsim Mong, Hong Kong under COVID-19
Topics:
Keywords: Cross-Border HSR, Airbnb, Short-Term Rental Housing Market, Natural Experiment, Hong Kong
Abstract Type: Virtual Paper Abstract
Authors:
Zixin Luo,
Dong Li,
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Abstract
The Guangzhou–Shenzhen–Hong Kong High-speed Railway (i.e. HSR) connects mainland China and Hong Kong SAR. Thanks to the massive cross-border flows it brought, the HSR has greatly stimulated the rental housing market in Hong Kong. In transport economics, the relationship between transport and property prices has long been studied. Previous research, however, mainly focused on a single city market and barely studied cross-border market areas. Due to COVID-19, a natural experiment of controlling the cross-border transport between mainland China and Hong Kong SAR can be conducted. Thus, this article offers a longitudinal natural experiment study on the change of the Airbnb market in Hong Kong affected by the starting and suspending of the cross-border HSR. It was found that: 1) Listings that were not specialized in long-term rental services and of low accessibility were more likely to be eliminated after the shutdown of the HSR; 2) There is a spatial heterogeneity as for the spatial price elasticit, with Tsim Sha Tsui fluctuated the most strongly; 3) Low-end rental units of low accessibility have higher price elasticity. Traffic convenience and prices are no longer advantageous factors.
Cross-border High-speed Railway’s Impact on Short-term Rental Housing Market: a Natural Experiment Study on Yau Tsim Mong, Hong Kong under COVID-19
Category
Virtual Paper Abstract
