| Previous domestic studies were limited in the lack of a scientific and uniform definition on vacancy and that of the computing method for the HVR (housing vacancy rate). This has resulted in great difficulty in comparing the housing vacancy of Chinese cities with their counterparts abroad. Consequently, uniform and reasonable definition and method need to be established to describe and monitor the Chinese housing vacancy conditions.Through the review and comparison of Chinese and oversea studies, this article first developed a definition for housing vacancy, HVR as well as the reasonable HVR, and then analyzed the factors related to the vacancy rate. Besides, it analyzed the impact factors on reasonable HVR, and improved the reasonable HVR models that had been developed in previous studies by the cross-sectional data.The research data in the article were primarily based on the field survey of the author form December 2008 to January 2009, including those on 207 housing projects in Hangzhou. In the empirical study, this research first analyzed the spatial diversity of the HVRs in different districts of Hangzhou. It also analyzed the characteristics and causes of the HVR diversity by the classification of the houses at different ages and types. Moreover, by comparing the actual HVR and reasonable HVR, this research analyzed the causes and the trend of housing development in Hangzhou, and suggested several policy implications on the adjustment of HVR in order to achieve a healthy housing market. |
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