Conference on China's Real Estate Markets

Friday, April 17, 2015  

CBEG-CREFR

Please email jnegreir@stern.nyu.edu for additional information regarding this event.


Chinese property is the most important sector in the global economy. It has been pivotal in the country's economic development, provided lucrative business for industrial commodity producers from Perth to Peru, and been the backbone of the surge in world exports to China. This conference brings together the world's leading experts on China's real estate markets for an in-depth discussion of the origins of the property boom and a study of its consequences for the Chinese macro-economy, financial institutions and markets, government, and the rest of the world.

8:00-8:45 Breakfast and Registration

8:45-9:00 Welcome and Introductory Remarks
Jennifer Carpenter, Associate Professor of Finance and Associate Director of the Center for Global Economy and Business, New York University
Stijn Van Nieuwerburgh, Professor of Finance and Director of the Center for Real Estate Finance Research, New York University

9:00-10:20 Macro and Regional Drivers of China's Housing and Land Prices 
Moderator, Stijn Van Nieuwerburgh, Professor of Finance and Director of the Center for Real Estate Finance Research, New York University

Rural-Urban Migration, Structural Transformation, and Housing Markets in China 
Carlos Garriga, Research Officer, Federal Reserve Bank of St. Louis
(Presentation/Slides)

Evaluating the Risk of Chinese Housing Markets: What We Know and What We Need to Know
Joseph Gyourko, Martin Bucksbaum Professor of Real Estate, Finance and Business Economics & Public Policy, University of Pennsylvania
(Presentation/Slides)

10:20-10:50  Coffee and Tea

10:50-12:10 Real Estate Shocks to Corporate Investment and Shadow Banking in China
Moderator, Robert Whitelaw, Edward C. Johnson 3D Professor of Entrepreneurial Finance and Chair of the Finance Department, New York University

The Crowding-out Effects of Real Estate Shocks - Evidence from China
Laura Xiaolei Liu, Professor of Finance, Peking University
(Presentation/Slides)

The Great Wall of Debt: Credit Risk of Chinese Local Government Obligations
Jennie Bai, Assistant Professor of Finance, Georgetown University
(Presentation/Slides) 

12:10-2:00 Lunch and Keynote Speech
Michael Spence, Nobel Laureate, William R. Berkley Professor in Economics & Business, New York University

Introduction by Kim Schoenholtz, Professor of Management Practice and Director of the Center for Global Economy and Business, New York University

2:00-3:15 Industry Perspective on China's Real Estate Markets
Moderator, Jennifer Carpenter, Associate Professor of Finance and Associate Director of the Center for Global Economy and Business, New York University
Harrison Hong, John Scully 1966 Professor of Economics and Finance, Princeton University
John Liang, Executive Vice President and Managing Director of U.S. Operations, Xinyuan Real Estate Co., Ltd.
Ken Miller, Senior Advisor, Teneo Capital
Jian Xu, Managing Director of Development, Greenland Group

3:15-3:45 Coffee and Tea

3:45-5:00 China's New Urbanization Strategy (presentation/slides)
Moderator, Paul Romer, Professor of Economics and Director of the Urbanization Project, New York University
Alain Bertaud, Senior Research Scholar, NYU Stern Urbanization Project
Yuan Xiao, Research Scholar, Center for Global Legal Transformation of Columbia Law School

5:00-6:30 Reception

Program Committee
Franklin Allen, Executive Director of the Brevan Howard Centre for Financial Analysis and Professor of Finance and Economics, Imperial College London
Jennifer Carpenter, Associate Professor of Finance and Associate Director of the Center for Global Economy and Business, New York University
Hanming Fang, Professor of Economics, University of Pennsylvania
Harrison Hong, John Scully 1966 Professor of Economics and Finance, Princeton University
Stijn Van Nieuwerburgh, Professor of Finance and Director of the Center for Real Estate Finance Research, New York University
Neng Wang, Chong Khoon Lin Professor of Real Estate & Professor of Finance, Columbia University
Wei Xiong, Hugh Leander and Mary Trumbull Adams Professor in Finance, Professor of Economics, Princeton University