This book explores how econometric modelling can be used to provide valuable insight into international housing markets.

Rita Yi Man Li received her undergraduate and postgraduate degrees from the University of Hong Kong. She now serves as an Associate Professor in Department of Economics and Finance, Hong Kong Shue Yan University (HKSYU). She is also a founder and Director of Sustainable Real Estate Research Center and an Adjunct Associate Professor in China-Australia Centre for Sustainable Urban Development, Tianjin University. She first started her academic career as a Visiting Lecturer in Hong Kong Polytechnic University, then a Lecturer, an Assistant Professor and now an Associate Professor in HKSYU. Outside the academia, she is a chartered surveyor by profession, an associate member of CIArb and HKIArb.

Over the years, she has won many local and international awards and grants. She is the recipient of the RGC grant in Hong Kong, Ronald Coase Institute Fellowship in the US and a competitive fellowship from the Australian Government. She is a journal editor/editor-in-chief for many international academic peer review journals and a regular reviewer for top journals in the built environment. Her research activities have been covered by mass media in Hong Kong, Macau, the UK, France and mainland China.

K. W. Chau is currently Head and Chair Professor of Real Estate and Construction and Director of the Ronald Coase Centre for Property Rights Research at The University of Hong Kong. His main areas of research include real estate finance and economics, real estate price index and institutional analysis of the built environment. Most of his works are empirical studies with implications for policy makers and practitioners. He has published over 100 journal papers including the Journal of Law and Economics, Journal of Real Estate Finance and Economics, Land Use Policy, Urban Studies, Energy Policy, Building and Environment, Environment and Planning B and Habitat International. He received the International Real Estate Society Achievement Award in 1999. In 1996, Dr Chau became the founding president of the Asian Real Estate Society. He was elected president of the International Real Estate Society in 2000. He is now serving on the editorial boards of more than 10 peer-reviewed journals.

1. Introduction, 2. Applied Econometric Models in International Housing Markets: Theories and Applications, 3. Risk Averse Real Estate Entrepreneurs in Mainland China: A Probit Model Approach, 4. Forecasting Real Estate Stocks Prices in Hong Kong: A State Space Model Approach, 5. Market Sentiment and Property Prices in Hong Kong: A State Space Model Approach, 6. Superstitious and Hong Kong Housing Prices: A Hedonic Pricing Approach, 7. Negative Environmental Externalities and Housing Price: A Hedonic Model Approach, 8. The Impact of Subprime Financial Crisis on Germany and Norway Real Estate Market: L1, Chow Test and Quantile Regression Approach, 9. Housing Prices and External Shocks' Impact on South Africa and Czech Republic's Housing Prices: A Vector Error Correction Model and Impulse Response Functions Approach, 10. Factors which Drive the Ups and Downs of Housing Prices in Canada: A Cobb: Douglass Approach, 11. An Econometric Analysis on REITs Cycles in Hong Kong, Japan, the US and the UK, 12. Conclusion: Should the Mainstream Economists Neglect and Undermine Real Estate Economics? The 'wh-' Questions in International Housing Markets, Macro-economy and Econometric Models Context