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Journal of Financial and Economic Dynamics (JFED)

WeiDa_Kuang

WeiDa_Kuang

Weida Kuang is a professor of real estate finance and economics at the School of Business, Renmin University of China (RUC). Kuang’s research focuses on real estate finance and economics, consumer finance, corporate finance, sustainability finance and urban economics, with a specific interest in housing bubble, mortgage risks, banking crisis and sovereign crisis, land revenue, household portfolio, urban issues in housing policy, housing affordability, environment quality, subway construction. Kuang has published top-tier journal papers such as Journal of Policy Analysis and Management、Journal of Environmental Economics and Management、Journal of Urban Economics、Journal of Banking Finance, Real Estate Economics.

Kuang is the director of the center for urban and real estate research at RUC, the board director of Asian Real Estate Society (AsRES) and Global Chinese Real Estate Congress(GCRES), and a chief host of Major Project of National Social Science Foundation of China (NSSFC) and several hosts of General Projects of National Natural Science Foundation of China (NNSFC). He served as the senior visiting scholar supervised by Prof. Susan M. Wachter at Wharton School, university of Pennsylvania from Nov. 2012 to May 2013 and the visiting scholar supervised by Prof. John Vernon Henderson at Urban Studies Program of Brown University from July 2006 to June 2007. He received a best paper award from AsRES at Singapore in 2012.

Professor:kuangweida@rmbs.ruc.edu.cn,Director of MBA Program Center,Major Educational Background

1999.9-2002.7 Renmin University of China, Doctor of Management

1996.9-1999.7 China Agricultural University, Master of Management

1991.9-1995.7 Qingdao Agricultural University, Bachelor of Science in Agronomy Main Work Experience

August 2011 - Present: Professor, Department of Finance and Banking, School of Business, Renmin University of China

November 2012 - May 2013: Senior Visiting Scholar, Wharton School, University of Pennsylvania

September 2007 - July 2011: Associate Professor, Department of Finance and Banking, School of Business, Renmin University of China

August 2006 - July 2007: Visiting Scholar, Department of Economics, Brown University

August 2005 - August 2007: Associate Research Fellow, Institute of Finance and Trade Economics, Chinese Academy of Social Sciences

July 2002 - July 2005: Assistant Research Fellow, Institute of Finance and Trade Economics, Chinese Academy of Social Sciences

Academic thought

Expectations influence the formation and fluctuations of housing prices

Macroeconomic policies have a limited impact on housing prices

Social Affiliations and Honors

Major Social Affiliations

●2024.10–Present, Executive Director, China Society of Urban Economics
●2023.11–Present, Member, Housing and Real Estate Committee, Science and Technology Commission, Ministry of Housing and Urban-Rural Development
●2020.08–Present, Member, Youth Forum, China City 100 Forum
●2019.9–Present, Deputy Director, Urban Public Economy and Policy Committee, China Society of Urban Economics
●2019.3–Present, Expert Member, China Housing and Real Estate Research Institute, Ministry of Housing and Urban-Rural Development
●2017.10–Present, Member, China Real Estate Young Scholars 30 Forum
●2017.9–Present, Director, Urban and Real Estate Research Center, National Academy of Development and Strategy, Renmin University of China
●2017.7–Present, Director, Global Chinese Real Estate Congress (GCREC)
●2017.06–Present, Member, Academic Committee, China Urban Economists Forum
●2014.7–Present, Director, Asian Real Estate Society (AsRES)
●2013.4–Present, Member, American Real Estate and Urban Economics Association (AREUEA)
●2012.10–Present, Director, Chinese Society of World Economics
●2008.6–2021.6, Executive Director, Real Estate Research Center, Renmin University of China
●Anonymous reviewer for: Journal of Real Estate Finance and Economics, Housing Studies, Economic Research Journal, Management World, The Journal of World Economy, Journal of Financial Research, Quarterly Journal of Economics, etc.

Case Development and Textbooks

●Weida Kuang (Chief Editor), Real Estate Economics, Key Textbook for Graduate Students of Chinese Academy of Social Sciences, China Social Sciences Press, November 2010.
●Baode Bi (Chief Editor); Qiang Chai; Ling Li; Jianchun Zhou; Ping Lü; Lei Feng; Weida Kuang (Associate Editors), Land Economics (8th Edition), National Planned Textbook for the 11th Five-Year Plan of General Higher Education, High-Quality Textbook of General Higher Education by the Ministry of Education, Renmin University of China Press, August 2020.
●Ping Lü (Chief Editor); Weida Kuang (Associate Editor), Land Economics (5th Edition) Study Guide, National Planned Textbook for the 11th Five-Year Plan of General Higher Education, Renmin University of China Press, December 2009.

Practical Projects and Policy Consultancy

●May 2021, Internal reference report on housing prices adopted by central authorities.
●April 2024, Principal Investigator, Key Project of National High-End Think Tank.
●2018–Present, Chief Editor and Publisher, China Urban Housing Affordability Index, National Academy of Development and Strategy.
●Nov. 2015–Jun. 2016, Principal Investigator, Project of Beijing Housing Provident Fund Loan Guarantee Center: Optimization of Beijing Housing Loan Credit Rating Model.
●2007–2008, Principal Investigator, Lincoln Institute of Land Policy China Research Fellowship: Developing Zone and Regional Economic Growth in China.

Honors and Awards

●2024.1–2026.12, Yuzhang Wu Distinguished Professor, Renmin University of China.
●2017.10–2020.7, Distinguished Young Scholar (Rank A), Renmin University of China.
●Dec. 10, 2020, Research on the Default Risk of China’s Housing Mortgage Loans, Award for Outstanding Achievements in Scientific Research in Higher Education (Humanities and Social Sciences), 8th Edition, Ministry of Education.
●Jul. 2012, The Residential Mortgage Default Risk in China, Best Paper Award, 17th AsRES-AREUEA Joint International Real Estate Conference.
●2011, Recipient, Program for New Century Excellent Talents in University, Ministry of Education.

Media Coverage

●May 2023, Published “Ensuring the Steady Development of the Real Estate Market” in the special column “Effectively Prevent and Resolve Major Economic and Financial Risks” in Current Affairs Report (supervised by the Publicity Department of the Central Committee of the Communist Party of China).
●Jun. 11, 2022 & Oct. 9, 2022, Exclusive TV interviews on “New Housing Provident Fund Policies” and “930 New Real Estate Policies” on the Chang’an Avenue program, China Education Television.
●Feb. 2019 & Sep. 2021, Published “Possible Impacts of Housing Price Volatility” and “Policy Implications and Impacts of China’s Indemnificatory Rental Housing” in People’s Tribune (supervised by People’s Daily).
●Jan. 2021, Exclusive interview “2021: Where is China’s Property Market Headed?” in National Development Studies (supervised by the National Development and Reform Commission).

Research Interests

Real Estate Finance and Economics, Household Finance, Sustainable Finance, Behavioral Finance, Housing Policy

1. Journal articles

（1） Agarwal, Sumit, Yanhao Ding, Weida Kuang, Xiao Zhu, Are Environmental Punishments Good News or Bad News? Evidence from China, Journal of Environmental Economics and Management, online available, July 8 2023.
（2） Agarwal, Sumit, Weida Kuang, Long Wang, Zoe Yang, The Role of Agents in Fraudulent Activities: Evidence from the Housing Market in Beijing, Journal of Urban Economics, forthcoming, April 5, 2024.
（3） Yongqiang Chu, Weida Kuang, Daxuan Zhao, Xiaoxia Zhou, Inside Job: Evidence from the Chinese Housing Market, Journal of Policy Analysis and Management, 2024;43:214-233.
（4） Weida Kuang, Chunlin Liu, Qun Wu, Hongchao Zeng, “How do Interest Rate Changes Affect Mortgage Curtailments? Evidence from China”, Real Estate Economics, September, 2021,49(S2): 395-427.
（5） Weida Kuang, Tao Li, Jiangjian Xiao, “Housing Prices and Household Savings: Evidence from Urban China”, Economic and Political Studies, 2020, 8(1): 96-114.
（6） Weida Kuang, Changyu Chen, Qilin Wang, “Home Purchase Restriction, Real Estate Investment, and Corporate Innovation”, Frontiers of Business Research in China, 2020, Vol.14 (4): 519-539.
（7） Weida Kuang, Qilin Wang, “Cultural Similarities and Housing Market Linkage: Evidence from OECD Countries”, Frontiers of Business Research in China, 2018, Vol.12 (2):101-125.
（8） Weida Kuang, Peng Liu, “Inflation and Housing Prices: Theory and Evidence from 35 Major Cities in China”, International Real Estate Review, 2015,Vol.18 (2): 217-240.
（9） Xiaowei Li, Weida Kuang, “Prepayment Behavior of China's Mortgage Borrowers: Evidence from the Loan-Level Data”, International Journal of Housing Markets and Analysis, 2012, Vol.5(1): 71-88.
(10) Weida Kuang, Yanhao Ding, Yingfang Zhang, Shijun Jia, does the identity of the borrower affect the issuance of housing loans? "Chinese Soft Science", 2022, (2): 39-49.
(11) Weida Kuang, Jing Chen, Jiawei Yu, "Fluctuations in Leading Industries and Housing Inventory Rates", "Applied Economics Review", Issue 2, 2022, pp. 101-119.
(12) Weida Kuang, Sihan Zhang, Zhang Zhang, "Media Sentiment and Housing Price Fluctuations", "Economic Theory and Economic Management", 2020, Issue 12, pp. 56-68.
(13) Weida Kuang, Xiangjun Wang, Land market fluctuations, purchase restrictions and local bond trading market risks—evidence from China’s urban investment bond trading market, "China Soft Science", Issue 10, 2019, pp. 39-49.
(14) Weida Kuang, Xiangjun Wang, Yuhao Ge, "Aging, inheritance motivation and housing prices", "China Soft Science", Issue 12, 2018, pp. 44-55.
(15) Weida Kuang, Jing Chen, Yuhao Ge, "The gap between rich and poor, elasticity of supply and demand and housing prices", "Economic Theory and Economic Management", Issue 3, 2018, pp. 5-15.
(16) Weida Kuang, Qilin Wang, "House price fluctuations, mortgage scale and bank capital adequacy ratio", "Financial Research", Issue 11, 2017, pp. 34-48.
(17) Weida Kuang, "Rent-to-Sale Ratio and China's Urban Housing Bubble", "Economic Theory and Economic Management", Issue 2, 2016, pp. 46-58.
(18) Weida Kuang, Yourong Wang, Haiyun Ma, "Subway Station Establishment and Spatial Distribution of Urban Housing Prices", "China Soft Science", Issue 4, 2016, pp. 56-69.
(19) Weida Kuang, "Research on China's Housing Mortgage Delinquency Risk", "Economic Research", Issue 1, 2014, pp. 155-168.
(20) Weida Kuang, "The Impact of Real Estate Tax on Expected Housing Prices: Evidence from Beijing Questionnaire", "World Economy", Issue 6, 2013, pp. 145-160.
(21) Weida Kuang, "FDI and Housing Prices", "Economic Theory and Economic Management", Issue 2, 2013, pp. 51-58.
(22) Weida Kuang, Tao Li, "Land transfer methods, land prices and housing prices", "Financial Research", Issue 8, 2012, pp. 56-69.
(23) Weida Kuang, "Property Tax, Land Price and Housing Price", "China Soft Science", Issue 4, 2012, pp. 25-37.
(24) Weida Kuang, "Real Estate Tax, Market Structure and Housing Prices", "Economic Theory and Economic Management", Issue 1, 2012, pp. 10-19.
(25) Weida Kuang, Yong Zhu, Jiangtao Liu, "The Impact of Real Estate Tax on House Prices: Evidence from OECD Countries", "Finance and Trade Economics", Issue 5, 2012, pp. 121-129.
(26) Weida Kuang, "House Price Changes and Consumption of Chinese Urban Residents", "World Economy", Issue 10, 2011, pp. 21-34.
(27) Weida Kuang, "Real Estate Investment, Real Estate Credit and China's Economic Growth", "Economic Theory and Economic Management", Issue 1, 2011, pp. 59-68.
(28) Weida Kuang, "Expectations, speculation and housing price fluctuations in Chinese cities", "Economic Research", Issue 9, 2010, pp. 67-78.
(29) Weida Kuang, Yiming Ma, "Property Tax, Supply and Demand Elasticity and Housing Prices", "China Soft Science", Issue 12, 2010, pp. 27-35.
(30) Weida Kuang, Yuhua Zhao, "Research on the Correlation between China's Real Estate Market and Stock Market", "Economic Theory and Economic Management", Issue 8, 2010, pp. 38-44.
(31) Weida Kuang, "Does China have housing payment difficulties?" "Finance and Trade Economics", Issue 11, 2010, pp. 125-130.
(32) Weida Kuang, "The Impact of Interest Rates on House Prices", "World Economy", Issue 4, 2010, pp. 134-145.
(33) Weida Kuang, "Housing Characteristics, Property Tax and House Prices", "Economic Research", Issue 4, 2009, pp. 151-160.
(34) Weida Kuang, "Development Zones and China's Regional Economic Growth", "Finance and Trade Economics", Issue 10, 2009, pp. 71-76.
(35) Weida Kuang, "Is there a bubble in China's housing market?" "World Economy", Issue 12, 2008, pp. 3-13.
(36) Weida Kuang, "Research on the Determinants of Success or Failure of China's Development Zones", "Finance and Trade Economics", Issue 12, 2008, pp. 96-101.
(37) Weida Kuang, "Spatial Competition, Price Collusion and House Prices", "World Economy", Issue 1, 2006, pp. 61-67.
(38) Weida Kuang, Research on the relationship between house prices and land prices: model and Chinese data test, "Finance and Trade Economics", 2005, (5): 56-64
(39) Weida Kuang, spatial competition, housing price-to-income ratio and housing prices, "Finance and Trade Economics", 2004, (7): 79-96.

2. Academic Monographs

* *A Study on the Housing Affordability Index in Chinese Cities*, China Social Sciences Press, June 2020.
* *Real Estate and China's Macroeconomic Sector*, China Economic Publishing House, May 2010.
* *Monopoly, Competition, and Regulation: A Study on the Structure of Beijing's Housing Market*, Economic Management Press, May 2003.

3. Vertical Research Projects

* *January 2022 - December 2027, Principal Investigator, National Social Science Fund Major Project "Research on Preventing and Resolving Economic and Financial Risks Caused by Housing Price Fluctuations" (Grant No.: 22&ZD130), Chief Expert
* *January 2017 - December 2020, Principal Investigator, National Natural Science Foundation of China (NSFC) General Program "Interest Rate Changes, Loan Discrimination, and Mortgage Risk" (Grant No.: 71673284), Completed with an Excellent Rating
* *January 2014 - December 2017, Principal Investigator, National Natural Science Foundation of China (NSFC) General Program "Housing Price Fluctuations and Mortgage Default Risk" (Grant No.: 71373276), Completed
* *2009 - 2011, Principal Investigator, National Natural Science Foundation of China (NSFC) General Program "The Impact of Property Tax on Housing Prices—An Analysis Based on Market Structure, Supply and Demand Elasticity, and Economic Geography" (Grant No.: 70873129), Completed with an Excellent Rating.
* *From January 2017 to December 2019, I led a major research project funded by the Fundamental Research Funds for the Central Universities and the Research Funds of Renmin University of China, grant number 17XNL007.

4. Academic conference papers

●2024.7.27-28, Housing Presale and Real Estate Enterprise Default Risk, 16th GCREC (The Global Chinese Real Estate Congress) Annual Conference, Hsinchu, China.
●2024.7.27-28, Housing Prices, Precautionary Savings and Health, 16th GCREC (The Global Chinese Real Estate Congress) Annual Conference, Hsinchu, China.
●2024.1.5-7, Social Status and Credit Misallocation, the 2024 AREUEA-ASSA Annual Conference, San Antonio, TX.
●2023.11.3-4, Home Purchase Restriction Policy and Industrial Structure Adjustment, China Real Estate Academic Annual Conference & 16th Symposium for Real Estate Scholars in Universities and Colleges, Hangzhou, China.
●2023.11.3-4, Housing Affordability and Consumption Upgrading, China Real Estate Academic Annual Conference & 16th Symposium for Real Estate Scholars in Universities and Colleges, Hangzhou, China.
●2023.11.3-4, Housing Prices, Precautionary Savings and Health, China Real Estate Academic Annual Conference & 16th Symposium for Real Estate Scholars in Universities and Colleges, Hangzhou, China.
●Home Purchase Restriction Policy, AsRES-AREUEA Joint Conference, The 27th AsRES Annual Conference, Hong Kong, China.
●2023.7.13-16, Weida Kuang, Yuyi Mao, Does Housing Policy Affect Industrial Structure, AsRES-AREUEA Joint Conference, The 27th AsRES Annual Conference, Hong Kong, China.
●2023.7.13-16,Ambrose, Brent William; Argarwal, Sumit; Yuting Huang; Weida Kuang, Social Status and Credit Misallocation, AsRES-AREUEA Joint Conference, The 27th AsRES Annual Conference, Hong Kong, China.
●2023.7.13-16, Weida Kuang, Haiyun Ma, Local Political Cycle and Local Debt Risks: Evidence from China’s Chengtou Bond Market, AsRES-AREUEA Joint Conference, The 27th AsRES Annual Conference, Hong Kong, China.
●2023.7.13-16, Weida Kuang, Shijun Liu, Yehua Huang, Does Housing Regulation Affect Local Debt Risk, AsRES-AREUEA Joint Conference, The 27th AsRES Annual Conference, Hong Kong, China.
●2023.7.13-16, Weida Kuang, Yanhao Ding, Housing Price, Bequest Motives and Old-Age Financial Support, AsRES-AREUEA Joint Conference, The 27th AsRES Annual Conference, Hong Kong, China.
●2022.8.4-7, Weida Kuang; Yiqi Huang, Does home seller marriage matter? Evidence from China's housing resale market, AsRES-AREUEA Joint Conference, The 26th AsRES Annual Conference, Tokyo, Japan.
●2022.8.4-7, Yehua Huang; Weida Kuang; Daxuan Zhao, Credit Risk of Political Incentives: Evidence from a Regression Discontinuity Design, AsRES-AREUEA Joint Conference, The 26th AsRES Annual Conference, Tokyo, Japan.
●2022.8.4-7, Hu, Maggie Rong; Weida Kuang; Xiaoyang Li; Yang Shi, Seeing is Believing: The Impact of Buyers’ Onsite Viewing Activities on Housing Transactions, AsRES-AREUEA Joint Conference, The 26th AsRES Annual Conference, Tokyo, Japan.
●2022.8.4-7, Yehua Huang; Weida Kuang; Daxuan Zhao, Credit Risk of Political Incentives: Evidence from a Regression Discontinuity Design, AsRES-AREUEA Joint Conference, The 26th AsRES Annual Conference, Tokyo, Japan.
●2022.8.4-7, Hu, Maggie Rong; Weida Kuang; Xiaoyang Li; Yang Shi, Seeing is Believing: The Impact of Buyers’ Onsite Viewing Activities on Housing Transactions, AsRES-AREUEA Joint Conference, The 26th AsRES Annual Conference, Tokyo, Japan.
●2022.8.4-7, Yuting Huang; Weida Kuang, Disguised credit misallocation: Evidence from housing provident fund, AsRES-AREUEA Joint Conference, The 26th AsRES Annual Conference, Tokyo, Japan.
●2022.8.4-7, Weida Kuang; Jiawei Yu, Does Education Attainment Matter For Mortgage Risks? AsRES-AREUEA Joint Conference, The 26th AsRES Annual Conference, Tokyo, Japan.
●2022.8.4-7, Hu, Maggie Rong; Weida Kuang; Xiaoyang Li; Yang Shi, PropTech Interface Induced Bias and Housing Investments, AsRES-AREUEA Joint Conference, The 26th AsRES Annual Conference, Tokyo, Japan.
●2021.7.18-21, Agarwal, Sumit, Weida Kuang, Yanhao Ding, Environment Law Enforcement and Housing Price: Evidence from the Chinese Housing Market, AsRES-GCREC-AREUEA joint international real estate conference, Singapore.
●2021.7.18-21, Agarwal, Sumit, Weida Kuang, Yanhao Ding, Divorce, Home Purchase Restriction and Housing Price: Evidence from Housing Market in China, AsRES-GCREC-AREUEA joint international real estate conference, Singapore.
●2021.7.18-21, Agarwal, Sumit, Weida Kuang, Changyu Chen, Does spatial air quality differentiation affect spatial housing price differentiation, AsRES-GCREC-AREUEA joint international real estate conference, Singapore.
●2019.7.12-14, Regional Discrimination and Mortgage Lending, 11th GCREC (The Global Chinese Real Estate Congress) Annual Conference, Shanghai, China.
●2018.7.20-22, Land Market Volatility and Local Debt Risks, 10th GCREC (The Global Chinese Real Estate Congress) Annual Conference, Qingdao, China.
●2018.7.20-22, Media Sentiment and Housing Price Volatility, 10th GCREC (The Global Chinese Real Estate Congress) Annual Conference, Qingdao, China.
●2018.7.8-11, Media Sentiment and Housing Price Volatility, 23rd AsRES (Asian Real Estate Society) Annual Conference, Incheon, South Korea.
●2018.7.8-11, Land market volatility and local debt risks: Evidence from China, 23rd AsRES (Asian Real Estate Society) Annual Conference, Incheon, South Korea.
●2017.7.9-11, Does Corruption affect Government Land Transfer Efficiency: Evidence from China, 22nd AsRES (Asian Real Estate Society) Annual Conference, Taichung, China.
●2017.7.9-11, Cultural Similarity and Housing market Linkages: Evidence from OECD countries, 22nd AsRES (Asian Real Estate Society) Annual Conference, Taichung, China.
●2017.7.9-11, Expectation, High-speed Rail Construction, and Housing Prices: Evidence from China, 22nd AsRES (Asian Real Estate Society) Annual Conference, Taichung, China.
●2017.7.9-11, Aging, Bequest Motives and Housing price, 22nd AsRES (Asian Real Estate Society) Annual Conference, Taichung, China.
●2015.7.6-9, Wealth Inequality, Supply-Demand Elasticity, and Housing Prices, 20th AsRES (Asian Real Estate Society) Annual Conference, Washington, D.C., U.S.A.
●2015.7.6-9, Air Pollution, Health and Housing Price, 20th AsRES (Asian Real Estate Society) Annual Conference, Washington, D.C., U.S.A.
●2015.7.6-9, House Price Volatility, Residential Mortgage, and Capital Adequacy, 20th AsRES (Asian Real Estate Society) Annual Conference, Washington, D.C., U.S.A.
●2015.7.6-9, Land Regulation Failure or Land Corruption-Land Violation, Land Price and Economic Growth in China, 20th AsRES (Asian Real Estate Society) Annual Conference, Washington, D.C., U.S.A.
●2014.7.14-16, Rent to Price Ratio and Housing Bubble in Urban China, 19th AsRES (Asian Real Estate Society) Annual Conference, Gold Coast, Australia.
●2014.7.14-16, Jurisdiction Competition, Land Revenue and Local Government Debt Risk in China, 19th AsRES (Asian Real Estate Society) Annual Conference, Gold Coast, Australia.
●2014.7.10-12, Inflation and House Prices: Theory and Evidence from China’s 35 Major Cities, 6th GCREC (The Global Chinese Real Estate Congress) Annual Conference, Nanjing, China.
●2013.6.28-7.1, Housing Price and Urban Household Saving in Urban China, 18th AsRES (Asian Real Estate Society) Annual Conference, Kyoto, Japan.
●2013.7.6-7, Housing Price and Urban Household Saving in Urban China, 5th GCREC (The Global Chinese Real Estate Congress) Annual Conference, Beijing, China.
●2012.7.7-10, The Residential Mortgage Default Risk in China, 17th AsRES Annual Conference, Best Paper Award, Singapore.
●2011.4.1-3, Property Tax, Land Price and Housing Price, 3rd GCREC (The Global Chinese Real Estate Congress) Annual Conference, Hangzhou, China.
●2011.7.11-14, The Residential Mortgage Default Risk in China, 16th AsRES Annual Conference, Jeju, South Korea.
●2010.7.9-12, Housing Price and Urban Household Consumption in China, 15th AsRES Annual Conference, Kaohsiung, China.
●2010.7.9-12, Property Tax, Supply and Demand Elasticity and Housing Price, 15th AsRES Annual Conference, Kaohsiung, China.
●2010.7.9-12, Property Tax, Market Structure and Housing Price, 15th AsRES Annual Conference, Kaohsiung, China.