In order to control the rapidly rising housing price, the State Council launched the “New Eight” real estate purchase restriction policy. With the help of event history analysis (EHA), this paper analyzed the internal and external influencing factors of the diffusion of the policy in first-tier and second-tier cities. The results show that the monthly average increase of housing price has a significantly negative impact on the diffusion of policies. That is, the cities with high monthly price increases will implement the purchase restriction policy later. The central government pressure and horizontal competition pressure significantly affect the diffusion of purchase restriction policies, and the horizontal competition pressure has a greater impact on the diffusion of purchase restriction policies. Comparing internal and external factors, it is found that horizontal competition pressure has the most explanatory power. At the same time, the time lag effect of external pressure is significant.
Cite this paper
Zhou, H. (2022). The Influencing Factors of the Diffusion of Real Estate Purchase Restriction Policy. Open Access Library Journal, 9, e9323. doi: http://dx.doi.org/10.4236/oalib.1109323.
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