哈佛大学：中国房地产业或已触顶（英文版）

NBER WORKING PAPER SERIESPEAK CHINA HOUSINGKenneth S. RogoffYuanchen YangWorking Paper 27697http://www.nber.org/papers/w27697NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138August 2020The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.© 2020 by Kenneth S. Rogoff and Yuanchen Yang. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.Peak China HousingKenneth S. Rogoff and Yuanchen YangNBER Working Paper No. 27697August 2020JEL No. F39,G01,R3ABSTRACTChina’s real estate has been a key engine of its sustained economic expansion. This p