China's economic modernization has led to the emergence of an embryo real estate market. The changes from the old system are dramatic, and the Chinese population is becoming used to market forces determining property values. This paper examines the transition from an administratively allocated land-use system to a market-driven allocation using land-use rights. The problems being generated due to the disfunction of the system, in particular the stratification of the residential market, are highlighted.
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Walker et al. (1994) studied this question.
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