TEST OF HOUSE PRICE BUBBLE IN CHINA: BASED ON PRESENT VALUE MODE
基于35个城市的房地产价格指数，用现值模型检验中国房价泡沫，发现东部和西部存在泡沫，尤其长三角地区租售比最高，中部整体无泡沫但武汉突出。
Based on price index of real estate in 35 cities,this paper employs the present value model to test the house price bubble in China.The estimates justify the bubble in the east and west part of China,especially the east area with the highest price-to-rent value increase in Yangtze River Delta economic district.Meanwhile,there does not seem to be any bubble in the middle area as a whole,though the price-to-rent value increase in Wuhan is quite outstanding.