Jul. 2023 – now Professor, Department of Construction Management, Tsinghua University

Apr. 2024 – now Dean, School of Civil Engineering, Tsinghua University

Jan. 2017 – now Director, Hang Lung Center for Real Estate, Tsinghua University

Jun. 2021 – Apr. 2024 Deputy Dean, School of Civil Engineering, Tsinghua University

Jul. 2020 – Jun. 2023 Associate Professor (with tenure), Department of Construction Management, Tsinghua University

Jan. 2017 – Jul. 2020 Department Head, Department of Construction Management, Tsinghua University

Jul.2012 – Jul. 2020 Associate Professor, Department of Construction Management, Tsinghua University (in the tenure track since Jul. 2016)

Mar.2011 – Jul. 2012 Senior Research Fellow, Institute of Real Estate Studies, National University of Singapore

Mar.2010 - Mar.2011 Research Fellow, Institute of Real Estate Studies, National University of Singapore

Jul.2009 – Mar.2010 Assistant Research Fellow, Institute of Real Estate Studies, Tsinghua University

Engineering Economics (undergraduate course)

Real Estate Price Theories and Appraisal Techniques (undergraduate course)

Real Estate Investment (graduate course)

Urban and Real Estate Economics; Urban Sustainability; Chinese Economy; Housing

1."Research on Chinese Urban Households’ Housing Upgrading Behaviors Based on Big Data," National Natural Science Foundation of China, 2025 – 2028.

2."Research on Information Transfer on the Online Housing Brokerage Platforms and the Corresponding Measures on Information Asymmetry Problems," National Natural Science Foundation of China, 2022 – 2025.

3."Effect of Land Finance on Local Economic Growth," National Natural Science Foundation of China, 2019 – 2022.

4."Research on Application of Big Data to Residential Mortgage Risk Management in China," National Natural Science Foundation of China, 2016 – 2018.

5."Measurement and Research on Residential Land Price Dynamics in Major Chinese Cities," National Natural Science Foundation of China, 2014 – 2017.

6."Measurement and Research on Municipal Authorities’ Behaviors in Housing Market Intervention in China," National Natural Science Foundation of China, 2011 – 2013.

7."Evaluation of the Performance of the Housing Provision Fund System Based on Big Data," Ministry of Housing and Urban-Rural Development, 2020 – 2021.

8."Research on Key Indicators on the Stability and Sustainability of Housing Market Developments," Ministry of Housing and Urban-Rural Development, 2017 – 2018.

9."Research on Real Estate Financing Policies," Ministry of Housing and Urban-Rural Development, 2016 – 2017.

10."Evaluation of Housing Market Risks in Major Cities," Ministry of Housing and Urban-Rural Development, 2015 – 2016.

Activities within Academic Organizations

Deputy Director, China Institute of Real Estate Appraisers and Agents (the counterpart of National Association of Realtors in China; 2020 – now)

Fellow, Asian Bureau of Finance and Economic Research (2019 – now)

Board Member and Deputy General Secretary, Global Chinese Real Estate Congress (2018 – now)

Deputy General Secretary, China Association of Real Estate Academicians (2017 – now)

External Affiliated Faculty Member, Cornell Institute for China Economic Research, Cornell University (2016 – now)

Member, American Real Estate and Urban Economics Association (2010 – now)

Board Member, Asian Real Estate Society (2017 – 2024)

Affiliated Research Fellow, Institute of Real Estate Studies, National University of Singapore (2012 – 2016)

Member of International Program Committee, American Real Estate and Urban Economics Association (2012 – 2013)

Journal Editorship

Associate Editor, China Economic Review (2018 – now)

Editorial Board, Journal of Housing Economics (2023-now)

Editorial Board, Real Estate Economics (2020-now)

Guest Editor, Small Business Economics (2021-2023)

Guest Editor, Journal of Housing Economics (2018-2019)

Guest Editor, Journal of Real Estate Finance and Economics (2019-2022)

Ad Hoc Journal Referee

Annals of Regional Science; Applied Economics; Applied Spatial Analysis and Policy; BE Journal of Economic Analysis and Policy; Canadian Journal of Economics; China Economic Review; Cities; Climatic Change; Complexity; Emerging Markets Finance and Trade; Empirical Economics; Energy Economics; Energy Policy; Environmental and Resource Economics; Frontiers of Economics in China; Global Economic Review; Habitat International; International Journal of Finance and Economics; International Journal of Strategic Property Management; International Real Estate Review; International Review of Economics and Finance; Journal of Banking and Finance; Journal of Business and Economic Management; Journal of Cleaner Production; Journal of Comparative Economics; Journal of Consumer Affairs; Journal of Construction in Developing Countries; Journal of Development Economics; Journal of Economic Dynamics and Control; Journal of Housing and the Built Environment; Journal of Housing Economics; Journal of Macroeconomics; Journal of Money, Credit and Banking; Journal of Population Economics; Journal of Public Economics; Journal of Real Estate Finance and Economics; Journal of Regional Science; Journal of Urban Affairs; Journal of Urban Economics; Land Use Policy; Management Science; National Tax Journal; Pacific-Basin Finance Journal; Nature Cities; Pacific Economic Review; PLOS One; Progress in Development Studies; RAND Journal of Economics; Real Estate Economics; Regional Science and Urban Economics; Renewable & Sustainable Energy Reviews; Review of Finance; Science Advances; Social Forces; Sustainable Cities and Society; Urban Policy and Research; Urban Studies

Sep., 2022 Annual Excellent Teaching Award, Tsinghua University

Sep., 2021 Annual Excellent Teaching Award, Tsinghua University

Dec., 2020 Outstanding Youth University Teacher Award, Beijing City

Sep., 2020 Annual Excellent Teaching Award, Tsinghua University

Nov., 2019 Baogang Excellent Teacher Award

Oct., 2019 Youth Teacher Award, China Real Estate Association

Sep., 2019 Annual Excellent Teaching Award, Tsinghua University

Jul., 2019 Best Paper Award (Second Prize), 2019 Annual Conference of Global Chinese Real Estate Congress.

Sep., 2018 Annual Excellent Teaching Award, Tsinghua University

May, 2018 Chang Jiang Youth Scholar, Ministry of Education

Sep., 2017 Outstanding Teacher Award, Beijing City

Jan., 2016 Best Research Project Award (Second Prize), Ministry of Housing and Urban-Rural Development of China

Oct., 2015 Excellent Teaching Award for Young Faculty, Tsinghua University.

Dec., 2014 Excellent Teaching Award (First Grade), Tsinghua University

Jul., 2013 Best Paper Award (Second Prize), 2013 Annual Conference of Global Chinese Real Estate Congress.

Jan., 2012 Best Research Project Award (Second Prize), Ministry of Housing and Urban-Rural Development of China

Apr., 2011 Best Paper Award (First Prize), 2011 Annual Conference of Global Chinese Real Estate Congress.

Jul., 2009 Best Ph.D. Dissertation Award (First Prize), Tsinghua University.

Nov., 2007 The Excellent Graduate Student Award, Tsinghua University

Jul., 2004 The Excellent Graduates Award, Tsinghua University

Dec., 2003 The Top Grade Scholarship, Tsinghua University

Articles in Academic Journals

1."Unused Housing in Urban China and Its Carbon Emission Impact," with Hefan Zheng, Rongjie Zhang, and Xinru Yin. Nature Communications, 2025, 16: 1985.

2."Urban Agglomeration Policy and Coordinated Road Infrastructure Development," with Changyan Wang, and Shuping Wu. Transportation Research Part A: Policy and Practice, 195, 104433.

3."Efficiency and Equity Impacts of Urban Transportation Policies with Equilibrium Sorting," with Panle Barwick, Shangjun Li, Andrew Waxman, and Tianli Xia. American Economic Review, 2024, 114(10): 3161-3205. (NBER Working Paper No. 29012)

4."The Impact of Fertility Relaxation on Female Labor Market Outcomes," with Sumit Agarwal, Keyang Li, and Yu Qin. Journal of Human Resources, forthcoming.

5."Road Rationing Policies and Housing Markets," with Panle Barwick, Rhiannon Jerch, and Shanjun Li. Journal of Urban Economics, 2024, 140, 103642.

6."Caring About Bequest, Caring for Parents? Evidence from China’s Housing Sector," with Jia He, Rongjie Zhang, and Qi Zhang. Real Estate Economics, 2024, 52(6), 1446-1469.

7."The Local Labor Market Effect of Relaxing Internal-Migration Restrictions: Evidence from China," with Lei An, Yu Qin, and Wei You. Journal of Labor Economics, 2024, 24(1): 161-200.

8."Home Location Choices and the Gender Commute Gap," with Yizhen Gu, Naijia Guo, and Ben Zou. Journal of Human Resources, 2024, 59(2): 545-575.

9."Are Online-Only Real Estate Marketplaces Viable? Evidence from China," with Mandi Xu and Hefan Zheng. Journal of Real Estate Finance and Economics, 2024, 68: 583–623.

10.“Entrepreneurship, Sustainability, and Urban Development,” with Haifeng Qian and Siqi Zheng. Small Business Economics, 2024, 62: 463–469.

11."Value of Qualification to Buy a House: Evidence from the Housing Purchase Restriction Policy in China," with Hefan Zheng and Rongjie Zhang. Cities, 2023, 135: 104197.

12."Perceived Economic Prospects During the Early Stage of COVID-19 Breakout," with Li, Keyang Li, Yu Qin, and Jubo Yan. Contemporary Economic Policy, 2023, 41(4): 696-713.

13."Steering in the Housing Market: Incentive Induced by the Tax Scheme," with Keyang Li, Jianwei Xing, and Jubo Yan. Regional Science and Urban Economics, 2023, 103: 103953.

14."A Sentiment Index of the Housing Market in China: Text Mining of Narratives on Social Media," with Enwei Zhu, Hongyu Liu, and Keyang Li. Journal of Real Estate Finance and Economics, 2023, 66: 77–118.

15."What Drives Health-Care Spending in China? A Nationwide Decomposition Analysis," with Keyang Li, Yu Qin, and Guoxu Wei. Applied Economics, 2023, 55(9): 1028-1043.

16."Land Finance in China: Analysis and Review," with Joseph Gyourko, Yang Shen, and Rongjie Zhang. China Economic Review, 2022, 76: 101868.

17."City-chief Turnover and Place-based Policy Change: Evidence from China," with Yang Shen and Shuping Wu. Journal of Regional Science, 2022, 62(5): 1296-1328.

18."Estimating the Leverage Condition of China’s Urban Households: Evidence from the Housing Sector," with Hao Li and Mandi Xu. Journal of Housing and the Built Environment, 2022, 37: 1579–1606.

19."Within-City Spatial Distribution, Heterogeneity and Diffusion of House Price: Evidence from a Spatiotemporal Index for Beijing," with Enwei Zhu, Hongyu Liu, and Xindian Li. Real Estate Economics, 2022, 50(3): 621-655.

20."Can Professional Football Players Adapt to Air Pollution? Evidence From China," with Yu Qin and Rongjie Zhang. Journal of Sports Economics, 2022, 23(3): 277-300.

21."Impact of high-speed rail on road traffic and greenhouse gas emissions," with Yatang Lin, Yu Qin, and Mandi Xu. Nature Climate Change, 2021, 11: 952–957.

22."Reference Dependence, Loss Aversion and Residential Property Development Decisions," with Helen Bao and Charlotte Chunming Meng. Journal of Housing and the Built Environment, 2021, 36: 1535–1562.

23."House Price Index Based on Online Listing Information: The Case of China," with Xiaodan Wang and Keyang Li. Journal of Housing Economics, 2020, 50: 101715.

24."Tax Evasion, Capital Gains Taxes, and the Housing Market," with Sumit Agarwal, Keyang Li, Yu Qin, and Jubo Yan. Journal of Public Economics, 2020, 188: 104222.

25."Political Chief Turnover and Economic Growth: Evidence from China," with Hao Li and Keyang Li. Economics of Transition and Institutional Change, 2020, 28(3): 441-466.

26."Recent Housing Affordability in Urban China: A Comprehensive Overview," with Keyang Li and Yu Qin. China Economic Review, 2020, 59: 101362.

27."The Value of Going Green in the Hotel Industry: Evidence from Beijing," with Li Zhang, Hongyu Liu, and Xiaoling Zhang. Real Estate Economics, 2020, 48: 174-199.

28."Superstar Cities and the Globalization Pressures on Affordability," with Yongheng Deng and Yu Qin. Journal of Housing Economics, 2019, 45: 1-2.

29."Determinants of PPP Development in China from the Government Perspective," with Bo Zhang, Li Zhang, and Shouqing Wang. Sustainability, 2019, 11(23): 1-14.

30."Negotiating Housing Deal on a Polluted Day: Consequences and Possible Explanations," with Yu Qin and Jubo Yan. Journal of Environmental Economics and Management, 2019, 94: 161-187.

31."Policies to Enhance the Drivers of Green Housing Development in China," with Li Zhang and Hongyu Liu. Energy Policy, 2018, 121: 225-235.

32."Withstanding the Great Recession like China," with Yi Wen. The Manchestor School, 2018, 87: 138-182.

33."Turning Green into Gold: A Review on the Economics of Green Buildings," with Li Zhang and Hongyu Liu. Journal of Cleaner Production, 2018, 172: 2234-2245.

34."Environmental Ideology and Household Energy Conservation in Beijing," with Weizeng Sun, Xiaonan Zhang, Hao Li, and Siqi Zheng. Journal of Cleaner Production, 2018, 195: 1600-1608.

35."Informal Borrowing and Home Purchase in Urban China," with Ying Fan and Zan Yang.  Regional Science and Urban Economics, 2017, 67: 108-118.

36."Determinants of Urban Land Supply in China: Do Political Factors Matter?" with Wen-Tai Hsu, Xiaolu Li, and Yang Tang. Asian Development Review, 2017, 34(2): 152-183.

37."The Price Premium for Green-Labelled Housing: Evidence from China," with Li Zhang and Hongyu Liu. Urban Studies, 2017, 54: 3524-3541.

38."Hedging House Price Risk in China," with Jia He and Haishi Li. Real Estate Economics, 2017, 45: 177-203.

39."Evaluating the Risk of Chinese Housing Markets: What We Know and What We Need to Know," with Joseph Gyourko and Yongheng Deng. China Economic Review, 2016, 39: 91-114.

40."Doing Well by Doing Good? The Case of Housing Construction Quality in China," with Jia He. Regional Science and Urban Economics, 2016, 57: 46-53.

41."Real Estate Collateral Value and Investment: The Case of China," with Yongheng Deng and Joseph Gyourko. Journal of Urban Economics, 2015, 86: 43-53.

42."China’s Pseudo-monetary Policy," with Yongheng Deng, Randall Morck, and Bernard Yeung. Review of Finance, 2015, 19: 55-93.

43."Intercity Information Diffusion and Price Discovery in Housing Market: Evidence from Google Searches," with Yongheng Deng. Journal of Real Estate Economics and Finance, 2015, 50: 289-306.

44."Incentives and Outcomes: China’s Environmental Policy," with Yongheng Deng, Jun Huang, Randall Morck, and Bernard Yeung. Capitalism and Society, 2014, 9: 1-41.

45."House Price Index Construction in the Nascent Housing Market: The Case of China," with Yongheng Deng and Hongyu Liu. Journal of Real Estate Economics and Finance, 2014, 48: 522-545.

46."Economic Returns to Residential Green Building Investment: The Developer’s Perspective," with Yongheng Deng. Regional Science and Urban Economics, 2014, 47: 35-44.

47."Evaluating Conditions in Major Chinese Housing Markets," with Yongheng Deng and Joseph Gyourko. Regional Science and Urban Economics, 2012, 42: 531-543. (ranked top 1% in global citations according to Essential Science Indicators)

48."The Nascent Market for Green Real Estate in Beijing," with Yongheng Deng, Matthew Khan, and Siqi Zheng. European Economic Review, 2012, 56: 974-984.

49.Over 50 academic articles published in Chinese.

Book Chapter

1."Land and House Price Measurement in China," with Yongheng Deng and Joseph Gyourko, Property Markets and Financial Stability, Heath A., Packer F. and Windsor C. eds., Bank of International Settlement and Reserve Bank of Australia, 2012.

Working Papers

1."Falling Export And Rising Land Supply: Local Government’S Responses To Export Shock In China," with Qiuyi Wang and Shuping Wu. (R&R at Journal of Urban Economics)

2."Changes in the Spatial Expansion of Industrial Land and Their Effects on Urban Productivity Growth: Evidence from China," with Yang Shen and Shuping Wu. (R&R at Journal of Regional Science)

3."Understanding the Risk of China’s Local Government Debts and Its Linkage with Property Markets," with Brent Ambrose, Yongheng Deng, and Keyang Li. (SSRN #2557031; R&R at Management Science)

4."English’s Significance: Exam Performance by Subject and Future Income in China," with Ruixue Jia, Hongbin Li, Yu Qin, and Qiuyi Wang (under review)

5."Search, Information Friction, and the Housing Market," with Keyang Li and Hefan Zheng. (under review)

6."Unintended Consequences of Demand-side Housing Policies: Evidence from Capital Reallocation," with Wenlan Qian, Hong Tu, and Weibiao Xu. (SSRN #3558307; under review)

7."Subsidized Credit Supply and the Housing Market: Evidence from the Housing Provident Fund System in China," with Keyang Li, Yu Qin, and Qiuyi Wang. (SSRN #4702189; under review)

8."Spatial Misallocation in Chinese Housing and Land Markets," with Yongheng Deng, Yang Tang and Ping Wang. (NBER Working Paper No. 27230; under review)

Conference and Seminar Presentations

2025: AREUEA Annual Conference (San Francisco, US)

2024: ABFER Annual Conference (Singapore)

2023: ABFER Annual Conference (Singapore); AsRES and GCREC Annual Conference (Hong Kong, China)

2021: GCREC Annual Conference (Singapore; online); Chinese University of Hong Kong, Shenzhen (Shenzhen, China; online).

2019: AREUEA Annual Conference (Atlanta, US); ABFER Annual Conference (Singapore); GCREC Annual Conference (Shanghai, China); Asia Pacific Real Estate Research Symposium (Guangzhou, China); CAREA Annual Conference (Chongqing, China); Xiamen University (Xiamen, China); Central University of Finance and Economics (Beijing, China); Southwest University of Finance and Economics (Chengdu, China); Deakin University (Melbourne, Australia).

2018: ABFER Annual Conference (Singapore); AsRES Annual Conference (Incheon, Korea); GCREC Annual Conference (Qingdao, China); Asia Pacific Real Estate Research Symposium (Dalian, China); NAU IUD Symposium on Regional and Urban Economics (Nanjing, China); Jiangxi University of Finance and Economics (Nanchang, China); Shanghai University of Finance and Economics (Shanghai, China); Capital University of Economics and Business (Beijing, China); Nankai University (Tianjin, China).

2017: AEA and AREUEA Annual Conference (Chicago, US); ABFER Annual Conference (Singapore); GCREC Annual Conference (Taizhong, China); CAREA Annual Conference (Maanshan, China).

2016: ABFER Annual Conference (Singapore); National University of Singapore (Singapore).

2015: IMF-CUHK Conference on “Financial Stability and Housing in China” (Shenzhen, China); NBER Chinese Economy Meeting (Cambridge, US); CGEB-CREFR Conference on China's Real Estate Markets (New York, US); ABFER Annual Conference (Singapore); Workshop on Regional, Urban, and Spatial Economics in China (Beijing, China); NBER-CCER Symposium (Beijing, China); Global Real Estate Summit (Washington DC, US); Asia Pacific Real Estate Research Symposium (Chengdu, China)

2014: ABFER Annual Conference (Singapore); GCREC Annual Conference (Nanjing, China); Symposium on Housing Finance (Guiyang, China); Conference on “Real Estate Data in New Stage” (Beijing, China).

2013: AREUEA Annual Conference (San Diego, US); Symposium on “Monetary Policy in a Global Setting” (Beijing, China); NBER-CCER Symposium (Beijing, China); ABFER Annual Conference (Singapore); AsRES Annual Conference (Kyoto, Japan); GCREC Annual Conference (Beijing, China); China International Conference in Finance (Shanghai, China); Renmin University (Beijing, China).

2012: AREUEA Annual Conference (Chicago, US); Asia Pacific Real Estate Research Symposium (Beijing, China); GCREC Annual Conference (Macau, China); Princeton University and Peking University Symposium on China’s Financial Markets (Beijing, China); AsRES and AREUEA Joint International Conference (Singapore); NBER Chinese Economy Working Group Meeting (Cambridge, US); Department of Economics Seminar, Tsinghua University (Beijing, China); Seminar on “Real Estate Driven Systemic Risks” (Seoul, South Korea).

2011: Asia Pacific Real Estate Research Symposium (Adelaide, Australia); GCREC Annual Conference (Hangzhou, China); NUS IRES-DRE Joint Seminar (Singapore).

2010: Hong Kong Institute for Monetary Research Symposium on Chinese Economics (Hong Kong, China); NUS IRES Symposium on Urban Economics (Singapore).

2009: GCREC Annual Conference (Beijing, China); CAREA Annual Conference (Guangzhou, China).

2008: AsRES Annual Conference (Shanghai, China); CRICOM Annual Conference (Beijing, China).

2007: AsRES Annual Conference (Macau, China); Asia Pacific Real Estate Research Symposium (Singapore).

2006: AsRES Annual Conference (Vancouver, Canada); Asia Pacific Real Estate Research Symposium (Beijing, China).