Identifying the spatial heterogeneity of housing financialization in China: Insights from a multiscale geographically weighted regression.

With the deepening linkage between housing and finance, the financial attributes of housing have been increasing. Thus, housing financialization has become a worldwide phenomenon that is gradually emerging in China's real estate market and thus cannot be ignored. The amount of urban capital is an important manifestation of financialization, but only a few studies have considered the spatial heterogeneity of impact of urban capital amount-represented by loan balances (LOAN) on housing prices. To fill this gap, this study builds a dataset of housing prices and influencing factors for county-level units using 2109 counties in China and analyzes the spatial scope and heterogeneity of housing financialization. Results show that globally, LOAN has a significant positive effect on housing prices, and the impact direction is in line with theoretical expectations. Locally, spatial heterogeneity exists for the impact of LOAN on housing prices, and the phenomenon of housing financialization is mainly observed in China's eastern coastal area. This study can help enhance the understanding of the spatial constraints on the impact of LOAN on housing prices and the spatial heterogeneity of housing financialization in China. Moreover, it provides a theoretical basis for policymakers to formulate spatially differentiated housing policies.