Address
9-229, Lau Ming Wai Academic Building, City University of Hong Kong
Phone
+852 34429604
Email
Research Areas
Real Estate
Urban Economics
Macroeconomics
Qualifications
PhD (University of Rochester)
BSSc - Economics (The Chinese University of Hong Kong)
Biography
Charles Ka Yui Leung received his B.S.Sc. at the ChineseUniversity of Hong Kong in 1991 and Ph.D. at University of Rochester in 1996. He has taught at the ChineseUniversity of Hong Kong (Department of Economics). He received the Fulbright Scholarship (Research) in year 2004-5 and has been a visiting scholar at FisherCenter for Real Estate and Urban Economics at Haas School of Business, University of California, Berkeley (2004-5); Hoover Institution, Stanford University (several times); Wisconsin School of Business, University of Wisconsin-Madison (2013 Fall); Institute of Social and Economic Research, Osaka University (2015 Spring). Since 2012, Dr. Leung also serves as a research associate of the Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, a (non-resident) visiting research fellow of ISER, Osaka University (May 2015 ~ March 2019), a research associate of IREFIM (June 2018 ~).
Most of the research output of Dr. Leung can be found in the following website: http://ideas.repec.org/e/ple96.html
Professional Qualifications
| Qualification | Certifying Organization |
|---|---|
| Post Doctoral Honoree | Weimer School of Advanced Studies of Real Estate and Land Economics |
Research Grants
PI: "Globalization and Real Estate", Fulbright Scholarship (Research) - Fulbright Foundation, Amount: HK$300,000 (2004-2005), (nil)
Professional Activities
| Period | Client | Country / Region | Role |
|---|---|---|---|
| 2009 - Now | Hong Kong Institute of Monetary Research | China (Hong Kong) | Member, Council of Advisors |
| 1/2017 - 12/2018 | Chinese Economic Association in North America (CEANA) | United States of America | Vice President |
External Academic Activities
| Period | Organizer | Country / Region | Role |
|---|---|---|---|
| 2024 - Now | Journal of Real Estate Research | United States of America | Member, Editorial Board |
| 2021 - Now | Journal of Real Estate Finance and Economics | United States of America | Member, Editorial Board |
| 3/2016 - Now | Pacific Economic Review | China (Hong Kong) | Associate Editor |
| 2008 - Now | Global Chinese Real Estate Congress | China | Member, Board of Directors |
| 2006 - Now | International Real Estate Review | United States of America | Member, Editorial Board |
| 2007 - 2019 | Asian Real Estate Society | United States of America | Member, Board of Directors |
| 1/2017 - 12/2018 | Chinese Economic Association in North America | United States of America | Vice President |
| 8/2014 - 7/2016 | Taiwan Economic Review | Taiwan | Member, Editorial Board |
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Publications
Journal Publications and Reviews
Guo, Naijia; Leung, Charles Ka Yui; Zhang, Shumeng / From pandemics to portfolios: Long-term impacts of the 2009 H1N1 outbreak on household investment choices. March 2025; In: Journal of Economic Behavior and Organization. Vol. 231
Tang, Edward Chi Ho; Leung, Charles Ka Yui / Icing on the Cake: Can the Top-Floor Units Serve as a Status Good and an Investment Simultaneously?. January 2025; In: The Journal of Real Estate Finance and Economics.
Ng, Joe Cho Yiu; Leung, Charles Ka Yui; CHEN, Suikang / Corporate Real Estate Holding and Stock Returns: Testing Alternative Theories with International Listed Firms. January 2024; In: Journal of Real Estate Finance and Economics. Vol. 68, No. 1, pp. 74–102
Gong, Yifan; Leung, Charles Ka Yui / Does space matter? The case of the housing expenditure cap. January 2024; In: Regional Science and Urban Economics. Vol. 104
Leung, Charles Ka Yui; Tsang, Kwok Ping / A special issue on housing affordability: An introduction. January 2023; In: Contemporary Economic Policy. Vol. 41, No. 1, pp. 7-8
Leung, Charles Ka Yui ; Tang, Edward Chi Ho / The dynamics of the house price‐to‐income ratio: Theory and evidence. January 2023; In: Contemporary Economic Policy. Vol. 41, No. 1, pp. 61-78
Ng, Joe Cho Yiu; Chan, Tommy Chao Hung; Tsang, Kwok Ping; Leung, Charles Ka Yui / Greenfield Foreign Direct Investment: Social Learning Drives Persistence. September 2022; In: Journal of International Money and Finance. Vol. 126
Fan, Ying; Leung, Charles Ka Yui; Yang, Zan / Financial conditions, local competition, and local market leaders: The case of real estate developers. May 2022; In: Pacific Economic Review. Vol. 27, No. 2, pp. 131-193
GUO, Naijia; LEUNG, Charles Ka Yui / Do elite colleges matter? The impact on entrepreneurship decisions and career dynamics. November 2021; In: Quantitative Economics. Vol. 12, No. 4, pp. 1347-1397
Gong, Yifan; Leung, Charles Ka Yui / When education policy and housing policy interact: Can they correct for the externalities?. December 2020; In: Journal of Housing Economics. Vol. 50
LEUNG, Charles Ka Yui; NG, Joe Cho Yiu; TANG, Edward Chi Ho / Why is the Hong Kong housing market unaffordable? Some stylized facts and estimations. March 2020; In: 中央銀行季刊. Vol. 42, No. 1, pp. 5-58
Leung, Charles Ka Yui; Ng, Joe Cho Yiu; Tang, Edward Chi Ho / What do we know about housing supply? The case of Hong Kong SAR. 2020; In: ECONOMIC AND POLITICAL STUDIES-EPS. Vol. 8, No. 1, pp. 6-20
Huang, Daisy J.; Leung, Charles Ka Yui; Tse, Chung-Yi / What Accounts for the Differences in Rent-Price Ratio and Turnover Rate? A Search-and-Matching Approach. October 2018; In: Journal of Real Estate Finance and Economics. Vol. 57, No. 3, pp. 431–475
Leung, Charles Ka Yui / Special issue on housing and financial stability: An introduction. August 2017; In: Pacific Economic Review. Vol. 22, No. 3, pp. 273-275
Leung, Charles Ka Yui; Chen, Nan-Kuang / A Special Issue on Housing, Credit Markets, and the Maroeonomy: an Introduction. March 2017; In: Taiwan Economic Review. Vol. 45, No. 1, pp. 1-3
Leung, Charles Ka Yui; Tse, Chung-Yi / Flipping in the housing market. March 2017; In: Journal of Economic Dynamics and Control. Vol. 76, pp. 232-263
Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui / Losing Track of the Asset Markets: the Case of Housing and Stock. December 2016; In: International Real Estate Review. Vol. 19, No. 4, pp. 435-492
Tang, Sam Hak Kan; Leung, Charles Ka Yui / The Deep Historical Roots of Macroeconomic Volatility. December 2016; In: Economic Record. Vol. 92, No. 299, pp. 568-589
Chen, Dong; Gao, Yanmin; Kaul, Mayank; Leung, Charles Ka Yui; Tsang, Desmond / The Role of Sponsors and External Management on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore. 2016; In: International Real Estate Review. Vol. 19, No. 2, pp. 197-221
Leung, Charles Ka Yui; Leung, Tin Cheuk; Tsang, Kwok Ping / Tax-driven Bunching of Housing Market Transactions: The Case of Hong Kong. December 2015; In: International Real Estate Review. Vol. 18, No. 4, pp. 473-501
Leung, Charles Ka Yui; Tang, Edward Chi Ho / Availability, Affordability and Volatility: The Case of the Hong Kong Housing Market. September 2015; In: International Real Estate Review. Vol. 18, No. 3, pp. 383-428
Huang, Daisy J.; Leung, Charles K.; Qu, Baozhi / Do bank loans and local amenities explain Chinese urban house prices?. July 2015; In: China Economic Review. Vol. 34, pp. 19-38
Kwan, Yum K.; Leung, Charles Ka Yui; Dong, Jinyue / Comparing consumption-based asset pricing models: The case of an Asian city. June 2015; In: Journal of Housing Economics. Vol. 28, pp. 18-41
Leung, Charles Ka Yui; Tang, Edward Chi Ho / Speculating China Economic Growth through Hong Kong? Evidence from Stock Market IPOs and Real Estate Markets. March 2015; In: International Real Estate Review. Vol. 18, No. 1, pp. 45-87
Du, Julan; Leung, Charles Ka Yui; Chu, Derek / Return Enhancing, Cash-rich or simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings. December 2014; In: International Real Estate Review. Vol. 17, No. 3, pp. 301-357
Leung, Charles Ka Yui / Error correction dynamics of house prices: An equilibrium benchmark. September 2014; In: Journal of Housing Economics. Vol. 25, pp. 75-95
Leung, Charles Ka Yui; Ma, Wai Yip; Zhang, Jun / The Market Valuation of Interior Design and Developer Strategies: A Simple Theory and Some Evidence. March 2014; In: International Real Estate Review. Vol. 17, No. 1, pp. 63-107
Hanushek, Eric A.; Leung, Charles Ka Yui; Yilmaz, Kuzey / Borrowing constraints, college aid, and intergenerational mobility. 2014; In: Journal of Human Capital. Vol. 8, No. 1, pp. 1-41
Leung, Charles Ka Yui; Shi, Song; Ho Tang, Edward Chi / Commodity house prices. November 2013; In: Regional Science and Urban Economics. Vol. 43, No. 6, pp. 875-887
Leung, Charles Ka Yui; Cheung, Patrick Wai Yin; Tang, Edward Chi Ho / Financial Crisis and the Co-movements of Housing Sub-markets: Do relationships change after a crisis?. March 2013; In: International Real Estate Review. Vol. 16, No. 1, pp. 68-118
Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui / In the Shadow of the United States: The International Transmission Effect of Asset Returns. February 2013; In: Pacific Economic Review. Vol. 18, No. 1, pp. 1-40
Leung, Charles Ka Yui; Sarpa, Sinan; Yilmaz, Kuzey / Public housing units vs. housing vouchers: Accessibility, local public goods, and welfare. December 2012; In: Journal of Housing Economics. Vol. 21, No. 4, pp. 310-321
Chu, Angus C.; Leung, Charles K.Y.; Tang, Edward / Intellectual property rights, technical progress and the volatility of economic growth. September 2012; In: Journal of Macroeconomics. Vol. 34, No. 3, pp. 749-756
Dong, Yan; Leung, Charles Ka Yui; Cai, Dongliang / What Drives Fixed Asset Holding and Risk-Adjusted Performance of Corporates in China? An Empirical Analysis. June 2012; In: International Real Estate Review. Vol. 15, No. 2, pp. 141-164
Leung, Charles Ka Yui; Lubik, Thomas A. / Introduction: Dynamic stochastic general equilibrium modelling and the study of asia-pacific economies. May 2012; In: Pacific Economic Review. Vol. 17, No. 2, pp. 204-207
Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui / The dynamics of housing returns in Singapore: How important are the international transmission mechanisms?. May 2012; In: Regional Science and Urban Economics. Vol. 42, No. 3, pp. 516-530
Jin, Yi; Leung, Charles K.Y.; Zeng, Zhixiong / Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis. March 2012; In: Real Estate Economics. Vol. 40, No. 1, pp. 167-195
Leung, Charles Ka Yui; Zhang, Jun / “Fire Sales” in Housing Market: Is the HouseSearch Process Similar to a Theme Park Visit?. December 2011; In: International Real Estate Review. Vol. 14, No. 3, pp. 311-329
Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui / Monetary Policy, Term Structure and Asset Return: Comparing REIT, Housing and Stock. July 2011; In: Journal of Real Estate Finance and Economics. Vol. 43, No. 1, pp. 221-257
Leung, Charles Ka Yui; Teo, Wing Leong / Should the optimal portfolio be region-specific? A multi-region model with monetary policy and asset price co-movements. May 2011; In: Regional Science and Urban Economics. Vol. 41, No. 3, pp. 293-304
Leung, Charles Ka Yui; Chow, Kenneth K.; Yiu, Matthew S.; Tam, Dickson C. / House Market in Chinese Cities: Dynamic Modeling, In-Sample Fitting and Out-ofSample Forecasting. 2011; In: International Real Estate Review. Vol. 14, No. 1, pp. 85-117
Leung, Charles Ka Yui; Chen, Nan-Kuang / Stock price volatility, negative autocorrelation and the consumption-wealth ratio: The case of constant fundamentals. May 2010; In: Pacific Economic Review. Vol. 15, No. 2, pp. 224-245
LEUNG, Ka Yui; Chen, Nan Kuang / Stock Price Volatility, Negative Autocorrelation and the Consumption–Wealth Ratio: The Case of Constand Fundamentals. 2010; In: Pacific Economic Review. Vol. 15, No. 2, pp. 224 - 245
Leung Kycleung, Charles Ka Yui; Cheung, Patrick Wai Yin; Ding, Erica Jiajia / Intra-metropolitan Office Price and Trading Volume Dynamics: Evidence from Hong Kong. December 2008; In: International Real Estate Review. Vol. 11, No. 2, pp. 47-74
Tang, Sam Hak Kan; Groenewold, Nicolaas; Leung, Charles Ka Yui / The link between institutions, technical change and macroeconomic volatility. December 2008; In: Journal of Macroeconomics. Vol. 30, No. 4, pp. 1520-1549
Chen, Nan-Kuang; Leung, Charles Ka Yui / Asset price spillover, collateral and crises: With an application to property market policy. November 2008; In: Journal of Real Estate Finance and Economics. Vol. 37, No. 4, pp. 351-385
Leung, Charles Ka Yui; Wang, Wei / An Examination of the Chinese Housing Market through the Lens of the DiPasquale-Wheaton Model: a Graphical Attempt. December 2007; In: International Real Estate Review. Vol. 10, No. 2, pp. 131-165
Leung, Charles Ka Yui; Wong, Kelvin Siu Kei; Cheung, Patrick Wai Yin / On the Stability of the Implicit Prices of Housing Attributes: A Dynamic Theory and Some Evidence. December 2007; In: International Real Estate Review. Vol. 10, No. 2, pp. 66-93
Yui Leung, Charles Ka; Quigley, John M. / Special issue on macroeconomics, regulation, and housing introduction. June 2007; In: Journal of Housing Economics. Vol. 16, No. 2, pp. 99-101
Leung, Charles Ka Yui / Equilibrium correlations of asset price and return. February 2007; In: Journal of Real Estate Finance and Economics. Vol. 34, No. 2, pp. 233-256
Leung, Charles Ka Yui; Wei, Peiling; Wong, Siu Kei / Are the markets for factories and offices integrated? Evidence from Hong Kong. December 2006; In: International Real Estate Review. Vol. 9, No. 1, pp. 62-94
Leung, Charles Ka Yui; Tang, Sam Hak Kan; Groenewold, Nicolaas / Growth volatility and technical progress: A simple rent-seeking model. August 2006; In: Journal of Economics/ Zeitschrift fur Nationalokonomie. Vol. 88, No. 2, pp. 159-178
Leung, Charles K.Y.; Chen, N. K. / Intrinsic cycles of land price: A simple model. July 2006; In: Journal of Real Estate Research. Vol. 28, No. 3, pp. 293-320
Leung, Charles Ka Yui; Leong, Youngman Chun Fai; Wong, Siu Kei / Housing price dispersion: An empirical investigation. May 2006; In: Journal of Real Estate Finance and Economics. Vol. 32, No. 3, pp. 357-385
Leung, Charles Ka Yui; Feng, Dandan / What drives the property price-trading volume correlation? Evidence from a commercial real estate market. September 2005; In: Journal of Real Estate Finance and Economics. Vol. 31, No. 2, pp. 241-255
Leung, Charles K.; Wong, Kelvin S. / The Construction and Related Industries in a Changing Socio-Economic Environment: The Case of Hong Kong∗. December 2004; In: International Real Estate Review. Vol. 7, No. 1, pp. 139-172
Leung, Charles / Macroeconomics and housing: A review of the literature. December 2004; In: Journal of Housing Economics. Vol. 13, No. 4 SPEC.ISS., pp. 249-267
Bardhan, Ashok Deo; Edelstein, Robert H.; Leung, Charles / A note on globalization and urban residential rents. November 2004; In: Journal of Urban Economics. Vol. 56, No. 3, pp. 505-513
Kan, Kamhon; Kwong, Sunny Kai-Sun; Leung, Charles Ka-Yui / The dynamics and volatility of commercial and residential property prices: Theory and evidence. February 2004; In: Journal of Regional Science. Vol. 44, No. 1, pp. 95-123
Hanushek, Eric A.; Leung, Charles Ka Yui; Yilmaz, Kuzey / Redistribution through education and other transfer mechanisms. November 2003; In: Journal of Monetary Economics. Vol. 50, No. 8, pp. 1719-1750
Leung, Charles Ka Yui / Economic growth and increasing house prices. June 2003; In: Pacific Economic Review. Vol. 8, No. 2, pp. 183-190
Leung, Charles Ka Yui; Leong, Youngman Chun Fai; Chan, Ida Yin Sze / TOM: Why Isn’t Price Enough?. December 2002; In: International Real Estate Review. Vol. 5, No. 1, pp. 91-115
Tse, Chung Yi; Leung, Charles Ka Yui / Increasing wealth and increasing instability: The role of collateral. February 2002; In: Review of International Economics. Vol. 10, No. 1, pp. 45-52
Tse, Chung Yi; Leung, Charles Ka Yui; Chan, Weslie Yuk Fai / Unemployment and vacancy in the Hong Kong labour market. 2002; In: Applied Economics Letters. Vol. 9, No. 4, pp. 221-229
Yui Leung, Charles Ka / Productivity growth, increasing income inequality and social insurance: The case of China?. December 2001; In: Journal of Economic Behavior and Organization. Vol. 46, No. 4, pp. 395-408
Leung, C. K Y / Relating international trade to the housing market. 2001; In: Review of Development Economics. Vol. 5, No. 2, pp. 328-335
Leung, Charles Ka Yui; Tse, Chung Yi / Technology choice and saving in the presence of a fixed adoption cost. 2001; In: Review of Development Economics. Vol. 5, No. 1, pp. 40-48
Leung, Charles Ka Yui; Zhang, Guang-Jia / Inflation and capital gains taxes in a small open economy. July 2000; In: International Review of Economics and Finance. Vol. 9, No. 3, pp. 195-208
KWONG, Sunny Kai Sun; LEUNG, Charles Ka Yui / Price Volatility of Commercial and Residential Property. January 2000; In: Journal of Real Estate Finance and Economics. Vol. 20, No. 1, pp. 25-36
Leung, Charles Ka Yui / Income tax, property tax, and tariff in a small open economy. August 1999; In: Review of International Economics. Vol. 7, No. 3, pp. 541-554
Leung, Charles Ka Yui; Quah, Danny T. / Convergence, endogenous growth, and productivity disturbances. December 1996; In: Journal of Monetary Economics. Vol. 38, No. 3, pp. 535-547
Leung, Charles Ka Yui / Does non-traded input necessarily deepen the international non-diversification puzzle I?: The one-good case. September 1995; In: Economics Letters. Vol. 49, No. 3, pp. 281-285
Leung, Charles Ka Yui / Educated guesses and income distribution. May 1995; In: Economics Letters. Vol. 48, No. 2, pp. 173-177
Conference Papers
Leung, Charles; Ng, Joe / Macro Aspects of Housing. July 2018; 2018 Asian Real Estate Society Annual International Conference, 2018 AsRES, 08/07/2018 - 11/07/2018, Incheon, Korea, Republic of.
Working Papers
Leung, Charles Ka Yui ; Ng, Joe Cho Yiu; Tang, Edward Chi Ho / Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations. March 2020;
Chapters, Conference Papers, Creative and Literary Works
Leung, Charles Ka Yui / The real estate market. September 2025; Thematic Encyclopedia of Regional Science. pp. 282-283
Leung, Charles Ka Yui / Hedonic price formation. August 2025; Thematic Encyclopedia of Regional Science. pp. 229-230
Leung, Charles Ka Yui / Urban real estate. August 2025; Thematic Encyclopedia of Regional Science. pp. 294-295
Leung, Charles Ka Yui / Housing and Macroeconomics. August 2023; Oxford Research Encyclopedia of Economics and Finance.
Chang, Kuang-Liang; Leung, Charles Ka Yui / How did the asset markets change after the Global Financial Crisis?. June 2022; Handbook of Real Estate and Macroeconomics. pp. 312-336
Leung, Charles Ka Yui / Introduction to the Handbook of Real Estate and Macroeconomics. June 2022; Handbook of Real Estate and Macroeconomics. pp. x-xvi
Leung, Charles Ka Yui; Ng, Cho Yiu Joe / Macroeconomic Aspects of Housing. August 2019; Oxford Research Encyclopedia of Economics and Finance.
LEUNG, Charles Ka Yui; TANG, Edward Chi Ho / Comparing two financial crises: the case of Hong Kong real estate markets. January 2012; Global housing markets: crises, policies, and institutions. pp. 377-398
Chang, Kuang Liang; Chen, Nan Kuang; LEUNG, Ka Yui / Monetary policy, asset return dynamics and the general equilibrium effect. February 2010; Model risk: identification, measurement and management. pp. 93-136
Ben-Shahar, Danny; Leung, Charles Ka Yui; Ong, Seow Eng / Preface. February 2009; Mortgage Markets Worldwide. pp. xi-xv
Scholarly Books, Monographs, Reports and Case Studies
Leung, Charles Ka Yui / Handbook of Real Estate and Macroeconomics. June 2022;
Ben-Shahar, Danny; Leung, Charles Ka Yui; Ong, Seow Eng / Mortgage Markets Worldwide. February 2009;
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