The Willingness of People to Exchange Their Homes for Pensions in a Reverse Mortgage Scheme in Yunnan Province

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Li, Qian and John Walsh, “The Willingness of People to Exchange Their Homes for Pensions in a Reverse Mortgage Scheme in Yunnan Province,” paper to be presented at the International Conference on Commerce, Financial Markets and Corporate Governance/2nd International Conference on Research Methods in Management and Social Sciences (Shinawatra University, Thailand: February 7th, 2015).

AbstractIn recent years, China’s rapid economic and social development has been somewhat undermined by the aging of the population. This has caused a number of problems, including empty nests, disability and lack of mobility. These problems are exacerbated by rising prices generally and medical prices specifically, in the context of limited family support resulting from the one child per family policy and the limited availability of pension provision. In 2013, the State Council released several policy options for the development of pension services, one of which was a reverse mortgage loan for elderly people and a pilot scheme took place. However, this policy is not based on a great deal of evidence in terms of the willingness of people to participate willingly in it. This paper seeks to fill this gap through a questionnaire survey of people living in Yunnan province of China. It has been found that there is currently limited demand for this policy and that the demand that did exist was price inelastic in nature.

Key words: China, elderly housing policy, pension, reverse mortgage

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