We appreciate the advice and insight of our colleagues Professor Hongyu Liu and Dr. Siqi Zheng on various parts of this project, although we obviously are responsible for any remaining errors. Excellent research assistance was provided by Bo Zhang, Pu Wang, Wei Guo, Mingyue Li, Baoyi Hu, Jingting Huang, and Chenxi Zhao from Tsinghua University, Ying Chen, Hui Liu and Chen Zheng from Wharton, and Jia He and Mingying Xu from the National University of Singapore. Gyourko thanks the Global Research Initiatives Project of the Wharton School at the University of Pennsylvania for financial support. Deng thanks the Institute for Real Estate Studies at the National University of Singapore for financial support. Wu thanks Hang Lung Center for Real Estate at Tsinghua University and the National Natural Science Foundation of China for financial support (No. 712003060 & No. 71373006).