I. Introduction 4

II. Origins of China’s Housing Structure: From Welfare to Marketization 6

  2.1 A Five-Phase Transformation 6

  2.2 Implications for Today’s Housing Structure 8

III. Residence Structure Nationwide: A Complete Mapping Using Census and Micro-Level Data 8

  3.1 Data Sources 8

  3.2. Classification of Residence Types 9

  3.3 Dwelling Composition Across Time and Space 12

  3.4 Who Lives Where? Insights from CHFS Microdata 14

IV. Housing Status and Household Consumption: Micro Evidence 18

  4.1 Stylized facts: Consumption Across Dwelling Types 20

  4.2 Micro econometrics Analysis 22

  4.3. From Micro Evidence to Macro Dynamics: Consumption Channels in China’s Post-2021 Housing Adjustment 26

  4.4. Robustness Check 28

V. Conclusion 30

Appendix I. Cross-Checking CHFS with Census Data on Housing Categories 32

Appendix II. Regional and City-Tier Definitions 34

Appendix III. Conceptual Framework: A Simple Household Problem with Housing 35

Appendix IV. Robustness Checks and Extensions 37

References 47