Research on China's Risk of Housing Price Contagion Based on Multilayer Networks.

The major issue in the evolution of housing prices is risk of housing price contagion. To model this issue, we constructed housing multilayer networks using transfer entropy, generalized variance decomposition, directed minimum spanning trees, and directed planar maximally filtered graph methods, as well as China's comprehensive indices of housing price and urban real housing prices from 2012 to 2021. The results of our housing multilayer networks show that the topological indices (degree, PageRank, eigenvector, etc.) of new first-tier cities (Tianjin, Qingdao, and Shenyang) rank higher than those of conventional first-tier cities (Beijing, Shanghai, Guangzhou, and Shenzheng).