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National University of Singapore
4 Architecture Drive, Singapore 117566

  Office: SD1-05-29
  Tel: +65-6516-3435
  Fax: +65-6774-8684
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  Curriculum Vitae (CV):

Wen-Chi LIAO is an Associate Professor and Deputy Head (Academic) at the Department of Real Estate, National University of Singapore. He obtained Ph.D. (Economics) from the University of Minnesota, M.Econ (1st Class Honours) and M.Comm (Finance & IT) from University of Sydney, and B.A. (Economics) from Soochow University.  

Wen-Chi's research areas include urban economics and regional science, real estate economics and finance, industrial organization, and labour economics. He has published in Journal of Urban Economics, Regional Science and Urban Economics, Urban Studies, Journal of Real Estate Finance and Economics, and Journal of Housing Economics. He is an editorial board member of Journal of Property Research. He was a visiting scholar at the Federal Reserve Bank of Minneapolis, programme committee member of the American Real Estate and Urban Economics Association Annual Conference, organization committee member of the World Congress of the Spatial Econometrics Association, and best-paper evaluation committee member of the Global Chinese Real Estate Congress. 

Wen-Chi has contributed to the academic and research development of NUS in the capacity of Deputy Director, Institute of Real Estate Studies; PhD Programme Director, Deputy Head (Research), and Deputy Head (Academic), Department of Real Estate since 2014. Representing the School and Department, He collaborated with the Urban Redevelopment Authority to establish NUS-URA Urban Planning 101 training programme for new planners in 2016, with the Ministry of Foreign Affairs and City Development Initiatives for Asia (CDIA) to execute the Effective Urban Infrastructure Programming training programme for Asian city mayors in 2017, and with Renmin Business School to launch NUS-Renmin University MSRE-MBA Double Degree Programme in 2017.   

Being an educator, Wen-Chi takes his teaching seriously. He received an award of teaching excellence from NUS School of Design and Environment in 2015 and a distinguished-instructor award from Department of Economics, University of Minnesota.


Urban Economics and Regional Science; Real Estate Economics and Finance; Chinese Economy; Industrial Organization; Labor Economics

  • PhD (Economics), University of Minnesota
  • Master of Commerce (Finance with IT), University of Sydney
  • Master of Economics (First Class Honours), University of Sydney
  • Bachelor of Arts (Economics), Soochow University


Publications in Peer-Reviewed Journals

  • Liow, K.H., Liao, W.-C., Huang, Y. (2017) Dynamics of international spillovers and interaction: Evidence from financial market stress and economic policy uncertainty, Economic Modelling, forthcoming.
  • Liao, W.-C., Zhao, D., Lim, L.P., Wong, G.K.M. (2015) Foreign liquidity to real estate market: Ripple effect and housing price dynamics, Urban Studies 52, 138-158.
  • Liao, W.-C., Zhao, D., Sing, T.F. (2014) Risk attitude and housing wealth effect, Journal of Real Estate Finance and Economics 48, 467-491.
  • Liao, W.-C. (2012) Inshoring: The geographic fragmentation of production and inequality, Journal of Urban Economics 72, 1-16. (Lead Article)
  • Liao, W.-C., Wang, X. (2012) Hedonic house price and spatial quantile regression, Journal of Housing Economics 21, 16-27. (This is the most citied articles published since 2010 in Journal of Housing Economics. 
  • Liao, W.-C. (2012) Using short videos in teaching a social science subject: Value and challenges, Journal of the NUS Teaching Academy 2(1), 42-55.
  • Liao, W.-C. (2010) Outsourcing and computers: Impact on urban skill levels and rent, Regional Science and Urban Economics 40, 136-154


Working Papers

  • Liao, W.-C., Lee, C.Y.R., Jing, K. (2017) Architecture awards and conspicuous consumption of housing. (under review)
  • Liao, W.-C., Zhao, D. (2017) The selection and quantile treatment effects on the economic returns of green buildings. (under review)
  • Lu, C.-L., Liao, W.-C., Peng, C.-W. (2017) Developer's perspective on timing to build: Evidence from Microdata of Land Acquisition and Development. (under review) (Received the Best Paper Award from the Chinese Housing Association in 2016) 
  • Jing, K., Liao, W.-C. (2017) The butterfly effect of transport network connectivity and welfare implication. (Presented at the 2016 UEA Annual Meeting, 2016 GCREC Meeting, 2017 ARES Meeting, 2017 XI SEA World Congress, and 2017 AsRES Meeting)
  • Jing, K., Liao, W.-C., McMillen, D. (2017) The dependence of housing prices on public transportation when households quit driving. (Received GCREC Conference Best Paper Award - 2nd Prize in 2017) 
  • Liu, Y., Fu, Y., Liao, W.-C. (2017) A general equilibrium model of formalization in a dualistic economy with evidence from Indonesia (Presented at the 2017 ABFER Meeting, 2017 RUSE Meeting, and 2017 AsRES Meeting.)
  • Fu, Y., Liao, W.-C. (2012) What drives the geographic concentration of  college graduates in the US? Evidence from internal migration. (Received AsRES Conference Best Award in 2013.) 

  • RE6005 Real Estate Economic Rearch Seminar (PhD), 2008; 2012-2015
  • RE5004 Economics of Real Estate Markets (MBA), 2008-2014
  • RE5013 Urban Policy and Real Estate Markets (MSc), 2007
  • RE4222 Public Policy and Real Estate Markets (BSc; large lecture), 2009-2010; 2013-present
  • RE2202 Real Estate Economics (BSc; large lecture), 2007-2012
  • RE2101 Quantitative Methods in Real Estate (Bsc; large lecture), 2015-present

  • Deputy Head (Academic), Department of Real Estate, National University of Singapore (2016-present) 
  • Deputy Head (Research), Department of Real Estate, National University of Singapore (2015-2016)
  • PhD Programme Director, Department of Real Estate, National University of Singapore (2015-2016)
  • Deputy Director, Institute of Real Estate Studies, National University of Singapore (2014-2015)
  • Committee member, University Mid-Term Advisory Report Committee (Humanities and Social Sciences), National University of Singapore (2017-present)
  • Committee member, Research Proposal Review Panel, School of Design and Environment, National University of Singapore (2014-2016)
  • Editorial board member,  Journal of Property Research (2016 - present)
  • Referee for Journal of Urban Economics, Regional Science and Urban Economics, Real Estate Economics, Journal of Housing Economics, Urban Studies, Habitat International, Journal of Mathematical Modeling and Algorithms in Operations Research, Applied Spatial Analysis and Policy


Honors and Awards:

  • Best paper award - 2nd Prize, Global Chinese Real Estate Congress Annual Conference, Taichung, 2017
  • Best paper award, Chinese Society of Housing Studies Annual Confrence, Taipei, 2016
  • Best paper award - 2nd Prize, Global Chinese Real Estate Congress Annual Conference, Hangzhou, 2016
  • Teaching Excellence Award, School of Design and Environment, National University of Singapore, 2015
  • Best paper award (AsRES Conference Best Award), Asian Real Estate Society Annual Conference, Kyoto, 2013
  • Best paper award (Tokyo Property Management Award), Asian Real Estate Society Annual Conference, Kaohsiung, 2010
  • Dissertation fellowship, Chiang Ching-kuo Foundation of International Scholarly Exchange, U.S.A., 2005
  • Distinguished Instructor, Department of Economics, University of Minnesota – Twin Cities, 2003


Research Grants:

  • “Fiscal Decentralization and Regional Development in China: On the Perspective of Firm Performance,” Humanities and Social Sciences Research FundPI, $189,000 SGD, 2014 – 2017.  
  • “Human Capital, Labor Mobility and Regional Development in Southeast Asian Economies,” JYP-CARC Grant, NUS Global Asia InstitutePI, $85,700 SGD, 2014 – 2017.
  • “The Impact of Land Rights on Urban Redevelopment,” Asia-Pacific Region Grant, Chiang Ching-kuo Foundation of International Scholarly ExchangePI, $34,000 USD, 2013 – 2015.
  • “Study of User Perception of Skyrise Greenery and Its Impact on Costs, Rent and Value of Property,” National Park BoardCollaborator, $135,100 SGD, 2012-2013.
  • “Applications of Spatial Econometrics,” ARF-Tier-1 Grant, MOEPI, $42,000 SGD, 2009-2012.
  • “Outsourcing, Inequality and Cities,” ARF-Tier-1 Grant, MOEPI, $50,000 SGD, 2008-2011.

  Last Modified: 2017-08-01