Since exchange rate system reform in July 2005,large amount of hot money had been attracted by the RMB appreciation expectations to inflow into China.At the same time,domestic real estate prices also rose sharply.How much did the inflow of hot money impact on China s real estate prices on earth? To address this issue,this paper uses VAR model to carry out an empirical test on the inflow of hot money and monthly data of Beijing,Shanghai,Guangzhou and Shenzhen four cities property prices.Analysis shows that ...