| Over the years, the real estate market in China has been fluctuating abnormally. Fluctuation in real estate market is mainly manifested by fluctuation of price. The thesis focuses on the fluctuation of real estate price and the characteristics of the real estate market in order to reflect the fluctuation of the current real estate market. At present, real estate products in China are mainly urban-based commodity housing. Therefore, to reflect the fluctuation of the real estate price the thesis focuses on the price of urban-based commodity housing, and then makes research on the regulation of Chinese real estate market.Since 2003 the real estate price in China has been raised rapidly year by year, which went beyond the affordability of the common and caused a series of social problems. It made the regulation on the real estate market to be urgent and necessary. However, as an important part of national macroeconomic regulation, the regulation of the real estate market has not achieved the expected results. It led us to study the deep-seated reasons. The thesis shows that on one hand the study of the economic rules in real estate market should be highlighted, on the other hand governmental measures should be improved for the healthy and orderly development of real estate industry through the regulation of the real estate market.The thesis contains two parts:the introduction and the body. In the introduction, the thesis describes the rapid rise of the real estate price and the emergence of relevant social problems, and elaborates the urgency and necessity of macro regulation from the government. After the study on the price issues and the macro-control policies, the thesis explains the research ideas, contents, methods and possible innovations.The body is divided into three parts. The first part is theoretical analysis including Chapterâ…¡andâ…¢. In Chapterâ…¡, the various factors affecting the real estate price are examined. Different from other popular markets and the stock market, the real estate market has its own characteristics with many uncertainties. Among these, instability and complexity are typical characteristics of the real estate market. To be more exact, the market is not similar with others. It's durable with less flexibility, asymmetric information and changeful transaction costs. These characteristics interact directly and relate closely with each other. By studying the characteristics that are out of order of price market, the thesis tries to reveal the cause of disorder of the real estate market.Chapterâ…¢is an overview of the macro regulation of international and domestic real estate markets. The thesis analyses and evaluates the governmental behavior of macro regulation of domestic real estate market since the year of 2003. It makes a brief review of gains and losses of the macro regulation, and tries to find out the adjustment of the regulation policy in different periods and its way of development. Then it introduces the experience of macro regulation of real estate markets in other countries.The second part, including Chapterâ…£toâ…¥, respectively demonstrates the effect on the real estate price by tax policy, financial policy and land policy. Chapterâ…£discusses how the tax regulation policy affects the real estate price. It firstly describes the mechanism and channels by which the tax regulation policy plays the role on the real estate market, and introduces the main measures, the effect of various posibilities, the strongpoints and the locations. Then by analyzing the formulation and implementation of the current real estate tax policy, it points out the main problems such as low legislation level and unreasonable design of tax system. Finally it demonstrates the effect of tax policy on the real estate price by analyzing the quarter data from the year of 2005 to 2011.Chapterâ…¤studies the effect of financial and monetary policy on the real estate price. The real estate industry is capital-intensive and real estate developers mostly rely on bank loans and pre-sale of commercial housing. By controlling the bank interest rate and credit channels, financial and monetary policy plays the role on the real estate price. After a brief review of the evolution of the housing credit policy, the thesis points out the current problems in the real estate financial market. For instance, real estate developers over rely on bank loans; competition among banks is in disorder; illegal credit continues to occur; consumer credit takes excessive risk and so on. Finally the thesis demonstrates the effect of financial and monetary policy on the real estate price using the VAR model constructed by the monthly data in the 1999-2011 Yearbook. Chapterâ…¥analyses the effect of the land control policy on the real estate price. It firstly introduces the manner and structure of land supply, the utilization of land, the planning and control of land in China. Then it successively discusses the formation mechanism of the land price, the mechanism and channels by which the land policy plays the role on the real estate price, and clarifies the relation between land price and housing price, and also the relation between land policy and housing price. Finally it demonstrates the effect of land policy on the real estate price by analyzing the monthly time series data.The third part, Chapterâ…¦, is the conclusion and the proposal for policy making. It firstly illuminates the principle of the macro regulation and the proper measures applied in Chinese real estate market. And then it makes the proposal:to optimize the tax policy and the supporting measures; to complete the monetary supply policy, to improve the credit function in the regulation of real estate price, and to clear the pathway of rate conduction; to make better land planning and to establish a scientific and high efficient system of land supply.
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