Study On The Thoughts' Evolution Of Real Estate Finance In China(1978-2005)

Since China's urban housing has been reformed in 1978, China's real-estate industry has achieved great success. The average housing area in town has reached to 25m~2 per capita from 3.6m~2 per capita in 1979. The real-estate industry not only improves people's living condition, but also boosts the local economy. Under flourishing development of the property industry, the real-estate finance is gradually growing by helping collecting capital efficiently, activating investment and faciliating local consumption. At present, it is one of the most powerful instruments for local government to control local economy.Unlike property finance abroad, Chinese contemporary real estate finance has its unique evolution. From the perspective of economic ideology history, we could make history come back vividly by revealing the influence of china's economic reform, urban Housing Reform, finance reform. Besides, it offers the different angles to understand the economy background in China.This paper investigates the development of real-estate finance in twenty years from china's reform. Besides, the paper also determines the relationship between the government reform and scholars recommendation thoroughly by describing the government reform policy and popular topics from scholars each stage. By doing that, we could figure out the main tread of the property finance in China and offer some recommendation for the future development of local property industry.This paper begins with china's economic reform by combining the characteristics of urban housing reform and finance system reform. It is divided into four phases from 1978 to 2005. At last This paper arrives in four topics in the thread of time and woof of subject and makes a few comment on the ground of former literatures, abstracts the clue, induces the basic character and developing course of idea evolution. The paper is constructed by 6 chapters, one introduction, four contents and one conclusion.Chapter one introduction: the author describes literature reviews, the definition of property finance, the research target, methologies, characteristics and structures of the paper. Chapter two concludes the positive cycle of the period during 1978 (so-called property funds) is the stage from planning economic system to market economic system and the reasons and policies behind. The policies included public house selling, rent reform, construction of special bank of real-estate, housing cooperation.Chapter three introduces the accumulate fund during the housing reform period. Following with the housing reform process spreading nationwide, the real-estate finance presents itself as housing reform, a example of which is ShangHai's housing reform plan of accumulate fund. The author focuses on the fundamental side and popular topics during that time.Chapter four she depicts the flourshing stage of the real-estate loan during 1998 and 2003. Due to housing reform and finance policy, the real-estate developer's loans and individual house mortgage loan made great progress and they offered the foundation for the securitilization during the period. The author sums up the major points of the feasibility, model and the structure of legistration during the period.Chapter five she sums up the mulitcharacterisitcs of the real-estate finance during 2003-2005. As a result of the issue arising from the property industry, the central bank started controlling the industry by increasing interest rate. In order to open up the financial channels, the new financial tools and thinking have been provided. The author points out the real-estate invest fund, fixed-interest mortgage loan and the combination of foreign capital with real-estate industry. Besides, new innovation of management of house accumulated fund has already been a big problem. The author discusses this issue and draws some conclusions.Chapter six she reviews the logics of the Chinese property market development by introducing the progress from the first start, developing and more maturer stage. Also the author analyzes the mechanism in the perspective of economics and systematic economics, and offers some related recommendation and thoughts.In a word, this paper is based on the systematically hackling the preceding literature, simultaneously setting out the whole panorama of china's contemporary real-estate finance ideology development. As to the methodology, it refers to historic, economics and finance.