| In August, 2003, NO.18 Law of the State Council fixed real estate industry as the supporting industry in the push of the economy. With the accelerating of urbanization, urban real estate industry is developing rapidly, which has not only brought about significant values of output, but given considerable push to the development of dozens of relevant industries(e.x. steel products, cement and concrete, finance, housing, etc.). Besides, it has prospered the economy, beautified the environment, improved the living standards and housing conditions, and eased the social employment problems at the same time. Therefore, urban real estate industry has made great contribution to the urban prosperity and national economic increase, which is considered as the pillar to the economic increase and social harmony as well as the nuclear force of our national real estate industry.However, the rapid development of urban real estate industry has also given rise to a series of social and economic problems. Such as over-increased investment, irrational supply-demand structure, unbalanced development between regions and soaring rising house prices in some cities, etc. Hence, the government has been taken a series of regulated measures and all the ministries have done what they can to better the situation. Under the pressure of a series of policies, the order of our urban real estate industry has been effectively regulated; the structure of housing supply-demand gradually improved, corruption caused by land lot fading out of stage. To some extent, the government's policies have played a significant role in supervision, precaution, regulation and stabilization in the urban real estate industry. However, there are still some unreasonable problems existing, such as soaring house prices, unbalanced housing structure, speculated developers. The Chinese urban real estate industry is faced with a severe challenge, especially in large and medium-size cities. It does not only address economic inflation and CPI, but also concern that people live and work in peace and contentment and social harmony.Therefore, it is bound to correctly identify the operation of the real estate industry in our large and medium-sized cities and create a mode suitable to China's situation for its sound, sustainable and stable development. This paper, under the great background of reform and opening up and market economy development in our transitional period, taking the real estate industry in large and medium-sized cities as the researching object, comprehensively and profoundly analyzes the operating condition, mechanism, efficiency as well as mode and further raises strategies and proposals which are very pioneering, creative and operative. It is based on the latest, detailed, accurate and authoritative information, with a combination of systematic analysis, economics, dialectics, supply-demand chains and transactional processing theory as well as mathematic approaches.A one-year-long investigation is made with referring to the multi-index data of China and its 30 large and medium-sized cities in the recent 6 years. Through various research methods, such as combination of comparison analysis, qualitative analysis and quantitative analysis, practical and theoretical analysis, looking into both parts and whole, we emphatically are able to distinguish the following points:(1)What are the present policies on real estate industries in China?(2)What is the general condition (investment, exploration and sales) of real estate in Chinese large and medium-sized cities?(3)Do real estate industries in these cities obey the supply and demand principle? Where would the problems appear and why(4)Why does China comes to the conclusion that investment is overheat, housing prices are skyrocketing and demand and supply lose its balance, etc. in some cities?(5)Are there foam phenomena in real estate industry in those cities? What kind of index can testify it?(6)Why do such superficial phenomena appear? What are the inner mechanism running and upholding rearward?(7)Whether real estate industry in our cities can be carried out effectively, whether the investment can bring out the highest output, whether the allocation of the resources is reasonable and whether the city's own efforts can realize the efficiency optimization of the real estate industries in the city.The conclusions of this paper are as follows:(1)The real estate industry in the large and medium-sized cities in our countries is developing rapidly. The cardinal numbers of the directly governed city region, cities on the Yangtze and Pearl River estuary, cities along the east coast and cities in the rich areas of China are obviously higher than those in the middle and western area. However, under the influence of policies, the development speed peak has been deviating to the interior area since the year of 2003. The systems of real estate market are not yet sound, orderly and transparent, which leave space for the developers to whip the devil round the stump, store up private housing property and bid up the prices. While the developers are grabbing huge profits, the consumers are suffering great loss. That investment in real estate is getting overheat and the phenomenon of foam in real estate have appeared in most cities, with Beijing, shanghai and Shenzhen as representatives. However, under the influence of policies, the foams are minimizing gradually. Take the city of Chongqing as an example, it fully illustrates that although in the course of the advancing of real estate industry in large and medium-sized cities there are some unsound, unharmonious notes lurking and appearing, yet the policies are always playing the alarming and readjusting role and have made great contributions to its return to the normal range of vibrations. However, the foam in prices in Beijing, Shanghai and Shenzhen are still embodies strongly and needs further administration and control.(2) Based on the analysis of the procedure of the supply in the real estate value chain and the counteraction of the factors affecting the system of the real estate industry, we can draw conclusions as follows: firstly, there should be a counterbalance between the interest bodies (the government, the developers, the bank and the consumers, etc.), so we must realize the positions of the interest bodies, balance their benefits and embody fairness and efficiency; secondly, there should be a balance in supply not only in land and estate markets, but in every link of the development of real estate industry. Only an optimum balance between every loop has been guaranteed, can we obtain the sound and healthy development of the real estate industry.(3)Simply judging from the perspective of techniques, it is very effective to produce when you invest in the real estate industry in the large and medium-sized cities of our country and the resource you put in usually will produce the most, the discrepancy between different areas is not so large; from the synthetic angle of techniques and scale (capital, talent, land , etc.), there exists large discrepancy, the municipality directly under the central government, the developing cities along the seashore, Yangtze River delta, Pearl river delta, the economically rich area, investment can produce more, and the resource collocations are more reasonable; the efficiency in the central and western area is low, from the angle of the technology the efficiency is very high in some of these area, what you invest usually can produce most, the discrepancy between areas is not large; the efficiency of investing and producing in the middle east area is less than others. Although some of the cities invest a lot in the technical aspect, the efficiency still remain low owing to more capital, talents, land, material they've put into it. It shows the arrangement of the resource is not scientific. High benefits can be obtained only if the investing structures are perfected, the costs are reduced and the output is increased.(4)Generally speaking, if the urban real estate industry in the city works harder than that in other cities, it could gain higher efficiency, but it has no relationship with the economic standard and the real estate industry basis in the city. Therefore, from the dynamic circulation every year before 2004, the efficiency of the municipality directly under the central government, the developing cities along the seashore, Yangtze River delta, Pearl River delta, the economically rich area is not better than that in the northeast and central-west areas. The degree of personal effort has more influences on the efficiency of urban real estate industry.For the year 2004 and 2005, however, against the backdrop that state set real estates as a prop industry in national economy, those regions enjoying sound economic foundations including municipalities, Yangtze River Delta, Pearl River Delta, coastal cities opened up to the outside world, and the rich inland cities have yield sound economic returns through their own extensive efforts; Beijing in particular, has achieved optimal efficiency. While the northeast, west and central China are developing relatively slowly compared with the regions mentioned above, and lagged behind in efficiency as a result. So it could be understood that in dynamic efficiency analysis, the economic basis of a city doesn't have much influence on its efficiency. However, if a city, under the influence of such external factors as policies, realizes the enormous benefits the real estate industry is to bring about, will certainly take actions more swiftly to develop the industry. In this way, its economic foundation will play an active role in boosting the development of real estate industry.After the solutions are unveiled one by one, this thesis, grounded on balance and checking theory, puts forward the multi-level and well-balanced model appropriate to the development of real estate industry in large and medium-sized cities of our country, in which the balance among interests is the core, the balance between demand and supply the foundation, the balance among regions the optimization from little to extent, the balance among industries the target to develop real estate system, and the balance of policies the regulative instrument to achieve all the balances mentioned.At last, on the basis of the operation and target model of real estate industry in our country and at the same time drawing reference from the development and macro-regulation measures from foreign real estates, some suggestions and countermeasures for the existing problems in real estate industry in large and medium-sized cities in China are also raised.This thesis explores the existing problems by integrating both theory and practice and seeks a target model by drawing assistance from scientific analysis approaches, which is appropriate to the development of real estate industry in large and medium-sized cities in China. It's the author's sincere wish that this thesis would provide as much references as possible for the development of real estate industry in China...
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