International Comparative Study Of The Real Estate Industry And The National Economic Development

At the present age, the real-estate industry is both the fundamental and leading industry of a nation, and is paid close attention to by the international community and intensely affects the international economy.After developing from an underdeveloped industry to the well-developed industry in the past nearly 30 years, the real-estate industry has become the important strength of economic development in China, playing an increasing role in social progress, improvement of housing conditions and development of urban economy. However, there still exist some problems, such as the imbalance of development among different regions, "hasty rising of household price", not being wholly market-oriented, etc. Under the circumstances, it is urgent to establish quickly and to perfect step by step the theoretical system of China's real-estate industry, to regulate its practice activities and to fully play its polar role in the development of China's national economy by learning the practical experiences and theoretical achievements of those developed nations.Basing on the review of the related theories concerning the relationship between the real-estate industry and the national economic development, set by Chinese and foreign scholars, the writer of the thesis studies the relationship theoretically and pragmatically. Functioning as a department of national economy, the real-estate industry not only affects the economical entities directly, but becomes increasingly the important object of finance. The real-estate industry, through its forward, backward and circular driving forces, through its property effect, liquidity effect, expectation effect, premium effect, credit loan expanding or contracting effect, directly or indirectly participates in and affects the operations of national economy, and becomes the fundamental and polar industry. Yet at the same time, as the relationship between the real-estate industry and the finance deepens, the industry increasingly becomes the target of investment, speculation and seeking excessive gains. As a result, the problems of fictitiousness and bubbling are becoming more striking.Existing in different social economic systems, guided by different economic theories, and associated with different policies, the real-estate industries in different nations have experienced different processes and have different experiences and lessons.At the same time, as the pace of economic globalization quickens, as the international capitals flow freely and unlimitedly through the whole world, as the industry has become the object of the international speculative capitals to earn excessive gains, the international exchange of development and construction between the real-estate industries of nations is becoming stronger and stronger. With a short of history of only 30 years, China's real-estate industry is facing two realistic issues: The first is how to learn the mature experiences from the developed nations, how to construct the real-estate development systems that is in conformity with China's realities, how to reply to the so many difficulties in the field of real-estate industry. The second is how to reply to the impact on China's real-estate industry, which is still in its childhood, under the circumstances of economic globalization and the heavy flow of capitals from abroad.The thesis is divided into six chapters to elaborate and analyze the above issues.Chaper One is the introduction, briefly elaborating how the writer selects the subject, elaborating the development of abroad real-estate industry and theoretical research conditions, elaborating the research methods, purposes and innovations of the thesis. Chapter Two is about the related theories and literature review. To form the foundation for the later study, the writer summarizes and makes comments on the related real-estate price theory, real-estate space theory, the theory about the relationship between the real-estate industry and national economic development in China, analyzes and discusses the present theoretical research conditions.Chapter Three deals with the theoretical analyses on real-estate industry's status in and effects on modern national economy. This part is one of the important chapters of the thesis. Starting from the basic concepts and basic theories about real estate and real-estate industry, the author, in broad outline, studies the features of real estate and the real-estate industry and its status and effect in national economic development. The writer holds the point of view that the status of the real-estate industry as the fundamental industry is eternal, and the status as the leading industry will change with the time and the space. The writer also holds that as China co-exists with the tendencies of industrialization,municipalization,internationalization and informationalization, the status of China's real-estate industry as the leading industry will exist for a long term.Chapter Four concerns the pragmatic analysis on the relationship between the real-estate industry and national economic development. Adopting the examples methods, the writer comparatively studies the effects of the real-estate industries on the national economic development of those developed nations, such as the U.S.A., Britain, Germany and Japan. A large number of data show that the promoting effect on the national economic development of each nation lies in the fact that, on the one hand, it directly contributes to the national economy through the output values of its own growth; on the other hand, it promotes the development of other industries through its driving effect on the related industries. Also, the real-estate industry perfects the industry structures and raises the social welfare levels by raising the tertiary industry's ratio in the national economy and to widen, directly or indirectly, the channels of social employment.Chapter Five focuses on the fictitiousness of real-estate finance and real estate. The unique quality of real estate—durability and real-estate effect—determines that the real estate increasingly develops from the durable consumer goods to the financial investment goods, develops from the goods markets to the finance markets, bears the same functions as the stocks and bonds do day by day. All these facts lead to its fictitiousness. In this Chapter, the author analyzes the relationship between the real-estate industry and the finance, introduces the real-estate financial patterns of those typical nations, discusses the related issues about the real-estate finance and the fictitiousness of the real-estate economy, points out some significant implications.Chapter Six is concerned of the practice of China's real-estate industry and that of other countries, and how to learn lessons from abroad. In this ending part of the thesis, basing on the former theoretical analyses and pragmatic research, the writer comparatively analyzes the land regulations, the land operation planning regulations and the housing regulations implemented in the U.S.A., Britain, Japan, Singapore, etc. The author discusses and comes up with the development opportunities and strategies of China's real-estate industry in the new century, confirms that China should pay close attention to perfecting her land market management system, to perfecting her real-estate financiafl market system, perfecting her real-estate price regulating and controlling mechanisms and perfecting her tax and toll policies about the real estate.The innovations of the thesis can be summarized like the following:1. The real-estate industry is a newly borne industry with a short history and scholars in China have just started to study it. In the thesis, the writer, comprehensively and systematically, discusses the relationship between the industry and the national economy by comparing it with that of other nations. Therefore, the thesis is a good attempt.2. The writer emphasizes both the theoretical analysis and the pragmatic analysis. The writer expounds and verifies the effects of the real-estateind ustry on economic development, industry structures and social employment by giving various types of models and statistics data. The discussion is thus quite convincing.3. Basing on the summarization of the experiences and lessons of the abroad real-estate industries, the writer comes up with some suggestions, which are comparatively comprehensive and to the point, on the orientation and strategies of China's real-estate industry.