The Effect Of Land Policy On Real Estate Market Under The Macro-control

As an important component of real estate, the land has an obvious advantage of regulating the real estate market. Because the land policies not only affect the supply and demand in the real estate market but also determine the development costs directly, land macro-control is a necessary tool for government to intervene the real estate market. The main methods of land macro-control include theregulation of land supply amount, land structure, land granting ways, land price,regional land supply policy, allocation of land revenue, etc.The objective of this paper is to reveal the effect of land supply on real estate market from land supply amount, land price, land granting ways and land structure. It is given step by step in following nine chapters：Chapter1concentrates on the research background and significance, makesa general introduction of land macro-control, gives a general idea of the researchon this subject both abroad and at home and introduces the structure and research methods of the essay.Chapter2analyzes the related research progress at home and abroad, and carries on the review.Chapter3analyzes the motivation and theory as well as macroeconomic regulation and control and the theory basis of land policy as a means of macroeconomic regulation and control. Chapter4analyzes the situation of Chinese real estate and sums up macro-control policies of land from policy basis, policy tools and policy objectives in recent years.Chapter5analyzes the effect of the land supply amount on real estate market. By constructing two panel data models to test how land supply affect real estate price and house supply amount. The results show that the land supply amount has negative effect on housing price, the land supply amount last year has effect on house supply and housing price and the land supply amount two years ago has effect on house supply but no statistically significant effects on housing price. Totally depend on increasing the land supply amount to reduce house pricesmay be little effect.Chapter6analyzes the effect of the land price on real estate market. It uses quarterly housing sales prices index and land dealing prices index to carry outa causality test on land price and housing price, which based on Granger causality analysis. From the causality test we can draw a conclusion that housing price is the Granger cause of land price and housing price will raise land price. However, land price is not the Granger cause of housing price but as an importantcomponent of housing price, it has some effect on housing price.Chapter7analyzes the effect of the land granting ways on real estate market. It introduces the change of land granting ways and analyzes the effect of using land granting ways of inviting public bidding, auction and hanging out shingle on real estate market. The result show that using public land leasing can’t push up the land price but can contribute to the healthy development of the real estate market.Chapter8analyzes the effect of the land structure on real estate market. Through analyzing from the product structure of land supply, it can be drawn a co nclusion that structural policies of land supply can increase in the amount and investment of protective houses. These policies have little effect on housing price.Chapter9makes a conclusion and some research prospect.