Study On Operating Results And Improving Measures For Real Estate Regulatory Policies In Jilin Province

There emerges a great housing demand in Jilin Province during its rapidurbanization process. While the real estate market is becoming more popular, we havean urgent need for regulatory policies. What are the regulation effects after JilinProvince has implemented the central government’s real estate regulatory policies inaccordance with its own conditions? What is our next step and what is the key issuethat we have to tackle? These questions all need our clear responses while we aremaking the real estate regulatory policies and adjustments. This thesis will study andfocus on making the real estate regulatory policies scientific, reasonable and effective.It will give an accurate assessment on the tangible impact of the past related policiesand find out their effectiveness and defectiveness, aiming at finding the direction,clearing the thoughts and initiating strategies for the policy making and implementingin the next future.This thesis will employ quantitate empirical study and try to carry out systematicassessment on the effects of Jilin real estate regulatory policies. There are six chaptersaltogether:Chapter One, The History of China’s Real Estate Regulatory Policies. Since thereform and opening up, China’s real estate policies experienced four different periods,namely the institutional reform and trial implementation period from1978to1991, thereal estate debubbling period from1992to1995, the relatively steady developmentperiod from1996to2002, and the continuous rising in price and consequent regulatorypolicies from the central government period from2003to2013. Owing to the realestate institutional and regulatory policies, our real estate market achieved greatsuccess. But at the same time, we are confronted with some problems. This thesisanalyzes the functions and influences of the real estate policies in different periods,takes into consideration the purposiveness and the limitation related to our country’sactual condition at that moment, and then provides some practical advice for our country to make and improve the related policies. When Jilin Province is implementingthe real estate regulatory policies, we should take into full consideration of thecompatibility and tangible impact of different policies in different periods. With theimprovement of real estate institutional policies, the real estate market will be moreand more sound and there will be less real estate regulatory policies in the future.China will construct a real estate marketing system which can meet up with the realestate market economic principle, embody China’s national conditions and at the sametime conform to the international conventions.Chapter Two, The Impact of Real Estate Regulatory Policies on Jilin’s HousingPrice. Housing price is the monetary expression of the real estate. It is the monetaryexpression of the value of direct labor and materialized labor coagulated in the realestate products during the process of land development, house construction and houseselling. Real estate, as a kind of commodity, is the same as other commodities, is aunity of use value and value. This chapter will focus on analyzing the definition, types,characters, basic elements, influential factors and practical significance of real estateprice. It also presents the results of the real estate regulatory policies on price in JilinProvince. Based on this, this chapter discusses the influential factors of the suppliesand demands in real estate market. A supply-and-demand model is built with the helpof linear regression model and fuzzy synthetic evaluation model. Thereby, we get theeffects that real estate policies have on the supply-and-demand of real estate market.Through the analysis, the equation of supply and demand we get and its pricecoefficient are just opposite to its economics meaning.In other commodity markets, owing to the substitution effect and income effect,the rise in price will result in decline in demand. The demand curve will tilt downbecause of the negative slope. But in real estate, the demand curve we get from thedata is not like this. It tells the trend that the housing price and the real estate demandare going in the same direction. With the soaring in housing price, its demand is raising,too. This seems to be against the economics rule. It is because there is not only realdemand in Jilin real estate market, but also great investment demand. In recent years,the second-hand house market is becoming more and more active and the financinginstitution is becoming more and more convenient, therefore, the speculative fund inreal estate market shows geometric growth. When the investment demand takes alarger part in the total demand, the demand curve will distort. All those above prove that the real estate market in Jilin is abnormal. The real estate regulatory policies aren’tworking to make the house price reasonable, nor are they working to balance thesupply and demand in real estate market.Chapter Three, The Effects of the Jilin Real Estate Regulatory Policies on RealEstate Market Bubble. Real estate bubble is carried by real estate industry and is partof the bubble economy. It is the severe deviation of real estate price and value owing tothe real estate speculation, and in this case, its market price is beyond the ability of theuser. This chapter analyzes the cause and harm of real estate bubble. Through themarket data in Jilin real estate industry—price, demand and supply—and the severityof subclass index, it is deducted that the real estate market in Jilin is relatively steadyand there is no bubble for now. But we still need to strengthen the precaution againstreal estate bubble. The real estate bubble risk is becoming more and more severe. Wemust hold in hand the opportunity of the new-type urbanization and cope with theE-business impact. The traditional development mode and structure need to be changedright away and transformation has become an inevitable choice for the future ofcommercial real estate. Hence this thesis provides the advice and ways to prevent realestate bubble.Chapter Four, The Influence of Real Estate Regulatory Policies in Jilin Provinceon Government Subsidized Housing. Government subsidized housing is a special typeof housing in our country’s urban housing construction process. It is usually stipulatedin line with our national policies and related laws and regulations. Its constructionstandard, sale price and rent are all set by the government and it is provided for thespecific group of people. Its function is to ensure social insurance. This chapter willgive the definition and significance of government subsidized housing and make adescription and conclusion of its status quo in Jilin. The government subsidizedhousing condition in foreign countries is also introduced for comparison and reference.Then this thesis gives an evaluation on the implementation of the governmentsubsidized housing in Jilin with fuzzy synthetic evaluation model. We find that it couldmeet the residents’ basic needs and it received favorable reputation from the residents.Meanwhile, we should also know that13.1%of the citizens are unsatisfied with thegovernment’s work. They say that they do not know about the government subsidizedhousing policies and they are not satisfied with the government subsidized housingwork. At the same time, the government’s implementation of the policies is lack of equity and its housing allocation is lack of effectiveness. Therefore, we need toreinforce our work, try to ensure that the citizens who meet the conditions can enjoythis right and make our social wealth equally shared by all. There are some problems inthe implementation process of government subsidized housing policies in Jilin. Thisthesis brings up some methods and ideas to solve those problems, such as constructmultilevel and all-covered subsidized housing system and establish efficientmanagement system.Chapter Five, Evaluation of Operating Results for Real Estate Regulatory Policiesin Jilin Province. This chapter will study from the perspective of both the overalleffects and relative effects of the real estate policies in Jilin Province. We try to ensurethe entirety of our evaluation. After taken into account all the interested partycomprehensively, namely the real estate market, the residents and the government, thischapter set an evaluation index system for the real estate regulatory policies in Jilinprovince and conducted evaluation on its overall effects with the method ofcomprehensive evaluation model. According to the evaluation, we grade it74.26,which is between good and bad and is more access to good. By the end of2012, thereal estate condition in Jilin is not that good. Generally speaking, people’s livingstandard is higher than before, while the supply-and-demand state is not obviouslyimproved. That is to say, the operating results for the real estate regulatory policies inJilin province are not very good. Then this thesis evaluates the relative effects of thereal estate regulatory policies with DEA model. We find the real estate market disorderand inefficient during2004to2006. It shows the trend of increasing returns to scale.This is closely related to our country’s adjustment in real estate policies.Chapter Six, Problems and Improving Measures for Real Estate RegulatoryPolicies in Jilin Province. This chapter makes a conclusion of problems emerged in theimplementation process of real estate policies in Jilin. Namely the problems are:imbalance of supply and demand in real estate market, emergence of real estate bubble,poor in comprehensive operation effect, inefficient in linkage policies of governmentsubsidized housing. To promote stable, healthy and rapid development of real estatemarket in Jilin and ensure the stability of house price, firstly, government at all levelsshould have a common policy orientation, try to avoid the weakness of micro policiesby local governments. Secondly, the purpose of real estate market regulation is to solvethe imbalance between supply and demand and all policies should aim at improving supply and demand condition. This thesis proposes strategies from the following threeperspectives: improvement in taxation policy, adjustment and improvement ingovernment subsidized housing policies, efficiency in making real estate regulatorypolicies. The key is to adhere to scientific outlook on development and stick tosustainable development, use land and other resources intensively and economically.Before we put forward any real estate regulatory policies, we must conduct overallinvestigation and research and stick to democratic and scientific decision-making.Besides, we should also notice that we must lay importance on improving real estatedecision-making and enhancing the quality of executive staffs. On one hand, we needto strengthen our theoretical attainment about related policies and science, thus toavoid experience-based analysis which could lead to policy invalidation. On the otherhand, we need to promote our ideological quality, reinforce our professional ethics andimprove our comprehensive outlooks.