An Empirical Case Study Between The Residents Income Gap And Real Estate Prices Of Yunnan

The Deepening urban housing system Reform, which the State Council issued in 1998, had stopped the past housing distribution model, to implement housing distribution, and real estate has become an engine of economic growth in the new period which has reach to a real market. China's housing structure which has undergone great changes in people's housing conditions has been greatly improved, while as the scarcity of the land which is the most important element and the investment demand driven, the real estate is in the short supply state, so the price of the real estate rose too high, a large part of the people feel it is very difficult to purchase. Real estate price increases far exceeded income growth in low-income persons, which has lower the level of living of the low-incomers. Meanwhile, the investment channels today are so poor, as the inflation rate remains high, so real estate become an excellent investment tool, which has good appreciation space, low-risk and high-received. The high-income earners tend to invest the real estate in order to obtain more property income and hedge. That is to say, in today's economic and social backgrounds, the real estate assets have play a negative role of widening the residents income gap.This paper, according to 1994 to 2008 Statistical Yearbook data in Yunnan Province, in perspective of non-performing index and the Gini coefficient to analyze the increased disposable income gap in Yunnan these years, and then we use the average commercial housing price and the Gini coefficient to do correlation analysis, finally, we choose the price we talked about and the Gini coefficient to Co-integrate and Granger causality test which we find out that real estate price is the Granger cause of the expanding residents income gap, but we can not conclude the verse. Based on the results from we studied, we try to give some suggestion to put the price of the real estate in the right way and to narrow the residents income gap. As the demand of the real estate remains large, so it should be imposed high tax to prevent the vacancy, and increase the low-cost real estate to supply to improve the proportion of the property income of the residents income, in expect of the price of the real estate to be reasonable and improving the income distribution policy, especially the property of the distribution to narrow the residents income gap.