Research Of Present Chinese Real Estate Bubbles

Chinese real estate market, which can be correlated with fifty-seven industries, has developed a lot since the innovation of housing systems in 1998, more ever, it has now become the supporting industry of national economy as well as the main factor that affects the macroeconomic fluctuation. But now, the scope of real estate investment is so large, the price of housing is rising so fast, the empty acreage is increasing so rapidly, at the same time, a great deal of foreign capital swarms into real estate by reason of the anticipation that RMB will increase in value, so whether there are real estate bubbles becomes the topic people argue most. Central government put out series of controlling policies to prevent the appearance of real estate bubbles, for the sake of the steady development of real estate.This dissertation starts with many theories of real estate bubbles, which subsequently analyzes the causes and forming mechanism of them. On the basis of these analyses the dissertation gets that the appearance of real estate bubbles is because of the conjunct function of the rigidity of land supply, the effect of speculation demand and the action of following others. Through the study of the real estate bubbles which have brought great economic fluctuation in history, we can also believe that in case real estate bubbles break, it would do great harm to the national economy, and even start finance crisis and economy stasis. Then the dissertation makes a demonstration analysis on national real estate investment, supply and transaction under the control of macro-policies. The result is that the national real estate hasn't serious bubbles as partial areas may do. The macro-policies did obtain some effects in stabilizing the price, beating real estate speculation and controlling real estate investment scope, but far from our expectation. Finally, this article brings forward that through strengthened supervision of the banks and foreign capital, the direct control of land transaction, the adjustment of tax system, the standardization of real estate market system and the adjustment of real estate structure etc, real estate price could be stabilized and the appearance of real estate bubbles could be prevented.