| After 1997 Asian economic crisis, the global economic started to present slides to the tendency, the Chinese economy was also facing the deflation pressure. For the impetus economic growth, the government released a series of policies to expand the domestic demand, and took the real estate profession as the point of growth of the Chinese economic development, these policies had stimulated the real estate profession development. From 1998 to the implementation of the housing reform policy since 2003, China's investment in real estate development had always been maintained at around 20 percents, the real estate industry had maintained the brisk buying and selling situation, moreover presented the overheated phenomenon in 2003. After the 2005 house prices in some cities continued to move up and begin to bubble, in 2007 prices continued to rise throughout the year, but early in 2008 the national trend of falling house prices began to be shown ,in some cities housing prices fell sharply, real estate developers had asked the Government to rescue the property market . These can be seen from the status of China's overall level of high real estate prices, and instability, large fluctuations. Real estate prices have continued to rise in a bubble, not only a threat to the security of real estate finance, but also a profound impact on the lives of the majority of the people, as well as the healthy operation of the national economy; and real estate prices have fallen substantially, resulting in a sudden macroeconomic cooling, subjected to enormous socio-economic loss. Seen in this light, the real estate price stability for the real estate, and the whole macroeconomic important to everyone.Many scholars at home and abroad in real estate prices and the Government's macro-control real estate prices had a substantial amount of research, many theories to solve the problem are very effective. I summed up some experience of their predecessors to real estate prices, using of chart analysis, to real estate prices of Beijing, Shanghai and Shenyang, related the status of the national real estate prices, and raised the problems, according to the causes of the problem of its analysis. Then according to China's macro-control policies in real estate prices of the existing problems, and learn from the use of comparative analysis on the effective regulation and control of national experience, from the improve of a macro regulation and control and strategy of the micro-enterprise, and raised reasonable suggestions and countermeasures system.This article is divided into six parts:Chapter I, Introduction. According to the development and changes of China's real estate prices in recent years and an overview of the status quo, this article put forward a research background and significance of the study at home and abroad, the paper's research ideas and methods and frame structure.Chapter II: the theories abou real estate pricet. First, This chapter introduced the definition of real estate prices and composition. And then discusses the theoretical basis for real estate prices. Rent of land theory is the theoretical basis of the real estate prices. The rent of land rent theory is divided into classical Marxist theory and the rationale for rent in two parts. Second, real estate prices have six characteristics: 1. The real estate prices are a great impact location, with regional and individual; 2. Real estate prices are essentially the price of real estate interests; 3. The cost of both the exchange price, have also used the cost of rent; 4. The real estate prices are formed in the long term; 5. Real estate prices are usually formed by individual easily by traders subjective factors; 6. Real estate is a natural value-added long-term trend. Finally, the real estate price factor. Factors that affect real estate prices there are eight, namely: 1. Supply and demand factors; 2. The cost factor; 3. Natural factors; 4. Economic factors; 5. Social factors; 6. Administrative factors; 7. International factors; 8 . real estate speculation.Chapter III: Analysis of the status and the reasons of the China's real estate prices to Beijing, Shanghai and Shenyang as an example. Because Beijing is political center of China; Shanghai is financial center of China, and in South China coastal city, Shanghai is developing rapidly and is a typical representative of the city in South; Shenyang is a famous old industrial cities of China and is relatively lagging behind the development of the coastal cities in China.Shenyang is a typical representative of tne northeastern city. so I chose to compare the three cities representative. First, the chapter introduced the status of real estate prices of the three cities, and then discusses the status of the national real estate prices: From 1991 to 2006 Chinese house prices had been in the overall upward trend, from early 2007 to October 2008 the national average house price growth began to slow down, from the beginning of a significant slowdown in early 2008, and even some cities housing prices plummeted. Then put forward the question of the existence of real estate prices: high and unreasonable level of the price, and the instability of excessive volatility. Specifically as follows: 1. Chinese real estate prices is high; 2. Price and per capita disposable income; 3. The fluctuations of chinese real estate price is frequent and too large. Finally, I put forward the reason to the current situation and problems of the national real estate prices from the demand and supply levels. According to tne analysis from the demand levels, the reason is due to: 1. Residents of disposable income has increased year by year; 2. The "herd instinct" of the Consumers; 3. "Real estate corporation" speculation behavior; 4. Consumer prices in the future to buy up the expectations and do not buy or psychological; 5. cities the number of floating population increase or decrease; 6. cities transform an increase in the demolition. Supply levels from the analysis, due to: 1. Housing construction material costs; 2. Rigid land prices up; 3. Housing supply structural problem. From other aspects of the final analysis, there are several important reasons: 1. The continued role of low interest rates; 2. On the expected appreciation of the renminbi;3. macroeconomic prosperity and recession.Chapter IV: The review and and performance evaluation of real estate prices of Chinese macro-control. First of all, our past macro-control real estate prices were reviewed, and then their performance evaluation and concluded: The Chinese Government's macro-control real estate prices did not achieve the original purpose of stabilizing housing prices. In this sense, the real estate have not yet reached the goal of macro-control. Through the above analysis, put forward China's macro-control policies in real estate prices of the problems: 1. China's real estate macro control the lack of a comprehensive system to protect; 2. China's real estate macro-control policy itself; 3. Local governments city of misconduct or improper operation; 4. control policy too loose or too stringent and difficult to control goods; 5. the Government only to the construction of affordable housing as the main body. Chapter V: real estate prices and control experience in comparison and reference in some countries abroad. First of all, I introduced the experience of the United States, Britain and Japan in real estate prices and control. And then from the economic means, administrative and legal means ,compare the three aspects, we have: 1. Do not lightly use the interest rate policy; 2. Macro regulation and control should take into account regional differences will not "one size fits all"; 3. To enhance regulation and control the art of government policies to enhance the credibility and sustainability; 4. To increase effective supply of land, increasing the supply of affordable housing proportion; 5. speed up the development of real estate finance, improve the efficiency of the operation of financial assets.Chapter VI: countermeasures and proposals to the establishment of China's system of real estate reasonable prices. Chinese real estate to establish a reasonable price system, as a direct provider of housing - real estate companies and managers of real estate prices - the Government should cooperate closely and work together in order to achieve this goal. From a macro level, the Government's macro-control real estate prices should do: 1. The establishment of the China Real Estate Regulatory Commission; 2. And give full play to the central government for local government oversight and guiding role; 3. Perfecting China's macro-control in the tax policy defects; 4. The Government should strengthen the management of land resources; 5. The regulation of prices should strengthen the use of legal means; 6. Local governments should be a rational city management; 7. Government regulation and control of price difference should be considered; 8. The Government should insist on multi-channel system of housing supply. And real estate businesses should do: 1. To expand the development of capital sources; 2. Coordinate corporate interests and the interests of the community; 3. To ensure the smooth flow of capital chain; 4. Conform to the national macro-control policies.The research to the real estate prices and the macro-control of the real estate prices is too numerous, and the relevant theoretical results are very fruitful. In this paper, I rasie the status of Chinese real estate prices in the latest situation and put forward rational system of the measures and recommendations on China's real estate prices. This study is still relatively shallow, more problems still to be after-depth studied. |
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