| This thesis does a systematic research on the issue of building and managing of the organization system of real estate finance in China. After theoretically analyzing the finance regime, housing institution and real estate finance, mainly describing the characteristics of China's real estate finance, disadvantages of public housing in planned economy like China before her reform, and the history of the housing institution reform and the development of real estate finance, it compares and analyses housing finance modes of typical nations and areas, whose experience is used for China's reference. Hong Kong has a real estate finance mode characterized of finance industry interweaving and co-developing with real estate industry, real estate mortgage loans and securitization. Singapore has one that is outstanding with its accumulation fund system, also active participating of banks in real estate industry. And the U. S. has one that the first and secondary mortgage markets are both highly developed, with abundance of real estate mortgage tools, among which the most widely used is Adjustable-Rate Mortgages (ARM). China has now mingled and co-developing real estate finance modes. From a long-term point of view, her choice is to strengthen a financing system of American style, whose characteristic is the first and secondary mortgage markets, to remold and normalize the accumulation fund system, and to support and encourage housing cooperation financing, eventually to transform the existing real estate finance organization system to a "one-body-two-wings" type, which has the market finance as its main component and the policy finance and cooperation finance as its supporting parts. Finally, it presents strategic suggestions to achieve such transformation, including speeding up the founding of policy housing banks, advancing the process of the commercializing transformation and listing of the former specialized state-owned banks, and developing and perfecting housing co-ops. |
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