Macroeconomic Regulation And Control Of Land Policy, The Real Estate Business Investment Decision-making Behavior Research

The research upon macro-control policy of lands started in China in mid-1990s. In Year 2001, for the first time the land policy became one of the key measures of macro-control in China. Since then, experts and scholars have gradually deepened their study upon many aspects of macro-control policy of lands. Moreover, in lack of practice experience, the investment decision-making theory of real estate in China is also immature. Therefore, this article is trying to study the investment decisions of real estate enterprises and the targets of macro-control from a microcosmic angle in the eyes of companies, as well as with a scientific macro-control system, to research about the influences of land policies and the counter measures of companies.This article is innovative in its three demonstrative aspects: explorative research, fundamental research and applicable research, which in steps lead the topic to its key issues and find the focus of the research. The explorative research inherits the result of the model concluded from the other former research. With abundant investigation in real estate professionals, the explorative research has further clarified the content and purpose of the topic and provided basis for the next phrase of research. The fundamental research is based upon the land policies relating to the real estate industry, and concludes the key contents concerning macro-control system of land policy by factor analysis, as well as an assessment upon business features and scales by variance analysis. Finally, the applicable research targets its direction upon the executive levels of real estate companies, and focuses on the decision-making process of investment scales and categories in apartment products. With the tools of survey questionnaire and case study, the investment behaviors of real estate companies are analyzed to reflect the changes following the lands policies in the macro-control system.This article targets at the decision-making of real estate and macro-control system of land policy. From the aspect of the companies, the influences of the land policies under macro-control and the actual scenarios of the investment decisions of companies are analyzed, which discloses the relevance between land policies implementation and the policies' outcomes. The macro-control system of lands created by this article, as well as the impact scope of macro-control system of land policy, would be valuable to the policy drafters and the policy researchers, and even to the research of real estate investment decisions under the macro-control of lands.