| As physical asset, the real estate is the terminal of a long chain involved many industries, simultaneously it is the basis for many financial derivatives,The real estate has the effect of "touching one small part and affecting the whole". A multi-stakeholder game make real estate price rising, which produces a bubble. The mechanism of the real estate bubble is a complex process, And the real estate bubble has a significant impact on real economy during it forms and bursts.Since the market-oriented housing system reform in 1991,China's real estate price continued to rise, Especially since 2004, Average growth reached more than 12%. This article finds a series of measuring indexs of the real estate bubble, including the proportion of real estate investment accounted for GDP, Housing Price to Income Ratio and Ratio of house price to rental,have reached the warning level or above.which indicates that China's real estate bubble occurred,and the bubble show a trend to enlarge.Based on China's realities, The article discusses deep-seated motivation and mechanisms of the real estate price bubble from the angle of our system characteristics, cultural characteristics and stage of development. Firstly,we analysis the influence factors of real estate prices using provincial panel data, And then establish the models for the real estate price and these influence factors. The models make formation process and motive of the real estate bubble clarity.The influence of real estate bubble in China, A rapidly growing emerging economies,is another major problem to be discussed. On the one hand, Continuing to maintain high economic growth needs real estate's thrusting for China's current economic structure and development mode; On the other hand, Real estate development trend toward bubble also brings huge negative economic effect and social effect. This article analysis the impact of the real estate bubble from the two dimensions of economic and social and weighed the pros and cons. The paper argues that we should take appropriate and moderate measures to solve the real estate bubble, Achieving the real estate bubble "soft landing". Finally, The article put some forward reasonable proposals to solve the real estate bubble caused by speculation and the imperfect system. |
