Research On Relationship Between The First And Secondary Market Of Urban Construction Land

Since the 1980s, china's urban construction land market has begun to pay compensation for using land and to allocate the land resources following a better development pattern, the land market become more mature and the study to support its theory and practice became more deepening in some stages that promote social development and helpe solving practical problems. Now the new urban construction land are scarce and the first land market demands more resources, which escalated the land price and caused a lot of social problems. The Contradiction between land supply and demand promoted high competitive in the land stock market and at the same time raised the premium with more multi-store phenomenons which include the state-owned enterprises stock construction land and other issues they want to revitalize. The interaction between the first and secondary land market are interrelated. In order to stabilize the land market, to adjust the market structure and to guide land supply and demand, it is necessary for us to explore their relationship and mechanism of interaction in the city construction land market.Following the basic theory from the construction land market's research, we analyzed the characteristics of market's competition and the relationship between price and equilibrium. Then we clarified the law of operation between supply and demand and also gained a clear idea of the impact mechanism between the first and secondary land market.At last, combining with the stock - the stock flow model and the relationship of land supply and demand partenership of the incremental construction land market, we fully inquired into the characteristics, operation mode, and the qualitative relationship between the land supply and demand in market, respectively. We made a conclution that the relationship between the equilibrium price and the selling price determine the future development of the land market, and when the land price of the first market is greater than the secondary equilibrium price, the amount of land transfer would be decreased, whereas increased. Based on those researches, we analysed the empirical data of the land market in Haikou city by the Granger causality test. From the transfer fromation of the secondary market, the sale price, the transfer land amount, and the transfer price, of which the different causal relationship between any two variables are systematically tested and verified. Then we get a more comprehensive conclusion: the first and secondary land market is interaction; the transfer price and the amount of transfer volume determine the sell volume and the sale price; which in turns affect the transfer amount. There are all the components of a recycling system and the different variables which affect the existence one building up a specific time lag relationship. We also analyzed the idle land and the land demand coexistenced phenomenon when local government did some interventions between real estate market and house market. At last, based on the final research findings, we can give some relevant policy recommendations.