Comparative Investigation Of Housing Finance System Between America Germany And Singapore

The housing finance system built in China from the1970’s, and beingperfected along with the development of real estate and reform of the housingsystem. At present, purchase a house has become the largest expenditure ofChinese household, residents always produce financing needs when buying ahouse, housing finance is keeping connection with residents life tightly. Solvehousing finance problems, has momentous current significance to bothmaintain social stability and promote economic development.Around the world, all countries keeping unremitting exploration on housingfinance system, also formed the diversity of the housing finance system.Among them, The American capital markets, German contract savings, andSingapore compulsory saving type is the most typical housing finance system.They have made great success respectively, plays a positive role in solving thehousing problem of domestic residents, and promoting economic development.In recent decades, China although has been learning from other countriesaround the world above financial system housing advanced experience, butthe actual real examples of success is not so much, because the research ofhousing finance is not systemic and lack of enough consider of our countriessituation. At present, there is an obvious lag between housing finance systemsituation and the development of real estate market. This paper is based onthe background of the research of international financial system typicalhousing system, and put forward some proposals to improve our country’shousing finance system. This paper is divided into three sections briefly:The first part mainly summarizes the basic concepts and features ofhousing finance, then prompts the definition, structure, type and other relatedcontent of housing finance system. The scope of this paper’s study settle in theareas of consumption housing finance, the focus of the research is financingactivities of residents’ house purchase.The second part is the focus of this article, this part put systemic researchon the formation and evolution, operation principle, characteristics of the mostrepresentative of the housing finance system, the American capital markets,German contract savings, and Singapore compulsive savings. Then summarized common characteristic, comparatively analyzed the differences ofthe three housing finance system. The United States is the country which hasthe largest housing mortgage in the world, housing finance agency system iscomplete, financing source is flexible and rich, housing mortgage secondarymarket developed, the government guarantee play an important role inhousing finance. German housing saving mode is further expand andextension of professional operation, is the inhabitants of mutual savingsbuilding mode, closed operation, special fund is special, fixed rate, risk control,and flexible, appropriate public business. Singapore government implementthe central reserve fund system by means of forced savings, raise housingfund, stratified resolve dweller housing problem. Though the governmentadministrative color is strong, it is helpful to raise efficiency housing fund inshort time.The third part of the paper briefly reviews the development course of thehousing finance in China, and point out the problems exit in the housingfinance system at present. And based on the research of the housing financesystem of three countries, then obtain enlightenment to perfect our country’shousing finance system. Propose suggestions to perfect our housing financesystem policy. Firstly, to establish a clear orientation, commercial and financialpolicy housing combined, multi-level housing finance system; Secondly,improve the housing finance agency system, and strengthen professionalhousing financial institutions. Thirdly, optimize the housing reserve fundsystem, improve the work efficiency and ensure fair. Lastly, push forwardmortgage secondary market, push the layers of three points, open up thehousing finance capital active channels.