| In order to foster a new economic growth point and cope with the Asian financial crises that occurred in1997, the government started a capitalization process of housing distribution. Real estate gained very fast development after the reform; it made great contribution to the growth of GDP and set a place as pillar industry in national economy. However, some problem emerged in developing process of real estate, such as the disequilibrium of supply structure, too rapid investment, too fast increase of house price, and market chaos. Especially, the problem of house price brought negative effect to social stable and economic develops. Though the governments have taken many policies to control increasing house price, they were not very effective. So we study on the influential factors to house price in this paper, and thereby find out the ultimate reason for the persistent increasing of commercial residence price.Foreign scholars have started study on house price for a long time. They usually take empirical research by set a model about the determination of the equilibrium price of house. Also, some foreign scholars focus on the influence of a single economic factor to house price. For a late start in the development of real estate market, domestic scholars drew many lessons from foreign study. But most domestic referent studies set model of house price by select factors from economic basic factors directly. The selection was mostly subjective, and lack of theoretic base.Thereby, the second chapter in this paper starts with conception of commercial residential and the mechanism of house price decision, in an attempt to find a theoretic foundation for the differentiation and selection of influential factors to house price.In the third chapter, we studied on influential factors that come from demand of commercial residence. We firstly estimated the rigid demand of residence produces by urbanization, and differentiated commercial residence demand from rigid demand and effective demand of residence. Then, we studied the significance of influence that come from influential factors. In this chapter we found that permanent resident population of urban area, disposable income of urban resident, and procurability of home mortgage loan were influential to house price, while the influence came from selling price of house, interest rate on loan, expectation of income and house price, and policies of governments were not very significant.In the fourth chapter, we studied on influential factors that come from supply of commercial residence.According to the study on the change of residence supply, we found that commercial residence took an increasing proportion in supply while the proportion of indemnificatory residence decreased.In the study, we divided factors that influence supply of residence into four parts that were land, capital, cost of construction, and policies. By the study, we found that the influence from amount, structure and price of land supply, amount of invested capital were very significant. While, cost of invested capital, cost of construction, and policies show little relation to supply and price of residence. Overall, the structure of land supply was most influential to commercial residence supply and selling price.In order to make up for the insufficiency of Law of Supply and Demand in explain the decision of disequilibrium price, the fifth chapter studied on the pricing behavior of developer by investigate a commercial residence building project in Shuang Liu of Cheng Du.According to the data from developer of the project, this project was settled in south of Cheng Du; its consumers come from south district of Cheng Du, the near area of Shuang Liu, and other district, mostly demand for improving living situation and investment. There was little rigid demand for residence that came from local area. And the residential market was a structure of monopolistic competition.The developer of this project adopted a method of pricing by consulting other competitors’ selling price. It set the average selling price according to competitors’ selling price, and then decided the accurate selling price according to the willingness and purchasing power of its customers. Cost of developing the project was not significantly relative to the decision of accurate selling price, but mostly referred as the base line for pricing.In the last chapter, chapter six, we summarized conclusions that we get in the former chapters, and bring forward the mechanism of lasting increase of commercial residence price, that is:Speeding of urbanization have brought huge amount of demand for residence, while commercial residence took up a very high proportion in the supply of residence. For the lack of shunting pass, demands for commercial residence overshoot the supply, thus the price of commercial residences increased in a long period. In addition, commercial residences are good property for investment; the lasting increase of price will attract a lot of social idle funds to invest in commercial residence market, thus make the situation worse.And also, in a sellers’market, developers could take price discrimination to consumers in order to gain as much surplus of consumer as they can. So consumers feel they enjoy less utility, and the house price is too high.Therefore, the key of high commercial residence price is the disequilibrium of supply structure.About the innovation of this paper:1. Defined the concept of commercial residence, demand for commercial residence, thus made up for the insufficiency of relevant study.2. Focused on the theoretic base when analysis the influential factors to commercial residence.3. Explained the decision mechanism of disequilibrium selling price from the behavior of subject of micro-economy.4. Brought forward the increasing mechanism of commercial residence price. |
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