The Research About Differential Credit Policy Influencing On Development Of Commercial Housing Market

Housing is one of the people’s basic needs. As with the level of China’s urbanization ratio increasing, and there are more and more migrated people, the need for buying a house in China’s real estate market is huge. However, many speculative activities make the housing price becoming higher and higher. This make many people who want to buy a house cannot achieve their goals. The real estate market is related with the macro economy, the informal situation of the China’s real estate market will lead to economic instability. It may also cause the real estate bubble. The problems in China’s real estate have become severe social problems, livelihood issues and economic issues. In this context, the government has implemented differentiated credit policy, which is used to solve the problems above.The whole research goal of this paper is to analyze what the differentiated credit policy has influence on the commercial housing market in Chengdu. Under this overall goal, this paper wants to answer such questions:what are the final goals of the differentiated credit policy? Which operational indicators can be used to measure the situation of the commercial housing market in Chengdu? What’s the situation of the the commercial housing market and what’s influence does the differentiated credit policy has on the housing market? To answer these questions, this paper use data from Chengdu’s real estate market from January2007to December2011to analyze the situation and forecast the trend of the real estate market.The conclusions of this paper are that differentiated credit policy has three main goals:to guarantee the basic housing need, to decrease the speculative activities and to prevent the real estate market work abnormally.To describe the situation of the commercial housing market in Chengdu, we can set the indicator index in the aspects of transaction, supply and stock area.In the situation analysis of Chengdu’s commercial housing market, we can find that (1) the transaction price, transaction square, supply square has a rising trend from2010to the spring in2011. After that time, the transaction square is low and the stock area is stable.(2) The ratio of small houses in the all is not rising and the supply square is not decreasing. The stock area is rising.On the influence which the differentiated credit policy has on the commercial housing market in Chengdu, we can find that (1) the differentiated credit policy has a strong influence on the transaction square, which shows that the differentiated credit policy can influence the speculative activities. The transaction price is not rising in2012, showing that the differentiated credit policy can control the high demand for investment. However, the differentiated credit policy doesn’t influence the housing scale distribution.(2) From the aspect of the supply and stock, the differentiated credit policy has little influence on the Chengdu’s commercial housing market. The government need more matched policies.In the final part of this paper, we give some suggestions on the real estate market and differentiated credit policy, mainly including that implementing the differentiated credit policy continuously, the government should develop the low-income housing, regulate the structure of the housing supply, increasing the supply of the small-house and give some supports to the low-income people. Regulating the real estate market need to use land policies and other policies.