Reconstruct The System Of Housing Finance Organizations Of China

With the acceleration process of industrialization in China, urbanization rate in late2011is51.27%, and the housing ownership has reached43.3%, which still has long distance bycomparing develops’60~70%. According to international experience, the root cause of thisphenomenon is the imperfect China’s housing finance system, which cannot provide enoughhousing loan product, and restrain the speculative purchase behavior ineffectively.By comparing the three international representative housing finance system:“MarketLeading” in US.,“Social Market” in Germany,“Government Intervention” in Japan fromthree aspects: Government Regulation, Financial Institutions, Financial Products and Markets,a general modern housing finance system is brought out. And we put forward some ideas forreconstructing our country’s housing finance system.To conceive these ideas, we contrast our country’s housing finance system with thegeneral. As the result, there are five main problems in our housing finance system: dependentoperation in policy banks; mortgage department in commercial banks lack independence; nomutual assistance loan institution; no loan guarantee system and mortgage secondary market.Next, we analysis the current situation of our country and present some solution to thoseproblems above: first, establish a “housing accumulation fund bank”, independent operate itand merge its administrative and asset-operation function. Second, create an independent“Mortgage Company”. Third, reform the Postal Saving Bank of China as “Mutual SavingsBank”, which could issue mutual assistance loans. Fourth, set up a mortgage guaranteesystem, providing insurance products for primary and secondary market. Fifth, establishsecondary market, set up government-background mortgage-securitization institutions, andfoster the institution investors for secondary market.