| This paper detailed the policy instruments and the corresponding regulativeperformance in nation’s second-hand housing market. In addition, evolution pathanalysis is also included.Economic policy instrument, also known as market tools, is implementing inadjusting the economic interests on the basis of the law of real estate economy.Administrative instrument signifies the management institutions issue administrativecommands, instructions, regulations, rules and other measures in directly interveningin the second-hand housing market utilizing administrative power. While politicalinstrument stands for macro-control of the existing building market from the view ofnational security and political stability.This paper established a three-in-one evaluation index system includingefficiency, equity and operability to evaluate each policy instrument respectively. Aconclusion is drawn that the economic policy instrument manifests poor efficiency inregulating the existing building market, but it seems to be more fair and operable tosome extent; however, administrative instrument is inefficient and its short-termperformance is not obvious while the long-term effect is favorable. Moreover, it willjeopardize the regional fairness and operability; political tool has quick effect, highefficiency and strong maneuverability, but it would undermine the fairness to a greatextent. This paper concludes that the national existing building market option wouldfollow the principle regarding the increase of both efficiency and coerciveness. Andthen analyzes the underlying reasons of this evolution of policy instrument isanalyzed from different perspectives. Through the evolutional study and its effect onsecond-hand housing market’s policy instruments in China, it serves to betteradjusting the relation between supply and demand in the existing building market,regulate the second-hand housing market and improve the real estate systemsimultaneously. |
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