The Reseatch About Diversified Housing Policy Influencing On Commercial Housing Market

After the reform and opening up, China’s real estate market has been rapiddevelopment. Especially after the housing market, rising commodity housing prices,rising speed is astounding. And with China’s economic development, rapidurbanization, a large rural population began to shift from rural to urban areas, andthe number of increasingly large demand for housing in this part of the people hasbeen stubbornly high. Meanwhile, with prices rising, commodity housing graduallyevolved into a investment goods, increase the value of the goods, in the face of thisinvestment and speculative demand, prices rise further more. In this case, it isnecessary to introduced control policies on the real estate market regulation toensure the normal operation of the market. From government policies to regulate theintroduction of the policy objectives and the background of perspective can beanalyzed, the ultimate goal of government policies, there are three, namely toachieve and housing, curb real estate speculation and a slowdown in investment inthe real estate economy, to prevent the real estate bubble.This paper selected four housing policy (financial policies, housing creditpolicy, housing land policy, tax policy), as well as7market indicators (the averagetransactions price and transaction size in commercial housing market, the totalinvestment, the supply area, floor area ratio and supply units in the supply ofcommercial housing market, stock area). the empirical analysis of the impact of theimplementation of the policy on the Shanghai housing market commodity produced.Empirical paper analyzed the impact of the implementation of the policy after theShanghai housing market commodity produced. Analysis concluded that thesepolicies has a positive impact on the average transaction price, they are RRR,one-year benchmark deposit rate and tax policies, and the housing credit policy andland acquisition area have a negative impact, where a year benchmark lending ratethe greatest impact. As for the impact to transaction area, there are six policies inaddition will make the transaction size reduced except the loan benchmark rate. Andonly housing land policy has a positive Impulse Response to the total investment forcommodity housing, while other five policies are on the contrary with housing taxpolicy has no contribution rate. On the supply area only has a positive role inpromoting land acquisition area. In addition to land acquisition area, the other fivepolicy has a positive effect on the volume rate. In addition to the benchmark depositrate, the other five policy have a positive effect on the value of less-than-90m2 completed.According to the results of the above empirical analysis, this paper werestanding at different angles to make recommendations policymaking. The first isfrom the perspective of market indicators to develop appropriate housing policyrecommendations. And the other is to propose policy recommendations from theperspective of policy-making purposes. In addition, from the empirical analysis canbe found, the property tax pilot-implementation of housing tax policy, did notachieve the desired effect, namely the impact of the role of market indicators is notstrong. This may be due to the tax policy is still in the pilot, so the policy margin isnot big enough, resulting impact on the market is relatively small contribution.