The Efficiency Of Real Estate Industry Policy Of Changsha City

Real estate market is a market which is related to state strategy and peoples’ life,not only associated with the level of peoples’ life, but also embodies the economicdevelopment level of a country. With the rapid development of economy，the GDP ofChina has exceeded Japan，and China has become the second biggest economy entity,and the real estate market gets more space to grow. But at the same time, it causesmany problems, the ceaselessly rising of the housing price without fall is one of themost serious trouble. The government has regulated and controlled it for several times,but the output is not so satisfied. Thus it is very necessary and urgent to research theeffect of the regulation and control of the real estate and come up with effectivesuggestions.The study adopts the method of empirical research, state the real estateregulation of tax policy, monetary policy and land policy in detail from2009to2013,and combines with the regulation policy to analysis the real estate market presentsituation in Changsha city, mainly includes the analysis of commodity housingtransaction price, commodity residential housing supply volume, commodityresidential housing turnover, and the land supply.With an empirical analysis of thevector autoregressive model, impulse response function, the vector error correctionmodel and variance decomposition, we can see the tax policy shows positive impulses,and then it changes to negative impulses. The rate policy shows positive impulses.The land acquisition area policy shows negative impulses. The contribution rate of thetax policy is relatively small, the impact of monetary policy on housing transactions isthe biggest and the impact of land policy on housing price is relatively big.According to the conclusion, the author has taken Changsha city as an exampleto investigate the regulation policy of real estate, and analysis from following4aspects. Firstly, there are four questions in the regulation and control policy of realestate, which are tax policy, monetary policy and land policy. Secondly, real estateregulation and implementing agency is not so effective on account of the governmentof Changsha and the banks. Thirdly, the target group of real estate regulation also hassome troubles, which are the buyers and the real estate developers. Fourthly, theenvironment of real estate regulation. Based on the analyzing and summarizing theimplementation of the policy, the research has put forward feasible suggestions of realestate regulation form four aspects.