The Evolution Of Western Residential Estate Policy And Enlightenment

Chinese real estate market emerged in the1980s, have developed more than threedecades. Chinese real estate market emerged from the Third Plenary Session of the11thCentral Committee, and also has been developing in the policy reform. The Chinesereal estate market has made enormous contribution to China, and bid farewell to the eraof housing shortage. The real estate industry has become a pillar industry of China, asestablishing markets, monetizing of housing allocation policies and abolishing thewelfare housing system. But the real estate met with many social and economicproblems, and has got attention in society during the development process. So thisarticle will explore how to address these issues through policy reform and improve thereal estate market.This paper summarized the experience and enlightenment from the evolution ofwestern residential real estate market policy. The author chose two representativewestern developed countries, the United States and Germany. Combined with thehistory of development of Chinese real estate, there were some problems illustratedsimilar features although the two kinds of countries have different backgrounds,different systems, different economic levels, and different degree markets. So,Evolution of residential real estate policies in western countries could have implicationsfor the policy development in China.Two methods,"theory study" and "comparative study", were used. The paper wasdivided into four parts. The first part is about theoretical study by using "market andgovernment relations theory" and "theory of institutional change". The second partanalyzed the residential real estate policy evolvement of United States and Germany,summed up the experience of relevant policies. The third part analyzed the historicaldevelopment and current status of China’s real estate. The fourth part discussed theimplication basing on western and Chinese real estate policies related revelationcontrast.According to the preliminary study about evolution of western residential realestate policies, the author mainly discussed improvements in land policy, housingfinance policy, real estate tax policies, housing security policies. I hope this paper couldprovide positive suggestions on China’s residential real estate policy reforms.