Research On Purchase Restriction Policy Of Government Under The Real Estate Regulation In China

"Housing, Comfortable living" has always been one of the most vital issues of the people concerned. As an important industry in the national economy, the real estate industry plays a vital role in the economic development of the country. Our previous government regulation of the real estate market along with the socio-economic development and transformation, showing different characteristics, but summarized its characteristics, we find that the real estate market supply and demand is the starting point and the the key of previous regulation. Since 2003, the real estate market developed so rapidly that the prices were way into the fast lane even beyond the range of ordinary people to bear. The government has increased efforts and frequency to control the real estate market through a series of control methods, including the land policy, interest rate policy and tax policy, but with little success, still unable to curb the rapid rise in house prices. In this regulation context, in April 2010, the central government first proposed the housing purchase restriction policy, and then the local government also launched a local housing purchase restriction policy with administrative measures which directly limit buyers on qualification and amount of housing purchase. Since the purchase restriction policy implemented,there were different voices of the policy effects.Based on the analysis of the literature, and take Wenzhou city as an example,this paper is divided into four chapters to do research on the purchase restriction policy. on the basis of literature research,the first chapter combed the core concepts of the real estate market macro-control and proposed targets of the real estate market regulation. The second chapter introduced the background and connotation of the purchase restriction policy. In the impact of the purchase restriction policy,the third chapter introduced the specific content of the purchase restriction policy in Wenzhou through viewing the local actual situation. Using the case study method and comparing the transaction price and amount data of commodity housing and second-hand housing before and after the policy which pressed by the local government,the third chapter then draw the influence of the purchase restriction policy on the real estate market of Wenzhou: low regulatory effect on housing market transaction price, inhibited the housing market transactions and disrupted the real estate market order. After that,the third chapter analyzed the impact on the various stakeholders in the real estate market:violated the legitimate rights and interests of buyers, brought a heavy burden to real estate development companies and multiple pressures to local governments. And then this chapter analyzed the causes for the policy inefficient through three aspects: the housing supply and demand,avoidance of the market supply and demand sides,and blockade of local government. Because of the negative impact of the purchase restriction policy,the fourth chapter proposed that the policy shall promptly quit the field of real estate market regulation,meanwhile, by studing on the effective measures and experience of real estate market regulation in Germany, the United States and Japan, the fourth chapter also proposed optimization measures on regulation of China’s real estate market:implement the classification regulation; accelerate the process of implementation of property tax; establish the public housing-for-rental as the main aspect in the housing indemnification system.