| Housing market reform promotes the development of China’s real estate market rapidly in 1998. The deepening reform of the land system accelerates the process of the real estate market. Since 31 th Aug 2004, all operating land all transfers by means of tender, auction, listing.On the one hand, it optimizes the allocation of land resources and promotes the rational use of land resources. On the other hand, the price of the land is showing a trend of rapid increase. In the process of rapid urbanization, the urbanization of the population increases the demand for urban land resources, resulting in the struggle for land resources and the allocation, which will exist for a long time. In recent years, the phenomenon of high price and flow of land transactions occurred alternately, the abnormal land prices caused the concern of the community. The government attaches great attention to the abnormal land price and its influence, and constantly strengthens the policy control of the land market. As the main demand for land transfer, the developers are also concerned about the price of land price fluctuations, the price will be a profound impact on the developers of land acquisition and development decisions.This paper selects 385 pieces of land in Hangzhou from 2009 to 2014, including 188 pieces of land for housing and 197 pieces land for commerce. This paper analyzes the formation mechanism of the price of land price by the model of HPM. Firstly, the empirical analysis of the impact factors on the abnormal price of all the sample data, and then, the empirical analysis of abnormal sample data. Empirical analysis of abnormal sample data is divided into two parts: the analysis of the characteristic factors of abnormal sample and the behavior of abnormal sample. Finally, on the basis of theoretical analysis and empirical analysis, this paper summarizes the formation mechanism of abnormal land price, and from the government’s point of view, combined with the developer’s behavior. The paper puts forward the policy of abnormal land price.On the basis of theoretical analysis and empirical analysis, this paper draws the following conclusions:(1) The land reserve system and the "tender, auction, listing" transfer system is the basis for the formation of abnormal price. In the course of the sale process, the value of land assets has been significantly. In this process, the local government to determine the initial price of land sold in which plays an important role. In this paper, we find that in 2009 and 2013, the initial price of land premium has a significant positive impact on the land premium; the impact coefficient is 0.220 and 0.102, respectively, that in the process of land transfer in the initial price of land, the higher the premium.(2) The local government plays a leading role in the formation of abnormal land price. The leading role of local government is mainly reflected in land control and monopoly supply. The local government through the control of land volume rate and use, in order to achieve the purpose of controlling land prices, the greater the volume of land, the higher the land premium. Different uses of land to land premium for the impact of different, commercial land use than the impact factor of the residential land 0.246. In the case of abnormal data, the two or three quarter of land supply to the land premium is positive, the fourth quarter of land supply to the land premium, and the impact of a significant.(3) The developers of non-rational land bidding behavior have a certain role on abnormal price. As the main demand of the market, the characteristics and behavior of the land price has a certain impact. In the empirical study, the property of the developers has a significant impact on the land price. In abnormal data, the developers of land bidding behavior has a significant positive effect on the formation of abnormal land price, the higher the quality of the developers and the local enterprises to promote the land premium. |
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