Research On Pre-sale System Influencing On Commercial Housing Price

Since Chinese housing reform was fully implemented in the 1990s, the supply and distribution of house have been operated by housing market, housing price have been concerned gradually. However, housing price is more susceptible to the impact of policies because of domestic particularly economic background. As the product of housing reform, pre-sale system of commercial building affect housing price by no clear-cut explanation in academic circles. This paper researches for the current pre-sale system, and studies its action mechanism of affecting housing prices deeply and systematically in order to provide policy reference about the system, puts forward practical measures to resolve the problem of forward housing market, then promotes the healthy development of the real estate market.This paper intoduces the basic theory of the pre-sale system, makes its history evolution and functions to real estate market clear, then summarizes the traits of forward housing price. The fourth chapter analyzes the pre-sale system’s favorable effects and adverse effects.The favorable effects originates from financing function and sale mode.In the period of exuberant rigid demand, the policy inhibited housing price raising fast,The analysis of adverse effects uses behavior theory and focuses on researching expectation mechanism and financing mechanism. Followed that, this paper uses the opportunity cost theory to analyzes the reasonable growth rate of housing price during pre-sale period. The fifth chapter takes NanTong for research object, establishes a measurement model referring to GARCH model, collects effective sample data, and researches the city’s housing price changing after the pre-sale conditions’rising in order to find how housing price change after canceling the policy in 2008 by Eviews. Finally, the paper makes scientific pre-sale policy orientation according to analysis’result, chooses to insisting on and improving the pre-sale system.The sixth chapter researches how to resolve the problem of forward housing price after the two chapters.The paper puts forward recommendations which including transforming pre-sale financing function, exploring the financing channels of real estate industry, strengthening supervision of pre-sale pricing behavior, guiding market players to form reasonable market expectation, and controlling speculation behavior in forward housing market.