Comparative Study Of Shared Homeownership And The Institutional Design In China

This paper using property rights theory of the new institutional economics to provide a solid theoretical foundation for the development of shared Homeownership, revealing the clarity of property rights is the necessary factors to improve resource allocation and the effects of affordable housing policy,making sure that shared homeownership is a better property rights arrangementto improve efficiency of resource allocation.In a comprehensive understanding of shared ownership model and shared equity model in Britain and the United States, this paper creatively divided shared homeownership intoin-kind and monetary subsidies.Through the economic and efficiency analysis of these two subsidies by establishing housing filtering model, shared ownership is being divided into three methods,that is in-kind subsidies,semi-monetary subsidies and monetary subsidies, and china should adopted relativity methods according to the different stages of development of city. Combine the development situation of shared homeownership in china, the experiences of Britainand the United States,the economic and efficiency analysis of different shared homeownership modes and the experts advice on the Institutional design, this paper made constructive comments for china’s shared homeownership institutional design from various aspects,such as definition, pattern design, housing and subsidy sources, pricing and ownership ratio setting, access and exit mechanism, repair and maintenance mechanisms, regulatory mechanisms, etc. On this basis, this article deepen the reform of housing in our country, makeup the research defect at home and abroad, and further perfect the theory system of affordable housing.