Analysis Of The Influencing Factors Of Chinese Real Estate Inventory

At present, there is a serious imbalance between supply and demand of China’s real estate market, and a sharp rise of housing inventory in the real estate market, so the market is fecing severe pressure to the reduce the high inventory. As the one of the power source of China’s economic growth, with damaging the economic of the real estate industry, the high inventory has also caused big challenges to China’s economic construction. Facing the serious pressure of reducing inventory, it is particularly important to analyze the reasons to cause the high inventory of real estate from the source.Before using the empirical analysis, this paper first introduces the meaning of the indicators and definition of calculation methods of indicators relating to real estate inventory, and analysis the causes of the current high inventory of China. Using JJ co-integration test and vector error correction model to analysis the factors that could cause real estate inventory, and the following conclusions are that there exists Long-term equilibrium relationship between the inventory of real estate and real estate prices, economic growth, income per capita, the proportion of the working population and interest rates. Where there is a positive correlation between real estate prices and interest rates and real estate inventory, but economic growth, income per capita and the proportion of the working population and real estate inventory negatively correlated. Based on empirical analysis of factors which influence the inventory, this paper based on the reality that current there is a serious differentiation of real estate inventory that among the cities, through the establishment of the panel data model, analyzing the differences of the impact of real estate prices, economic growth per capita income, the proportion of the working population on inventory between the eastern, central and western. The results show that the differences of the effect of each variable on the inventory between different regions do exist. In which the affect of economic growth in the eastern region on the inventory is significantly stronger than the central and western, while the central and western is not very different; In contrast, the affect of real estate prices, income per capita and the proportion of the labor force on inventory has a obvious difference between the eastern, central and western, and basically the western region of the strongest, followed by the central region and the eastern region of the weakest.