Analysis On The Housing Inventory And The Solution Strategy Of Chinese Real Estate Market

Since 2014,Chinese real estate market has entered into a real adjustment period,and the relationship between housing demand and supply has changed greatly.The increasing housing inventory brought a huge crisis to the development of Chinese real estate market.Under this circumstance,to resolve the risk caused by the high inventory is very important to Chinese central government.Firstly,by referring to the inventory definition of common commodity,this thesis proposes that the housing inventory should consist of three kinds: housings for sale,constructing housings and unbuilt housings,according to their status of production and circulation.Moreover,considering the difference between housings and other common commodity,the housing inventory should be defined from the perspective of government and the whole market,but not only from the perspective of the real estate development corporations.Therefore,besides the first three kinds of housing inventory,the sold vacant housings are also including in the inventory.All the housings unused are defined as inventory,no matter they are sold or not.Based on the definition of inventory,this thesis also discusses the implication of destocking.Secondly,this thesis analyzes the current situation of the inventory for sale,constructing inventory,unbuilt inventory and sold vacant inventory,and also the effect of the inventory.Meanwhile,this thesis analyzes the current situation of the housing demands by combing with its historical changing trend,and finds that the achievable rigid demand is decreasing,the investment demand is decreasing,the improvement demand is increasing,the renting demand is increasing,and the housing demand is diversified.Lastly,different from previous researches which only focused on the strategy of government,this thesis discusses the destocking strategy from the perspectives of government and real estate development corporations simultaneously.Firstly,for the government,on the one hand,based on the current situation that the urban rigid housing demand is gradually decreasing,the policy target of government should aim at the shift population,and it should improve their will to settle in the small and medium-sized cities,give them more preferential purchase policy and enhance their purchasing power.On the other hand,the government should develop the rental market by constructing the government lease operating platform and encourage the development of large institutional leaser,to stimulate the investment demand and also satisfy the lease demand of shift population.Secondly,for the real estate development corporations,guided by the policies of government,they should transfer and update their operating mode actively.For example,the large corporations can refer to the “long term rent mode” and “the linkage mode of rent and sale” of Wanke,and while the medium and small sized corporations should make an alliance of rent and sale.Meanwhile,the medium and small sized corporations should also adjust their product supply mode,such as reducing residential supply and increasing the land reserves in emerging industries,and adopting the development and sale crowd funding by using the internet platform,to promote the sale and speed up the withdrawal of funds by.