| The house-purchase-restriction policy is a vital part of macro-economic regulation in major cities of China.A better understanding of the pros and cons of this policy in the real applications is crucial to the further improvement of it.In this study,a comprehensive market survey,comparative analysis and case studies etc.were used to analyze the impact of house-purchase-restriction policy on real estate mark and its role in economy and industry.The results show that the house-purchase-restriction policy has impact on real estate supply and selling prices as well as the role of real estate industry in the economy of Hangzhou.Briefly,the selling prices were heavily influenced by this policy in different periods.The investment structure of real estate also changes significantly showing more investments in high-end estate and lower investments in low-end estate.Despite these changes,the real estate is still the pillar industry of Hangzhou without significant changes of input.In general,the restriction policy has achieved some success in Hangzhou,but has limited effect on the regulation of real estate products overall supply and demand.The main reason is the absence of supporting laws and supplement regulations to the house-purchase-restriction policy.In addition,the policy also has a negative effect on the interest of some investors and thus cannot get support from them.To improve the application of the house-purchase-restriction policy in Hangzhou,several solutions should be applied collectively.The policy should have specific rules to different people according to the purposes of purchase.More attention should be paid to meet the interests of most people.Supervision of executive administration need to be further enhanced.The structure of real estate investment should be guided to increase the construction of affordable housing projects.To achieve these goals,supporting from tax system and the macro management system,as well as the support of laws and regulations,is needed. |
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