Real Estate Investment Influencing Factors Of The Empirical Research In China

After the reform of housing system,real estate market has developed rapidly in China.It becomes more and more serious that the problem of imbalance between supply and demand in our country real estate market.On the one hand,there is the scarcity of land resource,which plays a decisive role to the overall limited supply of housing resource.Besides,its geographical characteristics provide a natural advantage of monopoly for the real estate developers.Therefore the housing developers often relying on their own monopoly feature,adopt the mode of stage development and efficiently control the development scale and price in each period,which exacerbates the tensions in the current housing supply.On the other hand,due to the housing demand of residents in multi-level,the function of housing value maintained and added is magnified under the circumstance of excess liquidity and unreasonable investment channel,which leads to excessive investment and speculative demand.The factors of supply and demand in housing market make house prices gradually beyond the ordinary residents' purchasing power.So it is difficult only through the market mechanism to meet the ordinary residents' housing and improving need.In 2016 the central economic work conference established five tasks to be completed “going production,de-inventory,deleveraging,reducing cost,making up the short board”.As a result,it promote the housing consumption that real estate policies continue to be favorable,repeatedly cut interest rates and open financing channels of housing industry as well as reducing financing cost of housing enterprises.This paper is divided into seven parts and the focus chapters are the fourth,the fifth,the sixth and the seventh parts.The first part is the introduction.The second part is about the relevant concepts and theoretical basis.The third part is the development process of China's real estate investment,mainly described at two levels from the national and four regional real estate investment development processes.The fourth part is the mechanism analysis to influencing factors of regional real estate investment in China,on the basis of the number of housing enterprises,the industrial structure(added value of the tertiary industry),the level of resident consumption,the average sale price of commodity house,land value-added tax,the purchasing cost of housing investors.The fifth part is the empirical analysis of China's real estate investment factors,mainly including unit root test,F test,KAO test,Hausman test,etc.The sixth part is the analysis of the problems of China's real estate investment process.The paper based on empirical results analyzes the problems in nation and four regions.The last part is the policy recommendations.According to the results of the panel model analysis,this paper puts forward some policy recommendation to promote the coordinated development of real estate investment in regions.