Review Macro-Control Of The China's Real Estate Market From The Perspective Of The Personal Investment

According to empirical analysis to Chinese real estate market,this paper finds that the market has fractal feature and exists a kind of linear relation between house prices and rent.Under the premise of it,We use the real option theory to estimate investing earnings,then build the renting-selling conversion model and solve the model by the stopping time and numerical simulation method,get the prices feasible sector of investors making renting-selling conversion decision.Then we analyses qualitatively the influence of Hurst exponent,growth rate of house prices,volatility,investment horizon and risk-free interest rate to feasible section of house prices.It draws a conclusion:the increase of the Hurst exponent,volatility,risk-free interest rate and long-term investment horizon take acceleration to the investors who executing resale decisions.On the contrary,growth rate of house prices and short-term investment horizon have restraining effect.In the end,This paper utilizes the conclusion to make periodic research to the market of second-hand residential real estate in Beijing and dissects a series of macro-control policy that the government made for the real estate market reversely.