Study On The Effectiveness Of Price Ceiling Policy In Beijing Real Estate Market

In the past decade,the real estate regulation has been carried out for many times.During the period of regulation,the short-term housing price fluctuation was too large,and the long-term effect of the regulation was not obvious due to the influence of monetary policy.Since President Xi the reform of the supply side,the real estate industry focus on the long-term control mechanism,regulating the real estate from the supply and demand both sides.Among them,the price ceiling policy is a policy that regulates the supply behavior of developers from the supply side.According to liberal economists point of view,the government intervention will distort the market economy rule,will increase the investment cost of developers and home buyers,and reduce the efficiency of resource allocation,this case study a limit policy execution conditions and developers,property buyers acceptance of price policy will be of positive role to improve the reform of the housing supply side.This article system discusses the reform of the housing supply side logic of theory,analysis of the present stage due to the monopoly of land and real estate financial attribute of the real estate market information asymmetry phenomenon,as the highest price policy and implementation provides necessary conditions are put forward.Then,Markowitz's portfolio theory is used to analyze the portfolio of developers and buyers.By comparing the investment returns of national debt,stock and gold in the past decade,this paper constructs the investment portfolios of land development properties of different types of developers under the maximum price policy and the investment portfolios of homebuyers under the maximum price policy.Based on the maximum expected return of under certain risks and the risk minimization acceptable under certain risks under the price limit policy,the study finds that the price limit policy has an inhibitory effect on the housing price in Beijing in the short term,and the range of price limit will affect the investment behavior of developers and buyers.The maximum price policy is affected by the land investment format.The range of price limit,that is,the profit space that developers can obtain after price limit will directly affect the enthusiasm of developers in building price limit houses and the purchase intention of buyers.Combined with theoretical analysis and case study,this paper puts forward some policy Suggestions for the future real estate supply side reform in China,enriching the supply-side reform theory from the perspective of the government,buyers and developers,and contributing to the establishment of a long-term real estate regulation mechanism.