Study on the Impact of Housing Reform on Realty Market in China─A Case Study on Beijing

• Main Authors: TSUNG-HSU LIN, 林崇旭
• Other Authors: HSIAO-HUNG CHEN
• Format: Others
• Language: zh-TW
• Published: 1999
• Online Access: http://ndltd.ncl.edu.tw/handle/99986897761420389305

碩士 === 國立中興大學 === 都市計劃研究所 === 87 === Following the close inter-continental capital and information exchange, once there is an economic crisis in one region, its influence will reach far and wide, and no country on the earth shall exempt. In face of the ferocious Asian economic crisis, to secure a stable economic growth, China is forced to adopt more open and deeper economic reform, and the implementation of the housing reform is a hope for a total solution of the social and economic solution in China. Therefore, this research aims at studying the impacts and influences of the implementation of housing reform in Beijing on the realty market and the economic growth it brings. First, we will analyze the overall operating environment of the realty industry to understand if the housing reform is accepted by the general public on the objective basis. Then a criticism on the efficacy of the housing reform will be proposed after an integrated analysis on the trend of the general realty development and the supply and demand. Finally, a comprehensive description of the realty system and development in China and Taiwan will be given as reference for related researches. Reviewing the process and models of housing reform since last two decades, we will discover that the result is limited. It is chiefly because the double housing allocation system still exists. On one hand the central government encourages housing reform, on the other hand, local governments continue the welfare housing allocation. On premise that it is unable to give up the pre-existing welfare housing allocation concepts and burdens, there are many loopholes in the design mechanism of housing reform, and the road to reform becomes thus increasingly winding. Hardly do they know that the abolition of the welfare housing allocation system, the adoption of the currency housing allocation with reference to the employee income criterion and through the market supply and demand are the ways to enable housing as a product to demonstrate the market competition effect. From the viewpoint of supply, the rush to office buildings and shopping malls development in Beijing has disappeared as a result of the housing reform policies and the slowdown. It thus gives rise to the housing market to become the indicator of the overall realty market. In these few years, the growth in investments and sales of housing market will augment, and developers will not only be more rational but also good bargain products which are affordable by most people will become the mainstream. From the viewpoint of demand, the majority unit group purchase power will retreat from the market, and the general public will take over its role. Though this group of people has a potential demand for housing, the lack of sufficient capital makes them necessary to rely on other fund raiser and government’s maintenance of a reasonable price, in order to enable an equilibrium between supply and demand. Moreover, the result of the association analysis of the overall macroeconomics and realty market condition shows the use of housing market development to stimulate the continuous growth of economy does not satisfy the law of economic evolvement, and to solve the public housing problem should be the main issue of housing reform. As a conclusion to the review of literature and empirical research of the subject matter, as realty possesses various market characteristics, its market changes are very complex and often affected by various social and economic factors. As the rise and decline of realty market is indispensable from daily life and industrial development, a government would aggressively involve in the market operation by establishing related policies and laws to guide the market development as a solution to the housing and other social problems. However, the ruling party should not intentionally intervene the circulation status, for realty market has its own circulation rules, in order to avoid unpredictable consequences in the market. Keyword: housing reform, welfare housing allocation, currency housing allocation, realty condition, housing market