Figure 4above shows the Rapid Urbanization inChinaand theComparison with the World Average
According toXiannian Y (2004), the overall real estate market inChinais dynamicand grows fast in terms of capital flow and development speed inspite of the problems.
Sources: China StatisticalYearbook
Figure 3 above showsnew housing increasing dramatically since late 1990s
Since 2003, the priceof RE market grows rapidly, there even emerged RE bubbles in somecities. The state government began a new round of regulative policyagain on RE industry from then on.
Along withthe continued deepened reform of the housing policy, and theconstant increase of the income level of residents, housingconsumption became the economic hotspot inChina. After 1998,the old system看看1the—'Direct housing distributed'1 was cancelled, andthe country started to implement the 'housing mortgage system' (theresidents should buy the house from the market). The Chinese REinvestment entered into a steady and fast developmental period. TheRE industry became the mainstay of the Chinese economy.(Min L,2006)
The market‘HousingReform’ program, instigated in 1998, has been implemented toincrease home ownership, direct savings into the property market,and support economic growth. Part of this programme involves themass privatization of the existing stock of public housing toresidents at cost, which has a significant wealth effect bycreating 听听房天产将去开展趋向‘instant equity’, allowing people to sell and tradeup.(Chen LandBerrellM, 2004)
Real1.1.1The development of Chinese Real Estate market
1.1.1The development of Chinese Real Estate market
Acco您看chineserding to a survey reported i中国房天产开展趋向n the ChinaConstruction magazine, about 59% of the urban residents inChinanow own their own homes. The average 事真上房天产止业调研陈述living spacefor most of urban residents who own their homes is 50⑻0 squaremetmarketers (538⑻61 SF). The majority of hou事真上developmentseholds surveyed have 2 to4 people. About 19.7% of respondents live in rented dwe您看marketllings and11.5% receive rental subsidies from their employers or workunit传闻ofs.