Title: Structural Reform is the Fundamental Way of Real Estate Development
Abstract: The housing reform that started in 1998 ushered in a ten-year period of rapid growth for both the real estate industry and China's economy as a whole.The soaring housing prices in recent years have resulted from the non-market pattern of land supply instead of the imbalance between demand and supply and rampant speculation.To ensure the healthy development of China's real estate industry,a thorough reform has to be carried out in the following areas,the land supply sector which features monopoly,the tax distribution system between the central government and the local ones,and government interventions.The following specific measures are recommended,to foster a legal environment of the industry featuring fairness and impartiality,to allow diversity in land supply,to develop sustainable taxation sources for local governments,to strengthen the construction of affordable housing and guarantee a fair,open and impartial distribution of it,and to be prudent in administrative inventions and give full play to market mechanism in resource allocation.
Publication Year: 2012
Publication Date: 2012-01-01
Language: en
Type: article
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