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原文：
Development of China’s Real Estate Market
Over the past two decades, real estate has evolved from government controlled to a commercial product, emerging and developing into an important component of China’s financial markets. Although the overall gross domestic product (GDP) and income levels have been growing rapidly, the even-faster rising housing costs have exacerbated the problem of housing affordability. Real estate development has become a key factor in China’s economic growth, as real estate has become an esntial part of the overall functioning of the economy. Recent signs following the global financial crisis suggest that China’复位键s real estate market has bottomed and may be on its way to a rebound.jugate In the long run, this market offers lucrative investment opportunities for domestic and foreign investors.
The government owned, controlled, and managed all real estate in China undergain a socialist c
entral-planning system until 1988, when reform in this ctor started (Fung, Huang, Liu, and Shen 2006). Since then, a market-bad real estate industry 英文影评has gradually developed, related legislation was enacted, and various types of real estate rvices have emerged. During this period, real estate in China has changed rupfrom a public to a commercial product. Although the state remains the owner of land in name, the rights of land u and land improvements are now commonly privately owned. The privatization effort has driven the growth of the real estate industry, and has made it possible for many modern business practices to be introduced into China.
In recent years, China’s real estate market has demonstrated increasing integration with real estate markets in other parts of the world, with almost synchronous ebbs and flows. This gave ri to imbalances between supply and demand, increasing real estate price volatility. In addition, the Chine economy has been growing at one of the fastest rates in the world, leading to rising disposable income levels.
The increa in housing prices have actually outpaced income growth, thereby exacerbat
ing the affordability problem. A comparison between the inland area and the more affluent coastal area finds that the latter’s housing affordability problem has been more vere.
Nevertheless, since 1997, the heavy investment in the real estate ctor has provided an important impetus for overall economic growth, by stimulating the demand for many other industries, including machinery, steel, electronics, chemical products, and architecture. This is especially important for the economy of a country like China, where savings rates are high and consumption share in the GDP is relatively low.
Another important development in recent years is the real estate market’s increasing integration with its counterparts in other countries. For instance, the real estate bubble between early 2003 and late 2007 and the ensuing rapid cool-off coincided with many other markets. The global financial crisis exacerbated the decline, giving ri to a host of problems including widespread mortgage loan defaults, negative net worth families, and aborted construction projects. This global integration both pos rious challenges and brings opportunities to domestic and foreign investors.
Challenges
Although China’s real estate market is still in a relatively early stage of development in comparison to the United States and other developed markets, China’s real estate boom between 1998 and 2007 was one of the biggest in the world. During this period, the average annual growth rate for real estate investment was 22.1 percent, more than double the average GDP growth rate of 9.4 percent. In particular, theaverage annual growth between 2000 and 2007 exceeded 20 percent, and surpasd 30 percent every year between 2003 and 2007 (Pan 2009). However, beginning in the cond half of 2007, China’s real estate market took a big tumble, resulting in substantial loss for real estate investors.
The recent cyclical changes in the real estate market and the global financial crisis exemplify the inherent risk in real estate investments. However, much like the Chine word “crisis,”hey jude 毕夏amless compod of the signs for “danger” and “opportunity,”challenges and opportunities go hand-in-hand.
Opportunities
Due to the special features of its political decision-making system, the Chine government has quickly formulated and put into effect numerous policies and regulations to address the sharp decline in the real estate market.“China is unusual 清洁工的英文in that it has this incredible capacity to mobilize all its institutions,”浙江二级建造师报名 said Vikram Nehru, the World Bank’s chief economist for Asia (Batson 2009). Becau the 珍惜拥有downturn that began in the cond half of 2007 caud many economic and social problems, many policies and regulations favorable to real estate market participants were enacted by both the central and local governments and took effect in 2008.
The included reducing mortgage interest rates, lowering payment requirements, extending mortgage loan terms, relaxing or eliminating the caps on loans from the housing Public Accumulation Fund, conversion of commercial mortgage loans to government-backed ones, reducing or removing the housing deed tax, offering direct subsidies to hou buyers, relaxing regulations on cond-hou purchas, and eliminating the real estate stamp tax (Fung et al. 2006).
