Macro Control Tools and the Effectiveness on Housing Price in China

Macro Control Tools and the Effectiveness on Housing Price in China

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Title Macro control tools and the effectiveness on housing price in China Author(s) Liang, Lianjin; Citation Liang, L. [ ]. (2016). Macro control tools and the effectiveness on housing price in China. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. Issued Date 2016 URL Rights Creative Commons: Attribution 3.0 Hong Kong License
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Macro Control Tools and the Effectiveness on Housing Price in China By Lianjin Liang 35166815 DISSERTATION Submitted in partial fulfillment of the requirements for the degree of Master of Housing Management, The University of Hong Kong August 2015
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Contents Abstract ................................................................................................................................ 1 1 Introduction .................................................................................................................... 3 1.1 Research Background .............................................................................................. 3 2 Research Objective and Significance ............................................................................ 12 2.1 Research Objective ................................................................................................ 12 2.2 Research Significance ............................................................................................ 13 3 Research Framework and Methodology ........................................................................ 13 3.1 Research Framework ............................................................................................. 13 3.2 Research Methodology .......................................................................................... 14 4 Literature Review ......................................................................................................... 15 4.1 Reasons for Macro Control and the Role of the government ................................... 15 4.2 The Characteristics and Role of Macro Control Tools ............................................ 18 5 The Mechanism of Macro Control on Housing Market .................................................. 21 5.1 The Characteristics of Housing .............................................................................. 21 5.2 The Characteristics of Housing Market .................................................................. 25 5.3 Housing Market Failure ......................................................................................... 26 5.4 Policy Failure ........................................................................................................ 29 5.5 Macro Control under Market Failure and Policy Failure ......................................... 29 6 Macro Control Tools and Their Effectiveness on Housing Price in China ...................... 30 6.1 Financial Tools and Their Effectiveness ................................................................. 30 6.2 Fiscal Tool and its effectiveness ............................................................................. 34
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6.3 Land Policy and the Effectiveness .......................................................................... 39 6.4 Administrative Policy and the Effectiveness ........................................................... 43 7 Conclusions .................................................................................................................. 49 8. Bibliography ............................................................................................................... 52
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Lists of Tables Table 1: The Driving Effect of Housing Industry on Other Related Industries in China .......... 4 Table 2: The investment in fixed assets and housing industry in China .................................. 5 Table 3: The Structure of Investment in Housing from 2000 to 2014 ..................................... 7 Table 5: The Sales of Housing ............................................................................................. 10 Table 6: Average Housing Price .......................................................................................... 11 Table 7: The service life of housing ..................................................................................... 23 Table 8: Tax System on Housing in China ........................................................................... 36 Table 9: Administrative Policies on Housing Develops ........................................................ 44 Table 10: Administrative Policies on Housing Transactions ................................................. 45 Table 11: Housing Price Target in Major Cities in 2011 ....................................................... 48
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Lists of Figures Figure 1: Research Framework ............................................................................................ 14 Figure 2: Deposit Rate in China from 1990 to 2015 ............................................................. 31 Figure 3: Land conveyance fees from 2004 to 2014 ............................................................. 40
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1 Abstract In the passing 20 years, China s urban housing market has been experiencing a rapid development period. As an essential pillar industry, the housing sector drives the development of over 60 industries and even contributes dramatically to the whole economy. The rapid development pace of the housing sector is mainly due to the rapid growth of the investment in housing industry, which leads to the significant rising of land price and housing price. However, the housing market is special compared with other markets. The unique characteristics of housing determine the housing market embodies its own special characteristics. Both of the special characteristics lead to the phenomenon of the simultaneous existing of market failure and policy failure. Hence, it is of great importance for the
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