《房地产新政).pdf》由会员分享，可在线阅读，更多相关《房地产新政).pdf（3页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、 CHINAS“NEW DEAL”MEASURES TO COPE WITH ITS BUBBLING HOUSING MARKET LU Ding&HUANG Yanjie EAI Background Brief No.544 Date of Publication:23 July 2010 iExecutive Summary 1.Since December 2009,China has implemented a series of policy measures dubbed by the media as the“New Deal in Housing Policy”(fangd
2、ichan xinzheng,房地产新政),to cool down the housing market.2.For retail buyers,the New Deal is a combination of mortgage restrictions,purchase quotas,and extended waiting period for resale to curb individual housing purchase for investment or speculative purposes.3.For institutional players,the New Deal
3、tightens regulations and imposes financial restrictions to discourage or prevent developers or government-linked companies from purchasing land for hoarding or resale.4.The monetary policy has also been tightened to increase investment cost and the government has pledged to increase the supply of ho
4、using,especially low-cost housing.5.The New Deal was formulated to ease social and economic tensions caused by the steep rise in housing prices,especially in major cities.The emergence of a property bubble has been evident by various gauges.6.The emerging property bubble has been a threat to macroec
5、onomic stability and financial security.It also frustrates and incenses people(especially the young and newly immigrated urban residents)who aspire but have yet to become home owners.7.The impact of the New Deal is evident in some cities where housing prices are plateauing.However,the central govern
6、ment has to proceed with caution to ensure that the New Deal will not prick the property bubble abruptly and derail the momentum of national economic growth.ii8.Local governments rely heavily on the so-called tudi caizheng(土地财政,land-sourced fiscal revenue)for their budget needs.Investors and specula
7、tors,including many middle-and upper-class urban residents,fear that the burst of the bubble would reduce the value of their assets.9.Real estate developers,many of which are state-linked businesses,have also benefited from a booming housing market.Banks consider mortgage loans as their best assets.
8、10.Implementing the New Deal measures is also not easy.Differentiating between first-time home buyers and multiple-home buyers is an example.11.Due to the multiple interests and high stakes involved,the government has to proceed with the New Deal cautiously.There are signs that the government may so
9、on fine-tune the New Deal measures to ensure that they will not jeopardize macroeconomic stability.12.In the long run,policy makers in Beijing will have to answer to the challenge of providing affordable homes to the hundreds of millions of rural migrants who move to work and live in the cities.Fiscal restructuring at the city level is necessary to provide appropriate incentives for local governments to facilitate the development of low-cost housing.