【英文文献翻译(附带中文原文)毕业论文专用】我国房地产市场现状和相关国家政策介绍

纵观整个中国房地产市场，随着经济的发展，中国房价一直在涨，不过在零七以前涨幅不大，房价开始飙升是在零七以后，到了2009年，政府为了摆脱美国次贷危机影响，推行了宽松的信贷政策，这大大刺激了房地产市场的发展，房地产开始走向泡沫化。

除了国家政策，大众的思想也是控制房价居高不下的一个重要因素。

在中国传统的社会观里面，要有一个稳定的居所才会有一段稳定的婚姻，从而演变成了今天的买一套房成为了结婚的首要充分条件，也正是因为这种观念，使得购房需求几乎没有了弹性。

从2010年开始，国家出台了一系列调控措施，称为“国十条”，但是并没有对房价的下降起到太大的作用。

2011年，房地产业的泡沫已被吹得巨大无比，随时都有破灭的可能，中央推出了八条房地产市场调控措施。

备受期待的“新国八条”政策出台以后，全国楼市并没有像想象中的那样受到控制。

我认为，未来两三年，房价不可能再上升，但是也不会狂降，应该是出于一种稳中有降的态势，每个地区降幅可能会不太一样，降幅最大估计也就是15%左右。

因为房地产业就目前而言依然是国民经济的一个支柱性产业，如果房地产市场大跌，那么经济增速就将会放缓，可能会引起社会不稳定现象，而且房地产业关系到一系列产业链的发展和大批工人的就业问题，如果大跌，社会经济颓废将是必然的。

个人认为，最有可能的是房地产价格略有下降，地方政府限购政策会放宽一点，交易量上升一些，再降下来再微调，这是一个政府与房地产商博弈的过程。

Throughout the real estate market, along with the economic development, China's housing prices have been rising, but little in seven previous gains, prices began to soar after the seven, by the year 2009, in order to get rid of United States subprime mortgage crisis, implementation of easy credit policy, which greatly stimulated the development of the real estate market, real estate starts to bubble. In addition to national policies, mass is also an important factor in controlling high prices. In the traditional Chinese society, to have a stable residence will have a stable marriage, which evolved into today's buying a House becomes first sufficient condition for marriage, and because of this, makes the House has little elasticity of demand.Starting from 2010, the State issued a series of regulations, known as the "ten", but did not play much role in the fall in house prices. In 2011, the real estate bubble has blown huge, burst may at any time, have released eight measures to regulate the real estate market in the middle. The much-anticipated "new country eight" policy after the introduction, the property market did not, as expected, as under control.I think the next two or three years, house prices may be rising again, but will not kuangjiang, should be a steady decreasing trend, each region may not decline too, most estimates is about 15%. Because the real estate industry for the moment continues to be a pillar industry of the national economy, if the real estate market slumped, then there will be a slowdownin economic growth, could cause social instability, relates a series of industry and real estate industry development and employment for large numbers of workers, if dropped, decadent social economy will be inevitable. Personally think that most likely is a slight decline in real estate prices, local government the purchase of policies be relaxed a little, trading volumes rose, and then down and then fine tune, this is a process of Government and the real estate game.。

Analysis of China's real estate market problems and Countermeasures The housing market interference can be generally classified into two methods: the number of interference and interference. The amount of interference is important for the housing supply amount of interference, directly through the government built a large number of public housing to rent to supply low income households and hard user applications, but this approach is easy to carry the heavy burden of finance. Therefore, in practice, in addition to public housing, the government also adopted the finance allowance method, that is actually on housing price regulation and interference, financial subsidies can be divided into the demand for property buyers and developers supply subsidies subsidies to. In accordance with the government policy and real estate market interference of different characteristics, this article from the amount of interference and interference of two part price assessment real estate policy, government intervention in two part investigates the government real estate policy, intervention and policy evolutionKey words: problem; countermeasure; real estate marketReforming and opening especially housing system reform, our country real estate industry such as bamboo shoots after a spring rain is swift and violent development, the real estate market emerge as the times require. The real estate industry and the development of real estate market, on the one hand, promote the development of economy of our country countryman, people living condition is improved to have positive effect, but also causes some problems can not be ignored in the market.The first section of the current real estate market in China the main problemsAt present, China's real estate market problems, to sum up, mainly in the following four aspects:(1) the investment in real estate development investment scale is too large, resulting in economic risk. According to the National Academy of Social Sciences,"2008real estate Blue Book" provides data, in 2007 the national real estate investment of 2.52 yuan, a year-on-year increase of 30.2%, an increase of 8.1percentage points year-on-year growth rate, higher than the same period of urban fixed asset investment growth rate 4.4 percentage points; wherein, commodity residential investment1801000000000 yuan, a year-on-year increase of 32.1%, the highest since 2003, increasing ratio year increase by 6.5 percentage points higher than the same period, the real estate investment growth rate 1.9 percentage points since 2004, continued the residential investment growth rate were higher than that of the real estate investment growth trend. According to another survey of traffic bank, investment in real estate development, most enterprises of real estate developers because of its own funds less, development of source of funding to the bank credit and indirect financing, asset indebted rate is higher. In the fierce competition in the market and the government macroeconomic regulation and control policy under the influence, the enterprise once the operation errors or capital chain ruptures, will lead to a large number of bad assets and non-performing loans, contains the financial risks and economic risks can not be ignored.(2) housing sales price is exorbitant, cause the majority of consumers at the housing stop. In recent years, the country house prices continue to soar.(3) housing the unbalance of structure of supply and demand, leading to many consumers to buy suitable housing. At present our country 's real estate market housing supply, prevalence of high profile, small-sized apartment house slants much, cheap, large-sized apartment housing and economic housing, low rent housing less problems, leading to many living conditions for property buyers to buy suitable housing, aroused the public especially low income groups dissatisfaction, and then increase the differences between groups of social contradiction, increase social disharmonious factors.(4) the market order and chaos, led to the illegal behavior increases. One is the development of enterprises in the housing sales, land acquisition and planning approval such links exist illegal acts; the two is the government departments at all levels in land development, housing construction exists in the process of land expropriation, the development of enterprises to chaos to collect fees behavior. According to the Ministry of construction in 2007eight departments to carry out the national real estate market order special rectification work in statistics, all around thereal estate development, trade, intermediary and other aspects of the comprehensive inspection, in accordance with the law and real estate enterprises and departments in charge of all kinds of illegal acts, Shanxi province investigates illegal for 189 projects, total22%; Hebei Province found problematic development project for 326, accounted for 24% of the total; Chongqing city had problems finding the real estate development projects 158, accounting for 16% of the total.Section second of the current our country real estate market is the main cause of the problemLed to the above-mentioned problems is many sided, but also is a complex. To sum up, I think, mainly including the objective reasons, subjective intention mainly consisting mainly of reason of unbalance of supply and demand and housing in three aspects.(1) the dominant cause of objective conditions. One is from the real estate market situation, due to the development of China's market economy is still insufficient, market economic system as a part of the real estate market system is still in the stage of construction and perfect ceaselessly, market self regulation and perfect mechanism is not yet fully formed, real estate market has led to the emergence of these problems. Two from the government's macro-control real estate market situation, because the real estate market in China is still a newborn thing, the grasp of the real estate market is a process of adaptation, and the government has introduced regulatory measures also have a process, so the effect of government regulation of market show no doubt has opposite lag characteristics, real estate market has led to the problem difficult to solve. Three from the price rising factors, large demand for housing, land, raw material price rises ceaselessly, labor remuneration increase gradually, the real estate product quality and content of science and technology continued to improve, leading to the real estate production cost is higher, thereby affecting the prices continued to rise.(2) the subjective intention main reasons. Under the condition of market economy, the market main body and other parties have their own interest pursuit. When the parties interests game, to achieve its maximum benefits of desire, often appear weak and strong damage public interests phenomenon, resulting in the realestate market the problems. Its incorporate is: one is the part of the real estate developers in pursuit of their own interests, regardless of national policy and regulations, regardless of the harm the public interest, and therefore there is blind investment, an illegal part, is formed between the enterprise price alliance or property hoarding, drive up prices of building high profile small-sized apartment build less low-grade large-sized apartment housing act, cause investment too big, market disorder, unbalance of structure of supply and demand, housing prices rise high. Two is the number of intermediary organizations and social speculation funds to participate in the housing speculation, housing supply, housing prices soared, confusion in the market play a role. People for having heard it many times "Wenzhou real mission" and foreign funds through various channels to enter the domestic real estate speculation is a powerful example. Three is part of the local government from local interests, one-sided pursuit of economic growth and the real estate market short-term prosperity, neglect the importance and urgency of macroscopical adjusting control, in the implementation process of the central regulatory policy filter, select the available content execution, or take an alternative implementation and symbolic execution, resulting in" a policy, a policy of" implementation deviation, leading to the real estate market regulation policy in the implementation of aliasing, led to the real estate market problems have not been effectively resolved, the impact of the government macro-control measures effect.(3) housing the cause of unbalance of supply and demand. The increase in housing supply can not keep up with demand growth, market supply and demand imbalance, leading to the real estate market is the problem of a deep-seated reason. Large scale farmers basic housing demand, town dweller consumes a structure to upgrade to improve the housing needs, old housing renovation caused by the passive nature of the housing demand, the industrialization that finish on the business premises of the incremental demand, the demand of several superimposed, resulting in a Chinese urban housing demand rigidity, decided the future for decades in China city housing supply can not meet the demand of the basic situation. People on the housing consumption demand increases ceaselessly, the housing supply can not meet the increasing demand of the society, in this case, the investment increases, prices andspeculation and other problems will be difficult to avoid.Section third of the government macroeconomic regulation and control is to solve the real estate market is the inevitable choice of the problemUnder the condition of market economy, government and market, is the two kind of resource allocation and coordination of the social economic activities is the main mechanism or system arrangement. For the real estate market problems, need the government to grasp correctly the relation with the market, according to the real estate industry and market characteristic and rule, the correct exercise of social functions in economic management, using the method of macroscopical adjusting control, timely to control the real estate market.( one ) the real estate industry 's basic attribute, decided the government must timely carried out macro-control on real estate marketThe real estate industry is the important industry relationship beneficial to the people's livelihood. The housing problem, is not only an economic problem, but also is a matter of social harmony and stability of society and political problem. In the social economic life, real estate has two basic functions and attributes: one is economic function, namely the industry attribute. The real estate industry itself belongs to a material wealth creation industry. In the healthy development of the market under the premise, the real estate industry not only itself to the society created enormous material wealth; but also for two or three industries to provide production and operation places; in addition, the real estate industry and building materials, construction and installation, decoration, electrical manufacturing, furniture manufacturing, green environment, service life and many other industries are closely related, can drive a large number of relevant industry development; and then is able to create more material wealth, promote the sustainable and rapid development of national economy. According to the National Bureau of statistics, the 1997-2004years, real estate development investment on China's GDP growth rate contribution rate is 11.6%, which achieved 13% in 2004. Two is the social function, namely public property. The real estate industry also belongs to a closely related with the people's life in the social sector. To the vast number of members of the community to provide housing product, satisfy each citizen's basic right of habitation demand, real estateindustry is the existence and development of nature's laws. With the reform of housing system and the development of the real estate industry, although part of China's urban residents living conditions have been greatly improved, but there are also many low income groups purchase difficult living conditions, to improve the problem.Real estate two basic attributes, decided whether it is from the maintenance of real estate and national economy sustainable development point of view, or from the maintenance of social harmony and stability, to meet the public demand for basic living right angle, the government must stand in global height position, close attention to the real estate industry and the real estate market development situation of real estate market, aiming at the existing problems, to exercise the function of macroscopical adjusting control, maintain the stability of the real estate market, promote the real estate industry and the sustained and healthy economic development; maintain harmony and stability in society, satisfy the social public housing demand.( two) the government and the market relations, decided the government must be carried out macro-control on real estate marketIn social economic activities, the government and the market relations, is in essence a kind of me, I have complementary relationship. Correctly handle the relationship between government and market, need to pay attention to prevent the emergence of two extreme behavior : one is market first and market omnipotence theory, the results led to the market failure and government; two is the supreme Almighty, resulting in failure of government. To this end, the government has to ensure that the market has fundamental sex effect to resource configuration under the premise, with macroscopical adjusting control intervention long make up market regulation short. When the malfunction of the market mechanism, problem, government should timely to market macro-control, thereby realizing the market adjustment and government intervention mechanism of the optimal combination of two yuan.The domestic and foreign theory and practice prove that, under the condition of market economy, want to realize the market participates in each square interest balance, gain social benefit maximization, solely relying on market forces isimpracticable. ModernInstitutional economists G. Hodgson, a pure market system is not feasible," a market system must be permeated with the national regulations and interventions". On century 90time our country Hainan real estate bubble burst and collapse in house prices in recent years in Japan, the United States sub-loan crisis impact on social economy and government intervention in the market practice, deeply tell us: no government timely regulation, the real estate market is easy to appear the far-reaching economic and social problems; the solution real estate market problems, relying on the market mechanism can not solve, must rely on the government timely intervention.In the face of a preceding period of China's real estate market appears a sharp rise in housing prices, housing supply structure unbalance, market order is confused and other problems, if in the so-called " market decides everything" as an excuse to give up macro-control, abnormal development of the real estate industry or the real estate market turmoil, will give our country social economy bring irreparable disaster consequences. Therefore, as a social economic management of the government, must pass through the method of macroscopical adjusting control, the real estate market was timely and effective regulation and control, and properly solve the problems in real estate markets, make real estate and real estate market return to the correct development track, avoid market risks and crisis, ensure Society of our country economy the continued and healthy development.( three) the basic functions of the government, decided the government must be carried out macro-control on real estate marketHousing is the requisite that people lives, safeguard the citizens' right to housing, is the unshirkable responsibility of the government. As the government according to the law of the state and social public affairs management of the administrative organ, has two basic functions : one is the economic management functions, including the function of macroeconomic control, provide public products and services function, market to superintend function; two is the social management functions, including adjusting social distribution and organization of the social security function, stimulative socialization the service system of functions. From the functioncharacteristics, the functions of the government is open to the public, dynamic and expansion of the three major characteristics. The functions of the government 's public characteristics, reflected a government to perform the functions of fundamental objective is to all social groups and classes to provide universal, fair, high quality services to the public, this is the essence of government functions. The functions of the government to the dynamic character of shows, with economic and social development, governmental function is always changing, he depends on the market economy condition the relationship between government and market dynamics, the relationship between the government and society the force contrast. The expansion of government functions features that, as in modern society, public affairs, public issue increasingly grow in quantity, the public needs of individuation, diversification, the government undertook more and more the function of social service, and gradually extended to all levels of society.Therefore, when the real estate market price rises, order disorder, the public housing demand is difficult to meet such problems, the government must conscientiously perform their functions: through the method of macroscopical adjusting control, restrictions on real estate prices skyrocketing, normative market action, ensure that the real estate industry and the real estate market is stable, safeguard the healthy development of the national economy; meet society the public housing demand, maintain social public interests, and promoting social fairness.浅析我国房地产市场存在的主要问题及对策摘要住房市场的干涉大致可以归结为两种方法:数量干涉与价格干涉。

关于中国房地产市场的英文文章China's real estate market has experienced rapid growthin recent years. The article provides an accurate analysisand update on the current state of the market. It can be used as a reference for investors, economists, or individuals interested in understanding the dynamics of the Chinese real estate industry.以下是使用28句双语例句来回答关于中国房地产市场的问题：1. China's real estate market has been a key driver ofthe country's economic growth.中国的房地产市场一直是中国经济增长的重要引擎。

2. The high demand for property in China has led tosoaring housing prices.在中国，对房地产的高需求导致了房价飙升。

3. Many Chinese individuals see real estate as alucrative investment opportunity.许多中国人将房地产视为一种有利可图的投资机会。

4. The Chinese government has implemented various policies to cool down the real estate market.中国政府出台了多项政策以降温房地产市场。

5. A surge in property speculation has raised concerns about a potential real estate bubble.房地产投机热潮引发了对潜在房地产泡沫的担忧。

外文翻译---我国房地产可持续发展的文献综述The sustainable development of China's real XXX economic and social progress of the country。

It is essential for the XXX real estate industry。

identify the challenges it faces。

XXX。

Keywords: Sustainable Development。

Real XXX1.The Concept of Sustainable Development in Real EstateSustainable development in the real XXX。

materials。

XXX the quality of life for XXX development is essential for the industry to achieve long-term growth and stability.2.Challenges Facing the Real Estate IndustryXXX real XXX development。

One of the primary XXX。

XXX。

XXX.3.XXX EstateXXX real estate industry。

XXX。

XXX training programs。

workshops。

XXX。

consumers need to be made aware of the XXX。

XXX practices。

XXX.XXX。

XXX for the long-term growth and stability of the real XXX sustainable practices。

the industry can achieve economic。

房地产相关文献综述范文English Answer:Real Estate Literature Review.Real estate is a vast and complex field, with a wide range of topics that have been studied by researchers. This literature review provides an overview of some of the key areas of research in real estate, including:Real estate markets: The real estate market is a complex system that is influenced by a variety of factors, including economic conditions, interest rates, and government policies. Researchers have studied the dynamics of real estate markets to understand how they operate and how they can be affected by changes in the economy.Real estate investment: Real estate is a popular investment vehicle, and researchers have studied thefactors that affect the performance of real estateinvestments. These factors include the location of the property, the type of property, and the investment strategy used.Real estate development: Real estate development is a complex process that involves the planning, design, and construction of new properties. Researchers have studied the factors that affect the success of real estate development projects, including the market demand for new properties, the cost of development, and the regulatory environment.Real estate finance: Real estate finance is a complex area of study that involves the financing of real estate investments. Researchers have studied the different types of real estate融资, such as mortgages, equity financing, and mezzanine financing. They have also studied the factors that affect the cost of real estate financing, such as the interest rate, the loan-to-value ratio, and the creditworthiness of the borrower.These are just a few of the key areas of research inreal estate. The field of real estate is constantly evolving, and new research is being conducted all the time. This literature review provides a brief overview of some of the most important areas of research in real estate, and it is intended to serve as a starting point for further research.中文回答：房地产相关文献综述。

房地产外文翻译（二）引言在全球化的背景下，房地产业的国际化发展愈发重要。

本文将对房地产外文翻译（二）进行分析和探讨。

文中将从外国房地产市场的现状、房地产交易的法律法规、市场的推广策略、现代科技在房地产业的应用以及房地产投资的风险与回报等五个大点开展讨论。

一、外国房地产市场的现状1. 外国房产市场的概况2. 不同国家房地产市场的特点及发展趋势3. 外国楼市调控政策的对比分析4. 房地产供需的影响因素5. 城市化进程对外国房产市场的影响二、房地产交易的法律法规1. 外国房地产交易的法律框架和法规体系2. 外国房地产交易的合同法律条款3. 外国房地产交易的税务政策4. 不同国家房地产交易流程的对比研究5. 外国房地产交易中的法律风险与风险防范措施三、市场的推广策略1. 外国房地产市场的推广模式2. 网络营销在房地产推广中的应用3. 房地产开发商的市场定位和品牌战略4. 房地产销售技巧和促销策略5. 房地产市场营销策略的创新和趋势四、现代科技在房地产业的应用1. 人工智能在房地产行业的应用2. 大数据技术在房地产市场分析中的应用3. 虚拟现实技术在房地产营销中的应用4. 区块链技术在房地产交易中的应用5. 房地产业的数字化转型和未来趋势五、房地产投资的风险与回报1. 外国房地产投资的风险评估指标2. 外国房地产投资的收益估算模型3. 不同国家房地产投资收益率的对比分析4. 外国房地产投资的风险管理手段5. 房地产投资市场的未来发展前景总结通过对房地产外文翻译（二）的归纳和总结，我们了解到外国房地产市场的现状和发展趋势，认识到了房地产交易的法律法规以及市场推广策略的重要性。

同时，现代科技在房地产业中的应用也得到了提升，但投资仍然面临一定的风险。

因此，对外国房地产投资进行风险管理和回报评估是至关重要的。

随着全球化的深入发展，房地产业将继续成为一个热门的领域，我们必须及时调整策略，适应市场变化。

房地产营销管理英文文献及翻译房地产开发是支持人们日常生活的基矗社会主义市场经济体制的制定，使得房地产业成为市场经济活动的主体成员，面对市场的风云变幻，房地产企业要想抓住机遇，迎接挑战，必须树立现代的营销观念，掌握现代的营销技术。

我国的房地产营销环境与营销管理虽然经过二十年的市场观念熏陶，但是我国的房地产在诚信问题、营销创新、产品创新、以及管理体制等方面与国际接轨上有距离。

1 房地产营销的基础知识1.1营销的概念毕业论文市场营销译自英文marketing一词。

最早产生于美国，1960年美国市场营销协会（AMA）定义委员会的定义：市场营销是把产品或服务从生产者引导到消费者或用户所进行的一切企业活动。

房地产市场营销是通过房地产市场交换满足现实的或潜在的房地产需求的综合性的经营销售活动过程。

它有以下几层涵义：1、房地产市场营销的目的是满足消费者对房地产商品和劳务的需求。

2、既包括现实需求也包括潜在需求。

3、房地产市场营销的中心是实现商品的交换，完成销售活动。

4、房地产营销的手段是开展综合的营销活动。

房地产营销是市场营销的一个重要分支，是建立在市场营销理论体系上的。

在房地产营销的运用上主要由政府管理部门和房地产开发商。

政府部门主要作为市场管理者对市场行为的监督以及对房地产开发商进行指导，披露市场供给需求信息，制定相关策略以利于社会稳定和经济发展。

房地产开发商主要是发现市场机会，进行营销管理活动。

1990年，美国企业营销专家劳特朋提出了4C理论，4C即消费者的欲望和需求、消费者获取满足的成本、消费者购买的方便性、企业与消费者的有效沟通。

4C理论的营销主张重视消费者导向，其精髓是由消费者定位产品。

1.2 房地产的发展长久以来国内对住房的要求就是能够遮风避雨就行了，但是，随着社会的发展以及我国城市化进程的加快，房地产市场不仅仅局限于提供给人们遮风避雨的场所，而在引领住宅文化潮流上更是不遗余力。

房地产有其区别于其它产品的特点。

房地产相关文献综述范文English Response:Introduction.Real estate plays a significant role in the global economy and individual financial planning. This literature review aims to provide an overview of the key concepts, theories, and empirical research related to real estate investment and development. It examines the factors influencing real estate markets, investment strategies, and the impact of real estate on economic growth.Real Estate Market Fundamentals.Supply and Demand: Changes in the supply and demandfor housing and commercial properties drive market prices and rental rates.Property Attributes: Location, size, amenities, andarchitectural features influence the value of a property.Market Segmentation: Residential, commercial, industrial, and land segments have distinct characteristics and demand drivers.Market Cycles: Real estate markets typically follow cyclical trends, influenced by economic conditions and government policies.Investment Strategies.Residential Investment: Purchasing and renting out single-family homes, apartments, and other residential properties for rental income.Commercial Investment: Acquiring and managing office buildings, retail spaces, industrial warehouses, and other commercial assets.Land Development: Purchasing raw land and convertingit into residential, commercial, or industrial propertiesfor sale or lease.REITs (Real Estate Investment Trusts): Publicly traded companies that invest in a portfolio of real estate assets, providing investors with diversification and access to institutional-grade investments.Impact on Economic Growth.Job Creation: Real estate development and maintenance create employment in construction, property management, and other related industries.Tax Revenue: Property taxes are a major source of revenue for local and state governments.Investment Catalyst: Real estate investment canattract businesses, infrastructure development, and overall economic activity.Conclusion.Real estate is a complex and multifaceted asset class. Understanding the market fundamentals, investment strategies, and impact on economic growth is essential for informed decision-making by investors, developers, and policymakers. This literature review provides a comprehensive overview of the key concepts and research in the field of real estate.Chinese Response:引言。

关于中国房地产市场的英文文章Title: Chinese Real Estate Market: Accurate Analysis and ApplicationIntroduction:The Chinese real estate market has witnessed rapid growth and substantial changes over the past several decades. This article aims to provide an accurate analysis of the current state of the market and shed light on its future trends. The usage of English and Chinese bilingual sentences will help enhance the readers' understanding of the topic.1. The Chinese real estate market plays a crucial role in the country's economic development.中国房地产市场在国家经济发展中起着至关重要的作用。

2. Over the years, there has been a surge in housing demand in China.多年来，中国的住房需求出现了激增。

3. The expansion of urban areas has fueled the growth of the real estate market.城市范围的扩大推动了房地产市场的增长。

4. Chinese citizens consider owning a property as asymbol of financial success and stability.中国公民认为拥有房产是财务成功和稳定的象征。

原文：本科毕业设计（论文）外文翻译Development of China’s Real Estate MarketOver the oast two decades, real estate has evolved rrom governmentcontrolled to a commercial product, emerging ana developing into an important component of China s nnancial markets. Altnough the overall gross aomestic 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 essential part of the overall functioning of the economy. Recent signs following the global financial crisis suggest that China ^ s real estate market has bottomed and may be on its way to a rebound. 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 under a socialist central-planning system until 1988, when reform in this sector started (Fung, Huang, Liu，and Shen 2006)• Since then, a market-based real estate industry has gradually developed, related legislation was enacted, and various types of real estate services have emerged. During this period, real estate in China has changed from a public to a commercial product. Although the state remains the owner of land in name，the rights of land use 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，Cnina ’ 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 rise to imbalances between supplv and demand, increasing real estate price volatility. In addition, the Chinese economy has been growing at one of the fastest rates in the world, leading to rising disposableincome levels.The increase in housing prices have actually outpaced income growth, thereby exacerbating the affordability problem. A comparison between the inland area and themore affluent coastal area finds that the latter' s housing affordability problem has been more severe.Nevertheless, since 1997，the heavy investment in the real estate sector 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 rise to a host of problems including widespread mortgage loan defaults, negative net worth families, and aborted construction projects. This global integration both poses serious challenges and brings opportunities to domestic and foreign investors.ChallengesAlthough 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 surpassed 30 percent every year between 2003 and 2007 (Pan 2009)• However，beginning in the second half of 2007，China’ s real estate market took a big tumble, resulting in substantial losses 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 Chinese word “crisis，” composed of the signs for “danger” and “opportunity,” challenges and opportunities go hand-in-handOpportunitiesDue to the special features of its political decision-making system, the Chinese government has quickly formulated and put into effect numerous policies and regulations to address the sharp decline in the real estate market. u China is unusual in that it has this incredible capacity to mobilize all its institutions，” said Vikram Nehru,the World Bank's chief economist for Asia (Batson 2009). Because the downturn that began in the second half of 2007 caused 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.These 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 house buyers，relaxing regulations on second-house purchases，and eliminating the real estate stamp tax (Fung et aL 2006).By the end of the first quarter of 2009, the real estate market in China had started to show signs of recovery. Although housing prices still remain at a relatively low level, Cheng (2009) reported that many cities saw increases in housing transactions as compared to the same period last year，including Beijing (6.28 percent)，Shanghai (27.89 percent), Tianjin (15-77 percent), and Nanjing (9.17 percent). This recovery can be attributable to the aforementioned stimulative policies and regulations and, more importantly, to the recent rapid expansion of the money supply. According to statistics released by the People' s Bank of China，as of the end of February 2009, various loan balances at financial institutions were RMB33.06 trillion, a 24.17 percent increase over one year ago. In particular, the balances rose by RMB1.07 trillion in the month of February alone, a whopping jump of 441 percent over the increase in the same month a year ago. In addition, a good portion of the recently announced RMB4trillion (US$585 billion) economic stimulus program was aimed to boost fixed assets and housing investments and expected to further revive the real estate market. By the end of February, real estate-related stocks traded on the 90 The Chinese Economy.Shanghai and Shenzhen Stock Exchanges recorded considerable gains, and China' s real estate stock index gained over 40 percent.It is uncertain how long the world financial crisis will last and how much impact it will have on China’ s real estate market, but the market appears to have bottomed out. Some economists have predicted that China will be among the first to come out of the global downturn. Batson (2009) argued that China' s economy will turn a corner as the RMB4 trillion stimulus program kicks in, as evidenced by rising crude oil and iron ore imports, record monthly car sales figures, improved manager confidence,a 34.24 percent rise in the Shanghai Composite stock index, and rising real estate sales. Anderlini (2009) also reported a rebound in real estate capital spending and transaction volumes, and the first slight rise in month-on-month prices in March 2009 since July 2008.From our perspective，there might still be considerable fluctuations and risks in the long run，however，China’s real estate market is expected to offer lucrative returns and rewarding opportunities for domestic and foreign investors-The Real Estate Industry and the Overall EconomyChina' s economy has been growing at one of the fastest rates in the last decade. There are many reasons for this growth, and real estate development is one of them. Unlike in many Western developed economies, where consumption accounts for 60 to 80 percent of the overall GDP, consumption only constitutes about 40 percent of the Chinese economy.Thus，investments, especially those in real estate and infrastructure, play a critical role in China’s economic development. China’s GDP grows at an annual rate of 10.9 percent，while real estate capital，or the newly-created value of real estate through investment, expands at a faster rate of 13.0 percent. Real estate capital as a percentage of GDP increased from 36.7 percent in 1997 to 42.6 percent by 2005. These percentages are at about the same level as the weights of consumption in the economy, suggesting that consumption and real estate investment are of approximately the same importance to the overall economy. Actually, real estate investment has risen during this period, in view of its steadily increasing weight in the GDP, in contrast to the decreasing share of consumption.Second，as urban areas dominate China ’ s economy，urban fixed-asset investments account for the majority of real estate capital, growing at an annual rate of 18.6 percent. In the mean time, over 60 percent of these investments are construction and installation projects, expanding at an even faster annual rate of 18.8 percent. Thus，it can be argued that construction and installation projects drive the growth of urban fixed-asset investments. These drive the growth of the overall real estate industry, which, in turn, drives the growth of the overall economy.Third，the construction of new urban areas (roads，bridges，and other infrastructure) and housing represents the main component of construction andinstallation projects- New urban areas, completed between 1997 and 2005, and comprising 12,307 square kilometers, accounted for 37.8 percent of the total urban area as of the end of 2005. The new urban housing comprising 10.34 billion square meters, completed during the same period，constituted 62.9 percent of total housing. Meanwhile, the cumulative newly constructed 744,700 kilometers of highways and 33,643 kilometers of new expressways represent 38.6 percent and 91.7 percent，respectively, of the total roadways at the end of the period These high percentages demonstrate the exceptional efforts by the government to improve and expand housing and infrastructure during this period.Fourth, government expropriations of land，actually mainly of rural land, are the main source of supply. Cumulative land expropriations between 1997 and 2005 added up to 10,996 square kilometers, accounting for 89.4 percent of the new urban january -february 2010• As most of this is arable land，such fast urbanization did, to a certain degree, negatively affect agricultural production, and create some social issues. But on the other hand，as then-premier Zhu Rongji argued，it provided the indispensable foundation for further economic development.The construction of roads, highways, and expressways provides another impetus for economic growth by serving as a platform for local governments to utilize financial resources and stimulate local economies. China has one of the highest savings rates in the world，usually above 40 percent. Chinese banks，mostly owned and operated by the government, attract vast amounts of capital.The immature and volatile capital markets have not been able to provide outlets for this capital. In light of this, the government adopted the policy of “borrow to build，and use the toll to repay” in road construction. By 2006，96 percent of expressways (about 39,500 km)，70 percent of Level 1 highways (about 26,900 km)，and 46 percent of Level 2 highways (about 113,000 km) had been completed using this approach.Between 2004 and 2006，the highway administrations of several provinces provided net government investments of only RMB2.11 billion, but the total bank capital that road construction projects utilized amounts to RMB60-3 billion, with a ratio of bank capital to net government investments of RMB28.6 billion- This means that RMB1 billion of net government spending in this area results in RMB28.6 billion of bank capital being utilized, creating a sizeable ripple effect in the economy. The banks,in fact, often compete for such lending opportunities because of the role played by local governments and the lucrative toll funds that result from these projects. More important，most such government investments turn out to be profitable，with revenues of RMB16.01 billion far exceeding expenditures of RMB12.76 billion.ConclusionsOver the past two decades，China’s real estate has evolved from government controlled to a commercial product. The real estate market has emerged and developed into an important component o f China’s financial markets. This market has quickly been integrated into the world market, as demonstrated by its cycle, which has generally coincided with those in other countries. The higher volatility in housing prices, a byproduct of such integration，could become an important issue that investors and authorities need to examine closely in the future.Although the overall GDP and income levels have been growing rapidly, the even-faster rising housing costs have exacerbated the housing affordability problem, appearing to be more serious in the more affluent coastal areas. Real estate development has become a key factor in China’ s economic growth and an essential part of the overall functioning of the economy. On the other hand，if China’s economy can main tain healthy growth in the current world economic environment, it will be able to further stimulate the demand for bigger and better housing.The decline in China' s real estate market since the second half of 2007 and the ongoing world financial crisis have posed serious challenges to market participants. But there have been signs recently that suggest the market has bottomed and may be on its way to a rebound In the long run, we believe this market offers lucrative investment opportunities for domestic and foreign investors.SOURCE: Hung-Gay Fung，Jau-Lian Jeng，Qingfeng Liu，2010，“Development of China’s Real Estate Market” ，The Chinese Economy,vol. 43, no. 1，January 一February 2010, pp. 71 - 92译文：中国房地产市场的发展在过去的 2 0 年里 , 对中国金融市场而言，房地产市场已经从政府控制发展成为一项商业产品,演变与发展成一个重要组成部分。