The Chinese Real Estate Market: development, regulation and investment
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London [u.a.]
Routledge
2015
|
| Schriftenreihe: | Routledge International Real Estate Markets Series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVII, 378 S. Ill., graph. Darst. |
| ISBN: | 9780415723121 9780415723152 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text | CONTENTS
List of figures xiii
List of tables xvii
List of boxes xix
Preface xx
Acknowledgements xxUi
List of abbreviations xxi
PART I
Contextual factors 1
1 Introduction 3
1.1 Introduction 3
1.2 Real estate in China: sixty years, three worlds 5
1.3 China’s real estate sector at the crossroads 8
1.4 Aims of this hook 14
1.5 The analytical framework 14
1.6 The structure of the book 17
Notes 19
2 Post-reform political and socio-economic changes 20
2.1 The reforms and opening-up campaigns 20
2.2 Changes in politics and governance 26
2.3 Economic growth, imbalance and restructuring 31
2.4 Urbanisation and social changes 39
2.5 Education and technological changes 42
2.6 Legal changes 44
2.7 Environmental changes 47
2.8 Discussion: rise or collapse? 49
x Contents
2.9 Conclusion 51
Notes 51
PART II
Market development
3 The land market
3.1 Property rights hi land 55
3.2 1979—90: adoption ofpay-for-use principle 58
3.3 1990—2004: transition to open market sales 60
3.4 2004 Onwards: land price inflation and government-controlled
land supply 66
3.5 Discussion: are high ¡and prices the cause of high housing prices? 73
3.6 Conclusion 74
Notes 74
4 The housing market
4. I Property rights in housing 76
4.2 The housing nform 78
4.3 1979—90: housing market initiation 80
4.4 1990—98: housing market expansion 83
4.5 1998—2002: policy-boosted rapid growth 89
4.6 2003 Onwards: growth under the uncertainty o f macro control 92
4.7 Discussion: ghost ton ms or vacant to be sold? 104
4.8 Conclusion 106
Notes 107
5 The commercial property market
5. / Property rights in commercial property 108
5.2 11 ic tier system of Chinese cities 109
5.3 1980-91: initiation in BSGS 111
5.4 1991—98: expansion and downturn 112
5.5 1999 Onwards: further expansion and maturing 119
5.6 Discussion: the economics tf oversupply 130
5.7 Conclusion 131
Notes 132
PART III
Market regulation
6 Land supply, planning and development control
6.1 Supply o f ¡ami for construction 135
6.2 Property-led development 139
6.3 Planning and development control 144
6.4 Discussion: the costs tf plat wing failures 152
6.5 Conch ision / 53
Note 153
53
55
76
108
133
135
Contents xi
7 Housing market administration and macro control 154
7.1 Market administration 154
7.2 Macro control 159
7.3 Housing size standards: contention and resistance 166
7.4 Purchase restrictions and price control targets 169
7.5 Discussion: China’s housing bubbles? 172
7.6 Conclusion 174
Kates 175
8 Property finance and taxation 176
8.1 Development finance 176
8.2 Mortgages 184
8.3 Policy-related home mortgages 186
8.4 Taxation in the property market 189
8.5 Market response to tax changes under macro control 193
8.6 Discussion: real estate tax 194
8.7 Conclusion 196
Note 196
PART IV
Real estate development and investment
9 Housing
9.1 Land for reside fit ial use 199
9.2 Housing development 206
9.3 Housing investment 218
9.4 Property management 222
9.5 Discussion: how many empty homes are there? 225
9.6 Conclusion 229
Notes 229
10 Commercial property 230
10.1 Land for commercial uses 230
10.2 Commercial properties investment in China: potential and risks 231
10.3 Offices 238
10.4 Retail properties 243
10.5 Industrial and logistics properties 253
10.6 Discussion: leaving the commercial property bubble to pop? 257
10.7 Conclusion 259
Notes 260
11 Indirect investment vehicles 261
l Li Shares 261
11.2 Trusts 265
11.3 Funds 270
lí.4 Discussion: financing long-term property investment
197
199
275
xii Contents
11.5 Conclusion 211
Xote 211
12 Foreign investment in China and China’s
emerging overseas investment 27B
12.1 Foreign investment in real estate in China 218
12.2 China s emerging overseas real estate investment 286
12.3 Discussion: informal funding channels
for inward and outward investments 290
12.4 Conclusion 291
Kates 292
PART V
Future directions and conclusion 293
13 Rebalancing the housing provision: state and market 295
13.1 Affordable and social housing vehicles and property rights issues 295
13.2 The missed opportunity 298
13.3 Establishment of the affordable and social housing system 301
13.4 The great building program me 3 03
13.5 Case studies 305
13.6 Discussion: efficiency issues in China s ASH regime 313
13.1 Conclusion 316
¿ otes 311
14 Repositioning of the property sector 318
14.1 The challenges ahead 318
14.2 From macro control to a long-term
control mechanism on the housing market 325
14.3 Fiscal system reforms and fiscal dependency on the property market 333
14.4 Flight to commercial real estate 336
14.5 Towards sustainability 336
14.6 Conclusion 340
Xote 341
15 Conclusion 342
15.1 China s real estate market: the huge strides 342
15.2 The problems 345
15.3 The future 349
Bibliography
index
351
364
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| language | English |
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| physical | XXVII, 378 S. Ill., graph. Darst. |
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| spelling | Cao, Junjian Albert Verfasser aut The Chinese Real Estate Market development, regulation and investment Junjian Albert Cao 201505 London [u.a.] Routledge 2015 XXVII, 378 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Routledge International Real Estate Markets Series Immobilienmarkt (DE-588)4123416-9 gnd rswk-swf China (DE-588)4009937-4 gnd rswk-swf China (DE-588)4009937-4 g Immobilienmarkt (DE-588)4123416-9 s b DE-604 Erscheint auch als Online-Ausgabe 978-1-315-85785-5 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027852578&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Cao, Junjian Albert The Chinese Real Estate Market development, regulation and investment Immobilienmarkt (DE-588)4123416-9 gnd |
| subject_GND | (DE-588)4123416-9 (DE-588)4009937-4 |
| title | The Chinese Real Estate Market development, regulation and investment |
| title_auth | The Chinese Real Estate Market development, regulation and investment |
| title_exact_search | The Chinese Real Estate Market development, regulation and investment |
| title_full | The Chinese Real Estate Market development, regulation and investment Junjian Albert Cao |
| title_fullStr | The Chinese Real Estate Market development, regulation and investment Junjian Albert Cao |
| title_full_unstemmed | The Chinese Real Estate Market development, regulation and investment Junjian Albert Cao |
| title_short | The Chinese Real Estate Market |
| title_sort | the chinese real estate market development regulation and investment |
| title_sub | development, regulation and investment |
| topic | Immobilienmarkt (DE-588)4123416-9 gnd |
| topic_facet | Immobilienmarkt China |
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