管理外资流入房地产的国际经验及对中国的启示

International Experience in Managing Foreign Capital Inflow to Real Estate Market and Its Implication for China

近年来,我国部分城市的房地产热吸引了越来越多的境内外投资者投资房地产。虽然有关部门出台了一系列加强房地产调控的政策。但是,如果不规范对外资流入房地产领域的管理,外资就可能替代内资流向房地产,这不仅制约了宏观调控政策的作用,也增大了金融风险和影响货币稳定。本文主要分析了外资流入房地产的渠道,评估了现行管理措施的效果,研究了外资流入房地产的影响。在此基础上,借鉴其他国家的成功经验,提出了从交易、汇兑、投资、税收等环节规范外资流入房地产管理的政策建议。

Property boom in some Chinese cities attracted more and more investment from home and abroad in recent years. Although series of measures have been taken to cool down housing market, foreign fund, in place of domestic fund, maystill flood into the real estate market, unless control over capital inflow in the real estate is more austere. This paper analyzes ways, and influence, of foreign property investment and evaluates effectiveness of the existing administration measures. Then,drawing upon experience from other countries, this paper suggests measures to curb foreign property investment in terms of transactions process, foreign exchange, investment and tax policies.