As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market...As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market. This article mainly explores the roles and the acting mechanism of real estate brokerages in the second-hand housing market. The results show that the participation of real estate brokers in the second-hand housing market may have positive and negative influences. On one side, brokers ease the housing transaction process and benefits buyers and sellers by shortening the sale time on the market. On the other side, if brokers are the only participants in the housing transaction, acting as buyer and seller like some firms do, housing prices will increase and this negative effect will become even stronger as the participation of many more brokers increases. Therefore, the regulation and management of the industry is vital for the long and healthy development of the housing market in China.展开更多
The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign inv...The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign investment and a dynamic real estate sector, which was one of the main drivers of the region＇s economic growth （Abelson, Kaemar, ＆ Jackofsky, 1990）. The Eastern European real estate market was deeply impacted by the crisis. Investment in real estate dropped sharply due to the significant increase in risks and difficulties in financial borrowing （Bruce, 1991）. Rising unemployment affected retail sales, as well as office net absorption. Take-up fell significantly in all markets： Transactions were of smaller size and demand for buildings decreased. On the supply side, vacancy increased sharply due to the high level of completions entering the market （Smith, 1992）. The strong rise in vacancy rates has put pressure on rents, which dropped sharply in 2008 and in early 2009. They started to stabilize only by the end of 2009. How will the Romanian real estate market evolve？ No one knows for certain. Through this work we try to get some predictions based on statistical theory and not on the lessons learned from other crises.展开更多
文摘As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market. This article mainly explores the roles and the acting mechanism of real estate brokerages in the second-hand housing market. The results show that the participation of real estate brokers in the second-hand housing market may have positive and negative influences. On one side, brokers ease the housing transaction process and benefits buyers and sellers by shortening the sale time on the market. On the other side, if brokers are the only participants in the housing transaction, acting as buyer and seller like some firms do, housing prices will increase and this negative effect will become even stronger as the participation of many more brokers increases. Therefore, the regulation and management of the industry is vital for the long and healthy development of the housing market in China.
文摘The financial crisis has deeply affected Eastern European countries since the end of 2008. The global economic crisis put an end to a period when the region witnessed solid economic growth, high inflows of foreign investment and a dynamic real estate sector, which was one of the main drivers of the region＇s economic growth （Abelson, Kaemar, ＆ Jackofsky, 1990）. The Eastern European real estate market was deeply impacted by the crisis. Investment in real estate dropped sharply due to the significant increase in risks and difficulties in financial borrowing （Bruce, 1991）. Rising unemployment affected retail sales, as well as office net absorption. Take-up fell significantly in all markets： Transactions were of smaller size and demand for buildings decreased. On the supply side, vacancy increased sharply due to the high level of completions entering the market （Smith, 1992）. The strong rise in vacancy rates has put pressure on rents, which dropped sharply in 2008 and in early 2009. They started to stabilize only by the end of 2009. How will the Romanian real estate market evolve？ No one knows for certain. Through this work we try to get some predictions based on statistical theory and not on the lessons learned from other crises.
