In recent years, the Chinese government has taken lots of measures to expand domestic demand and promote economic growth in response to the financial crisis. Accelerating the construction of indemnificatory housing is...In recent years, the Chinese government has taken lots of measures to expand domestic demand and promote economic growth in response to the financial crisis. Accelerating the construction of indemnificatory housing is one of the most important measures. In order to solve the problem of the insufficient supply of the indemnificatory housing, the government speed up the construction of indemnificatory housing and constantly expand the scale of the construction. With the increase of indemnificatory housing, the problem of construction fund is increasingly highlighted. Large-scale construction of indemnificatory housing in the short term results in large funds pressure. Indemnificatory housing fund has several notable features, it requires a large demand for money and the capital turnover time is quite long. Also, its poor liquidity makes it difficult to get your money out at any time. In this article, the present situation and existing problems of indemnificatory housing are analyzed, the countermeasures and suggestions are put forward combining the capital sources of indemnificatory housing, so as to provide reference for indemnificatory housing financing.展开更多
Affordable housing development consists of many stages and financing is one stage which plays a critical role.Providing housing developers easy access to high- quality and low-cost capital is an effective way to encou...Affordable housing development consists of many stages and financing is one stage which plays a critical role.Providing housing developers easy access to high- quality and low-cost capital is an effective way to encourage them to develop more affordable houses.This paper mainly focuses on affordable housing finance mechanism in USA.The first section is an overview of affordable housing in terms of definition,functions and current regulations for affordable housing.In the second section,there is an introduction of the whole affordable housing financing market.Most of the available financing resources are discussed in this part.Mainstream fund resources are discussed in the third section.The purpose of this paper is to provide housing developers an overview about affordable housing financing market and introduce several mainstream ones in detail.As well,this paper will provide an analysis for Chinese affordable housing developers about what they can learn from the USA and what potential opportunities are in China.展开更多
Dated back to the opening up policy, Chinese economy had been rising tremendously, coupled with achievement, though housing challenges across the country greatly arose. Under the traditional planned economy since 1949...Dated back to the opening up policy, Chinese economy had been rising tremendously, coupled with achievement, though housing challenges across the country greatly arose. Under the traditional planned economy since 1949, entirely housing construction became the State responsibility. As a result of lack of finances, new housing production has not emerged while nation population on rise. Till 1988 when Urban housing reform existed as proposed strategy of affordable housing for the ordinary households through the private housing market. However, the strategy faced numerous obstacles such as lack of sec-ond hands market, an undeveloped real estate profession, indistinct land and property and property regulation plus absence of proper property management support. Amid these obstacles, the lack of housing ?nance would appeared to be a vital problem. Government Introduction of housing provident fund (HPF) scheme in 1991 applied as right measures for curving housing funding problems, under the Housing development fun, all employees required to contribute a percentage of their incomes to housing funding problems and employers contributed a similar amount. individual workers Accounts were opened with Construction Bank of China. Currently workers allowed to withdraw their housing development savings at retirement period, instead their application for their housing development savings as homes purchases in housing market. This has been implemented to the letter in most cities in China, regardless of variations of operational schemes and architectural demands in consideration to geological that varies from locality to another [1]. Applying an experiential research of the housing development savings Scheme in Shanghai as a case research, this paper reviews the role of the HPF in ?nancing affordable housing expansion in most parts of China.展开更多
Scholars have a variety of theoretical explanations for housing price growth. However, few scholars have studied the internal influence mechanism among urbanization, land finance, and housing price. Based on the data ...Scholars have a variety of theoretical explanations for housing price growth. However, few scholars have studied the internal influence mechanism among urbanization, land finance, and housing price. Based on the data of 182 prefecture-level cities from 2009 to 2016, this paper studies the influence of land finance on housing price under different urbanization rate levels. The study finds that with the increase of urbanization rate, the effect of land finance on housing price presents a "U" shape.Specifically, an increase in land finance by 1% results in a corresponding increase in average housing price by 0.18%, with relatively low urbanization rate, 0.06% with medium level of urbanization rate,and 0.38% with high level of urbanization rate.展开更多
Nowadays, people in China also have the American dream, which is a wish of living in a large house and enjoy the convenient life. By reviewing the history of the development of the American economic, we believe that t...Nowadays, people in China also have the American dream, which is a wish of living in a large house and enjoy the convenient life. By reviewing the history of the development of the American economic, we believe that the American dream can be realized by consumer credit. But in recent years, shocked by the decline of the economic of America, the government of the American began restrict the development of the consumer credit. Meanwhile, it seems that the consumer credit in China still has a good future. Both the market itself and the government of china look a good view on the consumer credit and we believe, we Chinese can finance the American dream in china.展开更多
In this paper,we focus on the issues of local governments’fiscal pressure,land finance and house prices,and systematically analyze how local governments’fiscal pressure and land finance lead to China’s ratcheting u...In this paper,we focus on the issues of local governments’fiscal pressure,land finance and house prices,and systematically analyze how local governments’fiscal pressure and land finance lead to China’s ratcheting up of house prices.The results show that to release the fiscal pressure,local governments tend to increase land revenue and obtain high real estate related revenue by raising house prices.In this sense,the increase of the land transfer price will result in the increase of the cost of real estates,and eventually leading to the increase of house prices.That is to say,local governments’fiscal pressure will not only result in the increase of house prices directly but also consolidate the ratchet effects of house prices.展开更多
基金This research work was financially supported by Youth Teacher Fund Project of Shanghai University （Z20001-17-19 （AAYQ17018））, （Z20001-17-15（ZZjq17015））, the Shanghai Board of Education （2016-SHNGE-03ZD ）, China Postdoctoral Science Foundation funded project （2013M531157）, and The Ministry of Education of Youth Fund Project of Humanities and Social Sciences Research （14YJC790152）
文摘In recent years, the Chinese government has taken lots of measures to expand domestic demand and promote economic growth in response to the financial crisis. Accelerating the construction of indemnificatory housing is one of the most important measures. In order to solve the problem of the insufficient supply of the indemnificatory housing, the government speed up the construction of indemnificatory housing and constantly expand the scale of the construction. With the increase of indemnificatory housing, the problem of construction fund is increasingly highlighted. Large-scale construction of indemnificatory housing in the short term results in large funds pressure. Indemnificatory housing fund has several notable features, it requires a large demand for money and the capital turnover time is quite long. Also, its poor liquidity makes it difficult to get your money out at any time. In this article, the present situation and existing problems of indemnificatory housing are analyzed, the countermeasures and suggestions are put forward combining the capital sources of indemnificatory housing, so as to provide reference for indemnificatory housing financing.
基金supported by the Scientific Research Foundation for the Returned Overseas Chinese Scholars,State Education Ministry(49th Batch)The Introduction of High-Level Personnel and High-Level Personnel Returning from Overseas Research Fund of Nanjing Forestry University(Funding No.G2014018)A Project Funded by the Priority Academic Program Development of Jiangsu Higher Education Institutions,PAPD
文摘Affordable housing development consists of many stages and financing is one stage which plays a critical role.Providing housing developers easy access to high- quality and low-cost capital is an effective way to encourage them to develop more affordable houses.This paper mainly focuses on affordable housing finance mechanism in USA.The first section is an overview of affordable housing in terms of definition,functions and current regulations for affordable housing.In the second section,there is an introduction of the whole affordable housing financing market.Most of the available financing resources are discussed in this part.Mainstream fund resources are discussed in the third section.The purpose of this paper is to provide housing developers an overview about affordable housing financing market and introduce several mainstream ones in detail.As well,this paper will provide an analysis for Chinese affordable housing developers about what they can learn from the USA and what potential opportunities are in China.
文摘Dated back to the opening up policy, Chinese economy had been rising tremendously, coupled with achievement, though housing challenges across the country greatly arose. Under the traditional planned economy since 1949, entirely housing construction became the State responsibility. As a result of lack of finances, new housing production has not emerged while nation population on rise. Till 1988 when Urban housing reform existed as proposed strategy of affordable housing for the ordinary households through the private housing market. However, the strategy faced numerous obstacles such as lack of sec-ond hands market, an undeveloped real estate profession, indistinct land and property and property regulation plus absence of proper property management support. Amid these obstacles, the lack of housing ?nance would appeared to be a vital problem. Government Introduction of housing provident fund (HPF) scheme in 1991 applied as right measures for curving housing funding problems, under the Housing development fun, all employees required to contribute a percentage of their incomes to housing funding problems and employers contributed a similar amount. individual workers Accounts were opened with Construction Bank of China. Currently workers allowed to withdraw their housing development savings at retirement period, instead their application for their housing development savings as homes purchases in housing market. This has been implemented to the letter in most cities in China, regardless of variations of operational schemes and architectural demands in consideration to geological that varies from locality to another [1]. Applying an experiential research of the housing development savings Scheme in Shanghai as a case research, this paper reviews the role of the HPF in ?nancing affordable housing expansion in most parts of China.
基金Supported by Natural Science Foundation of China(71850014,71532013,71573244,71974180)。
文摘Scholars have a variety of theoretical explanations for housing price growth. However, few scholars have studied the internal influence mechanism among urbanization, land finance, and housing price. Based on the data of 182 prefecture-level cities from 2009 to 2016, this paper studies the influence of land finance on housing price under different urbanization rate levels. The study finds that with the increase of urbanization rate, the effect of land finance on housing price presents a "U" shape.Specifically, an increase in land finance by 1% results in a corresponding increase in average housing price by 0.18%, with relatively low urbanization rate, 0.06% with medium level of urbanization rate,and 0.38% with high level of urbanization rate.
文摘Nowadays, people in China also have the American dream, which is a wish of living in a large house and enjoy the convenient life. By reviewing the history of the development of the American economic, we believe that the American dream can be realized by consumer credit. But in recent years, shocked by the decline of the economic of America, the government of the American began restrict the development of the consumer credit. Meanwhile, it seems that the consumer credit in China still has a good future. Both the market itself and the government of china look a good view on the consumer credit and we believe, we Chinese can finance the American dream in china.
文摘In this paper,we focus on the issues of local governments’fiscal pressure,land finance and house prices,and systematically analyze how local governments’fiscal pressure and land finance lead to China’s ratcheting up of house prices.The results show that to release the fiscal pressure,local governments tend to increase land revenue and obtain high real estate related revenue by raising house prices.In this sense,the increase of the land transfer price will result in the increase of the cost of real estates,and eventually leading to the increase of house prices.That is to say,local governments’fiscal pressure will not only result in the increase of house prices directly but also consolidate the ratchet effects of house prices.
