Research On Improving Urban Land Institution To Promote The Smooth Operation Of The Real Estate Market

Since 2003, the real estate market keeps developing rapidly. During this period, the land market and the real estate market promote each other and the latter fluctuates substantially several times. As crucial contents of the institutional system of the real estate, the urban land institution makes significant impacts on the operation of the real estate market. The second innovation of the urban land institution in China has been accomplished, but in recent years, land price and housing price are still ascending substantially in general, which is mainly attributed to the following reasons in three aspects: firstly, views of the judging criteria and measures on whether the real estate market operates smoothly differ wildly. Secondly, the urban land institution itself is still more inadequate and its implementation is hampered. Thirdly, the land-based finance is over-reliance on the land revenue. Consequently, further improving the urban land institution in China is beneficial to promoting the smooth operation of the real estate market, which has significant theoretical and practical significance. The research objective of this dissertation is how to improve the urban land institution so as to promote the smooth operation of the real estate market. Initially, progress of related researches of domestic and international urban land institution is analyzed using the method of the literature analysis, included the research status of the real estate bubble and urban land supply, reserves, valuation, financial and tax. Additionally, the reality effects that the urban land institution produces on the operation of the real estate market are explored and analyzed from the five aspects of the land supply, reserves, valuation, financial and tax respectively, based on the theoretical framework constructed about how the urban land institution exerts influence on the operation of the real estate market, using the methods of institution analysis, qualitative and quantitative analysis, static and dynamic analysis. In this part, problems of the urban land institution, which restrict the operation of the real market in China, were profound analyzed as a main problem. Eventually, according to current problems in urban land institution and basic conditions of the real estate industry in China, countermeasure proposals are proposed about how to improve the urban land institution in China so as to promote the smooth operation of the real estate market from five aspects of the land supply, reserves, valuation, financial and tax respectively. And the key countermeasure proposals are as follows:standardizing and weakening gradually the land-based finance to improve the independence in decision-making of land supply, improving institutional arrangements of the land demands of protection housing and commercial building in small and medium size, trying joint-stock system in organizations of land reserve to solve the problems under the dual role, accelerating the promotion of innovative financing models to broaden the financing channels and imposing the vacant land tax to improve the taxation system of land tenure, etc.