Research On The Innovation Of Land Reserve System Under High Housing Price

In recent years, housing price has rose sharply in many cities, in which Hangzhou is the representative of the cities whose relative level of housing price has already exceeded the international warning point and the problem of housing bubble is very serious, while the land reserve system is an important method of macro-control in real estate market. So, facing such a situation, there is a lot of questions and arguments about the land reserve system in controlling the housing price, in which the illegibility relationship between land price and housing price is the important issues on the study of macro-control in real estate market of land reserve system.This research took Hangzhou for example and got the latest time-series data which included48observation points with12-year span to analyze the relationship between the land price and housing price by economics model. The results show that, in the short term, the housing price is the Granger cause for the land price, while whether in the short or long term, the land price and the housing price are the Granger causes for each other. Based on that, the paper studied on the influence on housing price taken by land reserve system through the quantity, the structure, the scheduling and the mode in land supply, meanwhile, also pointed out several corresponding channel in housing price control. Next, based on the above analysis, the paper analyzed the innovation of land reserve system in Hangzhou under the high housing price, pointing out the effect and deficiency in the implementation of "Dingqiao mode" and "with Securing Housing to transfer mode". Finally, the paper put forward some suggestion on how to innovate the land reserve system in our country to strengthen the real estate market regulation, based on the analysis on innovation in Hangzhou and the relationship between the land reserve system and housing price.