| The real estate industry plays a crucial role in promoting national economic development and urbanization. Our government has repeatedly stressed the importance of the real estate industry. Even the government takes regulation of real estate as the entry point of the control of the national economy. After the financial crisis in2008, the government carried out some measures to help the market. The result is overheating investment in real estate industry. Various contradictions of the real estate market were exposed. Because the real estate industry has a high connection with other industries, those contradictions have caused the bubble which has magnified the risk of the financial system and affected other industries and even changed the overall macroeconomic situation. Therefore, the regulation of real estate is urgent and necessary. We need to find out the root cause of the current problem and the laws of the real estate market. It’s useful for guiding the regulations for the healthy and orderly development of China’s real estate.Real estate is a hot topic. The perspective of this article is the comparative study of the control policy on real estate between1993and2010in transformation period. This two years are representative which are the earliest and latest, having not only sameness but difference. Comparative analysis and empirical analysis are applied in this article to compare the backgrounds, measures and effects of the mentioned two periods.Many scholars have affirmed the need for government regulation of real estate according to government control theory and the importance of real estate industry. This point is worthy of recognition. In this article, we compare regulation of China’s real estate in1993with2010on the base of the virtual capital theory and stakeholder theory as a guiding theory and using the method of combining comparative and empirical analysis. This article compares and analyzes the background, means and results of the two real estate regulation and finds that the difference between them. With the economic restructuring and development, the institutional environment, economic environment, financial environment and the level of urbanization have undergone tremendous changes compared to1993.This complex background makes China’s real estate macro control more difficult. Government has introduced a series of control policies with various control means, but they didn’t bring out the expected effect. Regulation in1993has basically reached the expected control effect compared to2010.This article explains the reason of little effective in2010from the virtual real estate properties and stakeholder theory. Real estate’s virtual nature is apt to cause the real estate bubble and affect stability of financial system. Central government’s wavering attitude in the regulation of real estate for considerations in stability of economic development affects the control effect. Meanwhile, the real estate market with multi-stakeholder, such as government, financial institutions, developers, consumers, they often don’t want to cut down the housing prices considering their own interests. It can be said that the current price is the result of a multi-stakeholder game. Their negative attitude reduced the regulatory effect, especially local government. Due to the unreasonable performance evaluation system and the tax system, they don’t suppress prices in consideration of their own interests. The relationship of this game determines that the real estate’prices will not decline too much.The regulation is more difficult in2010because of more complex economic structure and stakeholders, so former years’policies cannot be copied here, instead, actual measures should be taken according to relative conditions. Though the achievement of policies in2011is fruitful, the difficulties of buying house have not been solved and the control of house price is still a long-term and arduous task.Real estate also coincides with the law of value and the law of supply and demand, controlling goal in China should be that the house price is within reasonable limits, laying equal stress on constraining demand and increasing supply. For investors, the psychology of investing what has high price rather than lower price makes the house price straying from the right path of general law of demand and supply, so the process of regulation should focus on psychological change of consumers and investing money in real state market. Because of the special transformation period, regulate operation should be both taken on the macro-economy and stakeholder. Other aspects, such as perceptive of economy, political system, law and the society also should be taken into consideration. Effects should be focused on both in Short term and long term. Meanwhile, whole foam and overheating of the real estate industry don’t appear in our country, so the principle of "taking different measures according to the foam of real state to avoid policy of Procrustean bed". To put it shortly, to solve the real state problem, the most basic way is to perfect its market economy system.The innovations in the article are as bellow:(1) The thesis is new. The comparative analysis of regulation and control policies between the year1993and2010has not been studied. It will enrich the research of China’s real estate.(2) The perspective is novel. Comparative analysis is not only limited on sameness and differentials, but also on the two new perspectives of economy structures and benefit gambling which would be more persuasive and systematic.(3) The main point is special. The conclusion is that target can’t be simply taken to value the effect of regulation. For example, though the target was achieved in1993, there still has defect. The measures and effects of that time has its own background, the experience at that time or other, can not be copied now and in future. As the background and conditions changes all the time, we should take measures according to the current condition. Additionally, many research methods, such as comparative analysis, empirical analysis and stakeholders’ game are applied in this article. |
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