| Since 1998,China has implemented the housing system reform,our country canceled the welfare housing distribution system,and realized the monetization of housing residents,privatisation,also,Chinese real estate realized the operation of the market mechanism,since then,China entered the era of commercial housing.At the same time Chinese real estate market also began rapid development.But due to the difference of our country of each district and the city’s endowment of natural resources,geographic location,population size and the situation of economic development,coupled with the commodity of the real estate is different from ordinary commodities,the existing residential consumer attributes,and attribute of investment appreciation,but also can not be mobile,these factors together make the our country the development of the real estate market and price regional differences are more obvious,in East China area residential sales price was significantly higher than that in the central and western regions and this difference has a growing trend.The rapid development of China’s real estate market accompanied by and is the "high price" issue,the rapid rise in housing prices has been a threat to the healthy and stable development of the real estate industry of our country,and it is related to the stability of the economic and financial environment and system.In order to curb the rapid rise in house prices,the government must carry on the macroeconomic regulation and control to the real estate market,and regional differences of China’s real estate market exist makes the government in the system of macroeconomic regulation and control policy can not take "one size fits all"approach,must adjust measures to local conditions,according to the urban areas or to take corresponding control policy,in order to adapt to the different areas or urban real estate market characteristics,so as to ensure the sustainable development of the entire real estate market healthy and orderly.Therefore,this paper is devoted to the study of factors of China’s real estate fluctuations in the region and its influencing factors will affect the division of real estate price fluctuation for the three aspects of the real estate market,real estate market demand supply factors,macroeconomic factors,then China’s 35 large and medium-sized city as the research object,of which the eastern region has 16 a central region has 8,the western region has 11,and the 35 large and medium-sized city according to the price level and city economic development level and other aspects are divided into three types according to the city,35 large and medium-sized city 2003—2014 annual data,respectively,prices and various influence to the three factors of the city building Panel data regression analysis model,differences on the three types of city housing prices the influence of the factors.Through empirical research,this paper draws the following conclusions:(1)For a class of the city,the impact of the price fluctuations of many factors,the purchasing power of residents,to enhance the level and the growth of urban population and bullish on the price factor,also has the land price and urban economic development level factor,in addition to credit scale changes of cities housing prices influence is relatively large.Therefore,long-term,a class of the city because of its superior geographical position,the continuous expansion of the scale of urban population,strong economic strength,the prices expected appreciation of a large space,plus currency quantitative easing,attract a lot of hot money to invest in the real estate market,this kind of city real estate market produced the high rigid demand and investment demand,market speculation atmosphere,so as to continuously promote the rising prices,and makes for a class of the city residential sales price and other area residential sales fold difference is widening.(2)For the second and third class cities,and promote the urban housing prices rose factors mainly residents purchase force level of ascension,land prices and urban economic development the three factors,changes in the size of credit only for second class cities housing prices have a positive effect,the influence coefficient only 0.052,of the three types of urban housing prices influence was not significant.Suggesting that second and third class cities in the real estate market and economic fundamentals are more closely related,residents purchase more consumer demand,three types of city is more obvious,but in recent years,the second and third class cities housing prices by investment factors influence also increases gradually.For China’s real estate market,the three types of urban housing bubble is the smallest,the two kind of city,the largest city.According to the conclusion of this paper,in order to make the balanced development of China’s real estate market,inhibit the rapid rise in house prices,the author thinks that state of cities prices regulation focus should be put on the control of real estate investment demand,curb real phenomenon,the release of a kind of effective urban housing supply;for the second and third class cities.The house prices and economic fundamentals are more closely related,is the consumer demand for more housing,the national focus on the regulation of prices should be placed on the regulation and control of land. |
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