| Since the late 1970's, the Chinese government started housing system reform along with land use system reform. Along with the real estate industry booming, the housing price also sky jumped, the average selling housing price was increased 15.5% in 2004. The affordability of housing is becoming a heated social issue in China. This paper reviews the development of Chinese urban real estate from 1950's to the present. Based on the analysis of the current situation from land use rights system and market, affordability of housing price and housing cost, as well as the real estate finance development, it provides readers with a fundamental concept of the China real estate market, and explains the real factors of high housing price in urban area. Finally, it concludes with recommendations for improving the Chinese urban housing market. |
