房地产市场监管中英文对照外文翻译文献

房地产市场监管中英文对照外文翻译文献

房地产市场监管中英文对照外文翻译文献

(

文档含英文原文和中文翻译

)

China's real estate market regulators need to study

Abstract:

real

estate

has

become

an

important

pillar

industry,

real

estate

Development

and

closely

related

to

the

national

economy.

This

paper

theoretically discusses the real estate market monopoly, externalities, public

goods

characteristics

and

information

asymmetry,

and

from

our

real

estate

Development process and the specificity of the perspective of the real estate

market analysis studies, and thus fully proved right China's real estate market,

the need for regulation.

Keywords: real estate; market; regulation

1.

the

real

estate

market

failure

determines

the

need

for

government

regulation

Regulatory Economics research amply demonstrated that market failure

is

a

market

economy,

an

important

reason

why

government

regulation,

resulting in market failure is due mainly to a monopoly, externalities, public

goods and asymmetric information, the real estate market also exists market

failure.

(A) the real estate market there is no monopoly

Monopoly of real estate is determined by the real estate properties, real

estate is the location of the main features of the non-mobility, a housing Once

the location of other buildings on the irreplaceable, but also because there are

floors, towards the various other factors, determine a house in each house are

independent,

so

the

property

in

the

rental

and

sale,

with

regional

and

monopoly,

and

thus

the

formation

of

monopoly

prices.

As

the

largest

real

estate

investment,

long

payback

period,

which

can

enter

the

real

estate

market can only be a few enterprises coupled with the limited supply of land

and real estate Development and operation of the scale of requirements, it is

easy to form partial or regional monopolies the land market by a government

monopoly,

affordable

housing

and

low- rent

housing

provided

by

the

Government.

In order to stabilize housing prices, protecting the interests of

consumers, the real estate market must be Government regulation.

(B) the existence of external effects of the real estate market

Real estate includes both the concept of external economic activities in

the real

estate subject to the impact of other economic subjects, which also

covers a number of other economic entities of the impact of economic entities

on the property, the external effects of external economic and policy- making

1

functions

of

the

main

embodiment

is

different:

externalities

imposed

by

a

party

to

only

consider

their

own

profit

maximization

problem,

a

matter

of

personal reason rather than social rationality.

The external nature of the real estate according to different standards can

be

for

a

variety

of

categories

according

to

their

scope

resulting

from

the

effects

of

externalities

can

be

divided

into

macro-and

micro-externality.

Macroeconomic

externalities

is

a

kind

of

real

estate

behavior

of

economic

agents impose on others outside of the main benefits as a result of real estate

investment

and

Development

activities

to

improve

the

investment

environment

in

the

entire

region,

which

for

the

industrial

and

commercial

economic

activity,

cost

savings

and

extended

Industry

profitability

space.

This

real

estate

imposed

on

the

beneficial

effects

on

other

industries

is

a

macro-external

economic

phenomena.

Urban

industrial

and

commercial

prosperity, not only enhances the economic vitality of the entire city, but also

makes the relevant areas raise the level premium location, which is imposed

on other sectors of the external economic effects of the real estate industry.

Micro

real

estate

outside

the

real

estate

industry

refers

to

the

various

economic

agents

within

or

between

the

different

economic

activities

in

the

real estate that exists between external effects. For example, the commercial

and

industrial

real

estate

development

activities

on

residential

real

estate

development, distribution and consumption of both the existence of external

influences.

According to the nature and role of external influences the direction of the

real

estate

be

divided

into

external

economies

and

external

diseconomies.

Any

economic

activity

because

the

real

estate

benefit

from

external

influences

known

as

the

real

estate

outside

the

economy.

Because

of

real

estate development made the city belongs to the real estate landscape greatly

improved external economic. Any economic activity because the real estate

2

damaged

by

external

influences

known

as

the

real

estate

external

diseconomies.

Urban

land

development

and

construction

result

in

over-crowded

housing,

public

green

space

reduction,

and

environmental

pollution

it

is

possible

to

reduce

the

value

of

the

land

affected,

including

many industries, including real estate development, which belongs to the real

estate external diseconomies.

(C) to provide the real estate market public goods (public goods)

Consumption

of

goods

that

people

can

be

divided

into

private

goods

(private goods) and public goods. Real estate economy, there are many public

goods

or

'quasi-public

goods'.

Such

as

urban

infrastructure,

flood

control

projects, earthquake engineering, public facilities. These projects due to large

amount of investment, the investment recovery period is long, also difficult to

exclude those who pay for the use, by the market to provide often leads to

insufficient

supply

can

only

be

provided

by

the

Government.

But

the

government is not necessarily the direct production by the Government, the

Government

may

delegate

or

contracted

out

to

independent

companies

to

produce,

the

Government

is

only

responsible

for

fund-raising

and

management.

(D) The real estate transaction there is asymmetric information

Information asymmetry is the imbalance distribution of the information

in

the

trading

parties.

The

consumers

and

operators,

both

in

terms

of

the

contract, the operator has on commodities, information superiority, enabling

consumers

to

easily

deceived,

known

as

the

information

is

not

complete.

Consumers of information on all aspects of consumer product knowledge is

usually

limited,

they

often

do

not

know

if

commodity

prices

and

the

differences in how the quality of goods. Market information is not complete

mainly as follows: 1. Information about the quality of goods is not complete,

consumers

have

only

the

limited

quality

information.

2.

The

information

3

relating

to

commodity

prices

is

not

complete,

consumers

have

only

the

limited

price

information.

Information

asymmetry

may

occur

in

another

situation, the part of consumers to grasp the message in its entirety, and the

other some consumers have only the limited quality information. Competition

on both sides to win in the competition, sources of information through the

containment

methods

such

as

the

expense

of

other

information

about

each

other, thereby beating the competition.

With

both

the

real

estate

product

usability,

but

also

has

investment

properties. Shops and offices are mainly dominated by investment buyers to

purchase

housing

in

part,

investors,

consumers

and

investors

are

very

sensitive information, such as: When the Government announced a location

to build the subway, or a place to build a large-scale shopping malls, then, as

long

as

the

information

on

a

release,

the

surrounding

homes

will

be

price

increases,

indicating

the

real

estate

product

already

has

the

information

on

product

features.

The

performance

of

the

real

estate

market

information

asymmetry

as

follows:

As

the

real

estate

development

investment

in

large,

extended period of time, can enter the real estate market vendors is relatively

small,

developed

the

product

quality

situation,

the

price

situation,

sales

to

consumers

to

said

that,

there

is

bias.

The

heterogeneity

of

real

estate

commodities,

price

changes

and

trading

expertise

and

complexity

of

information

asymmetry

can

lead

to

both

buyers

and

sellers.

Asymmetric

information will increase transaction costs, reduce market efficiency, but also

may lead to moral hazard and adverse selection.

To ensure the validity of the real estate market information, there are two

solutions,

a

market

solution,

that

is,

market

participants

through

their

own

efforts to search for information, and to use their own knowledge and skills in

information

selection,

analysis

and

so

on.

As

the

market

participants

are

rational

in

itself,

and

it

made

such

a

search

for

information

on

the

cost

of

4

their

decision-making

must

be

based

on

its

own

cost- benefit

comparison,

only

the

information

that

the

cost

of

paying

less

than

the

gains

for

this

purpose,

he

would

to

pay

such

efforts.

However,

this

approach

due

to

the

following constraints, making this totally market-based solutions can not be

implemented.

First,

the

information

search

itself,

there

is

a

cost.

Because

of

the

uncertainty of trading partners, in order to accurately grasp the needs of all

potential

trading

partners,

as

its

trading

direction,

quantity

and

price,

it

is

very difficult to do. Second, market participants and the differences inherent

qualities,

and

some

do

not

have

the

ability

to

identify

the

minimum

of

information, while others are unable to complete the information search and

analysis.

Third,

due

to

market

imperfections

and

information

asymmetries,

making moral hazard and opportunism prevail, resulting in information Ershi

fraud

losses

are

sustained

by

some

market

participants,

this

part

of

the

people's interests can not be market compensation

Can be seen, it is the particularity of the real estate market, making the real

estate

market

information

costs,

or

said

to

be

totally

market-oriented

solutions

for

the

transaction

costs

are

so

high,

resulting

in

an

average

consumer

can

ill

afford

to

pay

for

housing

information

on

the

sale

of

the

marginal cost, so increases the investment risk, so that adverse selection and

moral

hazard

problem

can

hardly

be

resolved,

thereby

reducing

the

operational efficiency of the market, distort the allocation of social resources.

Therefore,

in

order

to

overcome

the

real

estate

market

with

incomplete

information and non-symmetry of information arising from market issues, we

need a detached role of the real estate market participants to intervene in the

real

estate

market,

monitor

the

operation

of

the

real

estate

market

for

all

investors

the

creation

of

equal

opportunities,

all

kinds

of

information

on

actual

market

environment

for

the

real

estate

market,

open,

fair,

just

and

5

provide a guarantee to reduce the purely market-based solutions to problems

arising from high transaction costs. Thus, created a demand for the real estate

market supervision requirements.

Second, the particularity of China's real estate industry determines the

need for regulation

(1) China's real estate industry in the development of special course

The real estate industry in China is an ancient and emerging industries,

in over 2,000 years of feudal period and semifeudal and semicolonial period,

although

the

change

of

dynasty,

but

the

land

and

housing

leasing,

trading

activities have not been interrupted, Ming and Qing Dynasties, it appears of

professional real estate agent.

From

1949

to

1990,

China's

real

estate

development

can

be

divided

into

three stages: First, in 1949 and 1978 China's restrictions on the premises of

the

industry's

consolidation

phase.

After

the

founding

of

the

People's

Republic, bureaucratic capitalists, real estate was confiscated, making it the

state-owned assets allocated to the state organs, enterprises and units. From

1956 onwards, in various cities to carry out the socialist transformation of the

real

estate

industry.

To

1964,

essentially

eliminated

the

rental

of

the

self-employment,

at

this

time

of

urban

land

has

in

fact

attributable

to

the

State and to implement free, indefinite use of the system does not allow the

sale of the transfer. 2 in 1979 ~ 1987 years of the initiation stage of China's

real

estate.

In

December

1978

established

the

Party's

Third

Plenum

of

the

Eleventh

taking

economic

construction

as

the

center,

China

entered

a

new

historical

period

of

reform

and

opening

up.

In

1984

the

State

Planning

Commission

and

the

Urban-Rural

Construction

jointly

issued

a

document,

allowing for real estate development activities since then, China's real estate

industry in China, started the regeneration of the earth. Third, in 1987 ~ 1990

Chinese

real

estate

market

is

established.

October

1987

Party

Congress

6

Report 13 for the first time that the socialist market system should include the

real

estate

market.

December

1,

1987,

Shenzhen

City

to

auction

to

sell

the

first

piece

of

land.

April

1988

'constitution'

and

'Land

Management

Law'

changes, the provisions of land use rights can be transferred and transfer in

accordance with law. In May 1990, the State Council promulgated the 'The

People's Republic of China urban state- owned land use right transfer and the

transfer

of

the

Provisional

Regulations'.

For

the

development

of

the

land

market

provides

a

legal

support,

in

order

to

lay

the

foundation

for

the

establishment

of

the

real

estate

market.

Since

1990,

China's

real

estate

industry has entered a rapid development period. At the same time, we should

note China's real estate market development is not smooth sailing, and from

1992

to

1993

of

the

housing

boom

have

caused

volatility

in

the

real

estate

market has left a deep lesson.

July

3,

1998

the

State

Council

issued

'on

further

deepening

the

urban

housing system reform to speed up housing construction notice', marks a new

phase in the housing reform. That is parked housing distribution in kind, and

gradually

implement

monetization

of

housing

distribution,

establish

and

perfect the affordable housing based multi-level urban housing supply system,

development of housing finance, foster and standardize the housing market.

Thus, the starting point of China's real estate market and the reality of

the

environment

and

the

developed

capitalist

countries

of

Western

and

modern real estate market is different from one of China's real estate market

from the land use system reform and the housing system reform began in the

western developed countries from the beginning of privatization of land. The

second is from the mid-20th century, 50 years to the late 80s, our country's

history there had been nearly three decades of the real estate market becomes

vacant, the Western developed countries in this period is the period of rapid

development

of

the

real

estate

market.

Third,

so

far,

China's

real

estate

7