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Chinese real estate market started its pace before 1998. China has adopted single and planned economic system before the reform and opening-up policy. Residents in urban area obtained their houses through allocation based on welfare housing policies, which means houses like public goods were provided by government to national workers by work unit based on housing subsidies. Business was entirely operated by Chinese government, the land of which needed is allocated for free according to government plans. “Dormancy stage https://www.51lunwen.org/business/ ”, as many scholars called, referred to this period. The construction, investment, consumption and exchange of real estate were completely controlled by government. Therefore, real estate industry did not exist.
    Lands were still allocated by government regulations at the beginning of reform and opening-up, although planned economic system was trying to transit to market-oriented economy. Land using rights can not be flowed freely among users because government provided lands to users voluntary and open-ended. The development of real estate were restrained due to the restrain of land factor flowing. In 1986, reform of urban housing system has been started. Moreover, The National People’s Congress of China officially declared the clause that the right to use the land can be legally transferred accordi https://www.51lunwen.org/business/ ng to the law was included in the section 4, article 10 of the Chinese Constitution (Wu, 2000) which symbolized legal flow of land factor in 1988. From 1986 to 1990, there was little investment in the real estate sector which was less than 300 million RMB (Chinese currency). Cities that located in China’s eastern coast line such as Beijing, Guangzhou and Shanghai have contributed to the investment and booming of the real estate market. The Chinese real estate market has boomed from the early 1990s with other national economic sectors and has experienced a rapid development stage for the first time and got familiar with the Real Estate Cycle, including boom, decline, recession or burst and recovery.
    Real estate was booming after Xiaoping Deng gave NaXun speech to expedite reform system for real estate market. It has been found that the quantities of investment have reached the amount of 731.4 hundred million RMB, which has increased by 117 per cent from that of in 1991. The investment in the Chinese real estate market reached another peak point of about 1938 hundred million RMB in 1993, which has increased by 165 per cent. The housing price in Beijing in early 1980s was 400 to 500 RMB and has increased to about 5000-7000 RMB in 1993 according to a studyessay. The tremendously flourishing Chinese real estate market accompanied by a chain of damaging reactions in sequence which included energy crisis, awful traffic, shortage of raw materials and alarmingly increasing inflation.
    Thus, the economic situations become wild and uncontrollable. Chinese government has launched tight fiscal policies in 1993 to control and cool the overheat real estate credit, which turns out to be failed due to poor solvency. It has been said that 33 per cent of real estate corporations have reduced scale a本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。