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te bubble from 1992 to 1993 according to research results of Liang (Liang, 1996). Government has controlled real estate bubble through policies such as tight monetary policy and reversal of the speculation. The reasons that enterprises failed in real estate industry in that period can be summarized as two points. On the one hand, speculation risks can not be transferred to direct consumers because many Chinese residents’ needs for houses have been satisfied by the welfare housing system policies. On the other hand, control measures are immediate and strict by Chinese government.
The development of real estate market has entered the adjusting stage after effective control of bubbles.

Phase 2

The period from 1998 to 2002 was the second phase of real estate development that real estate industry has experienced steady development under the intervention Chinese macro control.
Chinese government has realized the importance of real estate industry in national economy through booming and burst of bubble in 1992. Therefore, Chinese government started macroeconomic regulation and adopted support policies in 1998, which has been proved to be very successful. Government has abandoned housing allotment policies and encouraged residents to buy houses in 1998. the People’s bank of China also give support to real estate development. Real estate industry has developed steadily and become one of the pillar industries in China.
The demands for houses have significantly increased, resulting from the demands of young people who started work after 1998 and the acceleration of Chinese urbanization. More people entered real estate market to improve their living standards. Meanwhile, the restructure of old urban areas and the exploitation of new areas is booming which brought vitality to real estate market and stimulated the growth of market demand. Residents’ personal housing consumption has increased. In 2001, Chinese government has launched the policy of reducing housing rent fees to stimulate market prosperity.
From then on, the Chinese real estate market has entered the so-called “new bullish age” with the increasing demands that drive the shooting up of housing prices. the real estate industry, therefore, has become one powerful contributions to Chinese overall economic booming, the relations of which has been shown in table 1 below.

Year  GDP  GDP
growth rate  REI  REI
growth rate  REI/GDP
1992  26923.5  14.2%  731.4  117.42%  2.72%
1993  35333.9  14.0%  1938.0  164.97%  5.48%
1994  48197.9  13.1%  2554.1  31.79%  5.30%
1995  60793.7  10.9%  3149.0  23.29%  5.18%
1996  71176.6  10.0%  3216.4  2.14%  4.52%
1997  78973.0  9.3%  3178.4  -1.18%  4.02%
1998  84402.3  7.8%  3614.2  13.71%  4.28%
1999  89677.1  7.6%  4103.2  13.53%  4.58%
2000  99214.6  8.4%  4984.1  21.47%  5.02%
2001  109655.2  8.3%  6344.1  27.29%  5.79%
2002  120332.7  9.1%  7790.9  22.81%  6.47%
2003  135822.8  10.0%  10153.8  30.33%  7.48%
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