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The cost on land acquisition will account for most of the real estate investment. Investors acquire lands through two methods, including purchasing equity capital of other corporations or through public auctions, bidding and sale under agreement (Hong an https://www.51lunwen.org/fm/ d Tan, 2006).

    房地产投资者估计和预测价值的土地，他们试图购买基于他们收集的信息时，他们决定购买的土地通过招标的方法或拍卖。然而，它已被发现，等待土地价格通常比其他房地产价格昂贵。土地的高价格可以测试房地产企业财务可能因为投资者不知道他们是否能恢复在未来的商业投资。
    Real estate investors have to predict and estimate the value of the land they attempt to purchase based on the information they collected when they decide to purchase lands through the method of bidding or having auction. However, it has been found that the price of bided lands is usually expensive than other real estate. The high price of lands can test financial potential of real estate corporations because investors can never know whether they can recover these investments in the future business.
    Bidding, as a method to acquire lands, is not a way to be chosen if real estate investors expect their profits to reach more than 15% according to Shivi Pan- the president and proprietor of a largest Chinese real estate corporation-SOHO. The high land and housing price has dragged Chinese real estate industry into vicious circle. It has been revealed that the area of bided laessaynd have been increased 9.2% in comparison to that of last year in Jiangsu province, where the price of bided lands have increased above 60 % according to the statistic data obtained from the Jiangsu province statistic bureau.
    There are mainly two reasons, which will be shown as follows to justify the irrational attitude of the Chinese people that lead to the above situations.
    Reason # 1: The real estate investor is concerned about the limited land supply. Lands can be categorized into two types, agriculture lands which owned by farmers and non-agricultural lands which are owned by government. Agricultural lands can not be directly used by real estate industry according to the land law of China. On the other hand, local government in every places has obtained the exclusive right to acquire lands and transfer them into lands that can be used in the real estate market after they make sure that these lands can be circulated in the market. Therefore, the real estate investofinancers concerned about the limited supply of lands in China because lands are monopolized by government.
    Reason # 2: the close association between real estate market and capital market.
The real estate investors can not earn profits if they do not get financial circulation from the stock market. The high real estate cost will also enhance the performance of real estate stock in the stock market so that more amounts of capital will be attracted to stock market and bid high for the lands. And the abundant stock of land further increases the price of the real estate stock.