中国的不动产市场DOC 12Word文档下载推荐.docx

中国的不动产市场DOC 12Word文档下载推荐.docx

《中国的不动产市场DOC 12Word文档下载推荐.docx》由会员分享，可在线阅读，更多相关《中国的不动产市场DOC 12Word文档下载推荐.docx（12页珍藏版）》请在冰豆网上搜索。

1998

AbolitionofState-allocatedhousing

1999

Maximummortgagetermsextendedto30yearsandmaximumfinanceincreasedto80%

Formalizedproceduresforthesaleofrealpropertyinsecondarymarket

2000

Regulationsissuedtostandardizequalityofconstructionprojects,settingforthaframeworkfortheadministrationofconstructionquality

2001

ShanghaibecomefirstChinesecitytoeliminatedualpricingfordomesticandoverseashomebuyers,andBeijingtofollowin2003

Regulationsissuedtostrengthentheadministrationofdemolitionandrelocationinurbanareas

2003

Strengthenedadministrationofrealestateloans（toreduceriskofbanksregardingrealestatebankloansandpreventcontinueoverheatingofinvestmentinrealestates）

NoticeissuedbytheStateCouncilforsustainedandhealthydevelopmentofrealestatemarket

2004

Regulationsrevisedtopreventtransferofapartmentunitsbeforelanduserightscertificatesforsuchunitsareissued（toslowdownpropertyspeculations）

Fordetailsoftheregulationspublishedbetween2001and2004,pleasereferto“RegulatoryOverview–[]”inAppendix[IX]tothisCircular.

Thehousingreformspromotedprivatehomeownership,developmentofthemortgagemarketandtheliquidityofthesecondarypropertymarket.TheState-allocatedhousingsystemwasabolishedin1998,andworkerswereallowedtopurchasethepropertiesthattheywerelivinginatadiscount.Toassisttheworkersinacquiringthehomeownership,thehomemortgagemarketwasrelaxed,andbankloansweremoreeasilyavailabletoindividualhomepurchasers.Aroundthesametime,proceduresforthere-saleofpropertieswereformalized.By[2001],peopleinmostcitiesofChinawerenolongersubjecttoaregulatorylock-upperiodonre-saleofproperties.

Allofthesereforms,togetherwiththecontinuedmacro-economicgrowthofChina,theriseofmiddle-incomefamiliesandthedemandforimprovedlivingstandards,aswellastheincreasingpaceofurbanizationandlarge-scalecityre-development,arekeygrowthdriversinChina’srealestatemarket.AccordingtotheUnitedNationsDevelopmentProgramHumanDevelopmentReport2003,China’surbanizationratewasexpectedtoreach49.5%by2015.TheexpectedincreaseofChina’surbanpopulationislikelytocreatesignificantdemandforhousing.Thegovernmentestimatesthat2.6billionsq.m.GFAofnewhousingwillbeneedednationwideby2010inordertomeetnewdemandfromnewurbanresidents,assumingaveragepercapitalivingspaceGFAof25sq.m..Anadditional2.13billionsq.mGFAwillberequiredtoincreaseaveragepercapitalivingspaceto25sq.m.percapitaby2010.Thegovernmentestimatesthatanother11billionsq.ft.GFAofnewhousingwillbeneedednationwideby2010toreplaceoldhousingstock.ForfiguresonChina’srisingmacro-economy,urbanincomelevelandurbanizationrate,pleasereferto“IndustryOverview–Macro-economicSituationofChina”.

GrowthofRealEstateMarket

AccordingtotheNationalStatisticsBureau,atotalofapproximately322millionsq.m.GFAwassoldinChinain2003,andthetotalGFAcompletedinthesameyearwas325millionsq.m..Suchfiguresrepresentedanincreaseof29.1%and22.5%fromtherelevantfiguresin2002.ApproximatelyRMB767.1billionwasgeneratedfromthesaleofrealpropertiesinChinain2003,whichrepresentsanincreaseof34%fromRMB572.4billionin2002.ThetablebelowsetsoutfiguresshowingtotalGFAcompleted,GFAsoldandsalesvolumegeneratedduring1998to2003:

2002

GFAcompleted（m2million）

175.6

214.1

251.0

298.6

325.2

398.4

GFAsold（m2million）

121.8

145.5

186.3

224.1

249.6

322.4

Salesvolume（RMBbillion）

251.3

298.7

393.5

486.2

572.4

767.1

（Source:

NationalStatisticsBureau）

AccordingtotheNationalStatisticsBureau,approximatelyRMB1,010billionwasinvestedinChina’srealestatesectorin2003,whichrepresentedapproximately18.3%ofChina’stotalinvestmentinfixedassetsin2003andanincreaseofapproximately29.7%from2002.ThetablebelowsetsoutfiguresshowingthetotalinvestmentinselectedsegmentsoftheChinesepropertymarketduring1998and2003:

Residential（RMBbillion）

208.1

263.8

331.1

421.6

526.7

678.2

Office（RMBbillion）

43.3

33.8

29.7

30.7

37.9

50.9

Commercial（RMBbillion）

47.5

48.4

57.9

75.5

92.8

127.7

ThetablebelowsetsoutthetotalsalesvolumeofselectedsegmentsoftheChinesepropertymarketduring1998and2003:

200.6

241.3

322.8

402.1

471.0

22.2

21.2

20.7

23.0

22.3

25.7

33.4

45.6

55.5

72.1

REALESTATEMARKETOFSHANGHAI

ShanghaiisthefinancialcenterofChinaandtheflagshipofChina’seconomicreform.Ithasanareaofover6,340sq.km.andapopulationofapproximately17millionasattheendof2003.ThetablebelowsetsoutselectedindicatorsofShanghai’seconomy:

1990

1996

1997

GDP（RMBbillion）

76

246

290

336

369

404

455

495

541

625

GDP/Capita（RMB）

5,910

18,942

22,275

25,750

28,240

30,805

34,547

37,382

40,646

46,585

Percapitadisposableannualincome（RMB）

2,182

7,172

8,159

8,439

8,773

10,932

11,718

12,883

13,250

14,867

Percapitasavings（RMB）

1,965

10,728

14,340

20,917

18,161

19,778

19,098

22,619

36,842

45,123

[2003年上海市国民经济和社会发展统计公报，上海市统计局））

HigheconomicgrowthhascontributedtotherapiddevelopmentofShanghai’srealestatemarket.In2003,Shanghai’sGDPreachedRMB625billion,andGDPpercapitareachedRMB46,585.ShanghaioutpacedthenationalGDPforeightconsecutiveyears.

AccordingtoShanghai’sTenthFiveYearPlan,thefollowingtargetsaresettobeachievedinShanghaibetween2001and2005:

∙increaseGDPtoRMB730billionby2005（growthof9%to11%perannumfrom2001to2005）;

∙cumulativeinvestmentinfixedassetsamountingtoRMB1,000billionduringthefiveyearperiod;

∙increasedisposableincomeperpersoninurbanareastoRMB15,000by2005;

and

∙lowertheunemploymentrateinurbanareatolessthan4.5%.

KeyDriversforShanghaiRealEstateMarket

TherealestatesectorwaslistedasoneofthepillarindustriesforShanghaiundertheTenthFiveYearPlan,andover60millionsq.m.GFAofnewhousingisexpectedtobebuiltbetween2001and2005pursuanttotheplan.VariousgovernmentpolicieswereissuedaimingatencouragingspendinginandincreasingdemandforShanghai’srealestatemarket.TotalinvestmentintherealpropertysectorreachedRMB18,805millionforthefirstquarterof2004,accountingfor37.6%ofShanghai’stotalinvestmentinfixedassetsduringthesameperiodandrepresentinganincreaseof34.5%fromthefirstquarterof2003.

AnnualdisposableincomeperpersonaveragedRMB14,867inShanghaiin2003,whichwasapproximately6.81timesthatof1990.Accordingly,moremoneywasspentonresidentialpropertyinShanghai.Accordingto[theShanghaiStatisticsBureau,annualspendingperpersononresidentialpropertiesaveragedRMB1280in2003,whichwasapproximately3.5timesthatof1995.AsthepopulationofShanghaibecomesmoreaffluent,webelievetheirdemandforhigherlivingstandardsandenvironmentalconsciousnessshouldalsoincreaseastheyseekhigherqualitypropertiesandmorespaciouslivingenvironments.AccordingtotheShanghaiStatisticsBureau,theaveragelivingareaperpersoninShanghaihasincreasedfrom8.7sq.m.in1996to13.8sq.m.in2003.AccordingtotheTenthFiveYearPlan,by2005,theaveragelivingareaperpersoninShanghaiwillreach18to20sq.m..Accordingly,morepropertiesarerequiredtomeetthedemand.

Inaddition,manymulti-nationalcorporationshaveestablishedtheirChinaregionalheadquartersinShanghai.In2003,contractsofoverUS$11.06billioninvaluewereenteredintowithforeigninvestorsinShanghai.TheInfluxofforeigncapitalandexpatriatepopulationwillfurtherincreasethedemandforhigh-qualitypropertiesinShanghai.Thespeedofcityre-developmentalsoaffectsdemandforrealproperties.In2003,over4,754,700sq.m.weredemolishedinShanghai.ThesefactorscontributetoanincreaseindemandforrealpropertiesinShanghai.

GrowthofShanghaiRealEstateMarket

AccordingtotheShanghaiStatisticsBureau,atotalGFAofapproximately23,764,000sq.m.wassoldin2003inShanghai,whichrepresentsanincreaseof20.6%fromthatof2002.Approximately3,450,200sq.m.weresoldinthefirstquarterof2004,whichrepresentsanincreaseof42.4%fromthesameperiodin2003.WehavesetoutbelowatableshowingtotalGFAcompletedandtotalGFAsoldinShanghaifrom1999to2003,reflectingsu