中国的不动产市场DOC 12Word文档下载推荐.docx

1、1998Abolition of State-allocated housing1999Maximum mortgage terms extended to 30 years and maximum finance increased to 80%Formalized procedures for the sale of real property in secondary market2000Regulations issued to standardize quality of construction projects, setting forth a framework for the

2、 administration of construction quality2001Shanghai become first Chinese city to eliminate dual pricing for domestic and overseas home buyers, and Beijing to follow in 2003Regulations issued to strengthen the administration of demolition and relocation in urban areas2003Strengthened administration o

3、f real estate loans （to reduce risk of banks regarding real estate bank loans and prevent continue overheating of investment in real estates）Notice issued by the State Council for sustained and healthy development of real estate market2004Regulations revised to prevent transfer of apartment units be

4、fore land use rights certificates for such units are issued （to slow down property speculations） For details of the regulations published between 2001 and 2004, please refer to “Regulatory Overview ” in Appendix IX to this Circular.The housing reforms promoted private home ownership, development of

5、the mortgage market and the liquidity of the secondary property market. The State-allocated housing system was abolished in 1998, and workers were allowed to purchase the properties that they were living in at a discount. To assist the workers in acquiring the home ownership, the home mortgage marke

6、t was relaxed, and bank loans were more easily available to individual home purchasers. Around the same time, procedures for the re-sale of properties were formalized. By 2001, people in most cities of China were no longer subject to a regulatory lock-up period on re-sale of properties. All of these

7、 reforms, together with the continued macro-economic growth of China, the rise of middle-income families and the demand for improved living standards, as well as the increasing pace of urbanization and large-scale city re-development, are key growth drivers in Chinas real estate market. According to

8、 the United Nations Development Program Human Development Report 2003, Chinas urbanization rate was expected to reach 49.5% by 2015. The expected increase of Chinas urban population is likely to create significant demand for housing. The government estimates that 2.6 billion sq.m. GFA of new housing

9、 will be needed nationwide by 2010 in order to meet new demand from new urban residents, assuming average per capita living space GFA of 25 sq.m. An additional 2.13 billion sq.m GFA will be required to increase average per capita living space to 25 sq.m. per capita by 2010. The government estimates

10、that another 11 billion sq.ft. GFA of new housing will be needed nationwide by 2010 to replace old housing stock. For figures on Chinas rising macro-economy, urban income level and urbanization rate, please refer to “Industry Overview Macro-economic Situation of China”.Growth of Real Estate Market A

11、ccording to the National Statistics Bureau, a total of approximately 322 million sq.m. GFA was sold in China in 2003, and the total GFA completed in the same year was 325 million sq.m. Such figures represented an increase of 29.1% and 22.5% from the relevant figures in 2002. Approximately RMB767.1 b

12、illion was generated from the sale of real properties in China in 2003, which represents an increase of 34% from RMB572.4 billion in 2002. The table below sets out figures showing total GFA completed, GFA sold and sales volume generated during 1998 to 2003:2002GFA completed （m2 million） 175.6214.125

13、1.0298.6325.2398.4GFA sold （m2 million）121.8145.5186.3224.1249.6322.4Sales volume （RMB billion）251.3298.7393.5486.2572.4767.1（Source: National Statistics Bureau）According to the National Statistics Bureau, approximately RMB 1,010 billion was invested in Chinas real estate sector in 2003, which repre

14、sented approximately 18.3% of Chinas total investment in fixed assets in 2003 and an increase of approximately 29.7% from 2002. The table below sets out figures showing the total investment in selected segments of the Chinese property market during 1998 and 2003:Residential （RMB billion）208.1263.833

15、1.1421.6526.7678.2Office （RMB billion）43.333.829.730.737.950.9Commercial （RMB billion）47.548.457.975.592.8127.7 The table below sets out the total sales volume of selected segments of the Chinese property market during 1998 and 2003:200.6241.3322.8402.1471.022.221.220.723.022.325.733.445.655.572.1RE

16、AL ESTATE MARKET OF SHANGHAIShanghai is the financial center of China and the flagship of Chinas economic reform. It has an area of over 6,340 sq.km. and a population of approximately 17 million as at the end of 2003. The table below sets out selected indicators of Shanghais economy:199019961997GDP

17、（RMB billion）76246290336369404455495541625GDP/Capita （RMB）5,91018,94222,27525,75028,24030,80534,54737,38240,64646,585Per capita disposable annual income （RMB）2,1827,1728,1598,4398,77310,93211,71812,88313,25014,867Per capita savings （RMB）1,96510,72814,34020,91718,16119,77819,09822,61936,84245,123 200

18、3年上海市国民经济和社会发展统计公报，上海市统计局） High economic growth has contributed to the rapid development of Shanghais real estate market. In 2003, Shanghais GDP reached RMB625 billion, and GDP per capita reached RMB46,585. Shanghai outpaced the national GDP for eight consecutive years. According to Shanghais Tenth

19、Five Year Plan, the following targets are set to be achieved in Shanghai between 2001 and 2005: increase GDP to RMB730 billion by 2005 （growth of 9% to 11% per annum from 2001 to 2005）; cumulative investment in fixed assets amounting to RMB1,000 billion during the five year period; increase disposab

20、le income per person in urban areas to RMB15,000 by 2005; and lower the unemployment rate in urban area to less than 4.5%. Key Drivers for Shanghai Real Estate Market The real estate sector was listed as one of the pillar industries for Shanghai under the Tenth Five Year Plan, and over 60 million sq

21、.m. GFA of new housing is expected to be built between 2001 and 2005 pursuant to the plan. Various government policies were issued aiming at encouraging spending in and increasing demand for Shanghais real estate market. Total investment in the real property sector reached RMB18,805 million for the

22、first quarter of 2004, accounting for 37.6% of Shanghais total investment in fixed assets during the same period and representing an increase of 34.5% from the first quarter of 2003. Annual disposable income per person averaged RMB14,867 in Shanghai in 2003, which was approximately 6.81 times that o

23、f 1990. Accordingly, more money was spent on residential property in Shanghai. According to the Shanghai Statistics Bureau, annual spending per person on residential properties averaged RMB 1280 in 2003, which was approximately 3.5 times that of 1995. As the population of Shanghai becomes more afflu

24、ent, we believe their demand for higher living standards and environmental consciousness should also increase as they seek higher quality properties and more spacious living environments. According to the Shanghai Statistics Bureau, the average living area per person in Shanghai has increased from 8

25、.7 sq.m. in 1996 to 13.8 sq.m. in 2003. According to the Tenth Five Year Plan, by 2005, the average living area per person in Shanghai will reach 18 to 20 sq.m. Accordingly, more properties are required to meet the demand. In addition, many multi-national corporations have established their China re

26、gional headquarters in Shanghai. In 2003, contracts of over US$11.06 billion in value were entered into with foreign investors in Shanghai. The Influx of foreign capital and expatriate population will further increase the demand for high-quality properties in Shanghai. The speed of city re-developme

27、nt also affects demand for real properties. In 2003, over 4,754,700 sq.m. were demolished in Shanghai. These factors contribute to an increase in demand for real properties in Shanghai.Growth of Shanghai Real Estate Market According to the Shanghai Statistics Bureau, a total GFA of approximately 23,

28、764,000 sq.m. was sold in 2003 in Shanghai, which represents an increase of 20.6% from that of 2002. Approximately 3,450,200 sq.m. were sold in the first quarter of 2004, which represents an increase of 42.4% from the same period in 2003. We have set out below a table showing total GFA completed and total GFA sold in Shanghai from 1999 to 2003, reflecting su