The development history of China's real estate market is roughly as follows: First, starting from 198 1, commercial housing development pilot projects were launched in Shenzhen and Guangzhou. Prior to this, there was only real estate development in China, and houses built by institutions or enterprises were mainly used for the welfare distribution of internal employees, including houses built by the government, and there was no real estate market. Because the pilot was successful at that time, small-scale pilot development began later. 1992 comrade Deng Xiaoping visited Shenzhen in the south, and found that after the construction of the market economy in the special zone, the city appearance has changed greatly, among which the real estate development was very successful, and he thought that the experience of the development zone was worth popularizing to the whole country, so he blew the horn of the real estate development in China, starting from coastal cities, especially Hainan, Beihai, Guangzhou, Shenzhen and other big cities, but the time was not long, because the real estate market in Hainan formed a serious bubble.
From 65438 to 0993, Premier Zhu Rongji visited Hainan and found that the real estate market in Hainan was out of control, mainly because the land market quickly formed a very serious bubble. Therefore, Premier Zhu Rongji ordered to stop bank loans. After the monetary tightening, the newly established real estate market was immediately hit hard. Therefore, from the second half of 1993 to the first half of 1998, the real estate market in China remained stagnant.
1998 is a crucial year for the real estate industry in China, and the watershed is the first half and the second half. Many developers failed in the first half of 1998, and they sold their land and withdrew from the market. But in the second half of 1998, around June, the policy began to change, and a series of policies to stimulate real estate development were introduced. The most important thing is to cancel the welfare housing distribution, which means that everyone must go to the market to buy a house and solve the housing problem through the market. This policy made the effective demand explode in a short time and rose sharply. The first effect of this policy is to "catch the last bus"-all rich units bought existing houses and swept away all existing houses that could not be sold at that time. At this time, the housing reform policy has provided huge effective demand, while the financial policy and tax policy have created huge effective demand. Constantly lowering interest rates and lowering the mortgage threshold, the down payment is only 30% to 20%, and some banks even propose zero down payment. There is also a price policy. Prior to this, the price of commercial housing was controlled by the price bureau, and it was not allowed to raise prices casually. This is a price limit. However, these controls were cancelled at this time, which made it possible for developers to raise prices later. After that, the developer decided what he liked and began to raise prices indiscriminately. Therefore, from 1999 to 2003, the real estate industry in China experienced a period of rapid growth. It reached its peak in 2003, exposing problems such as high housing prices and unreasonable structure, which led to serious social contradictions and the real estate industry became the focus of social attention. The implementation of macro-control in 2004 was mainly characterized by tightening the two gates of land and credit, focusing on regulating supply.
In 2005, the central government further strengthened macro-control, mainly manifested in two-way regulation of supply and demand, with demand regulation as the main factor. From the second half of 2005 to 2006, the transaction volume began to pick up, but it didn't last long, because when the real estate market in the Yangtze River Delta region snowed, Beijing, Shenzhen and Guangzhou were all sunny, and house prices rose rapidly, just like the previous Yangtze River Delta, which led to further strengthening of the regulation policy in March.
The main feature of macro-control in 2006 is to adjust the product structure of real estate. At present, real estate is undergoing a series of changes: from seller's market to buyer's market, from investment-oriented to consumption-oriented, from short-term investment to medium-and long-term investment, from land-oriented to product-oriented, from incremental market-oriented to stock market-oriented, from general market to market segments.
The trend of real estate price in China started from 1998, reached its peak in 2003, and then was sorted out sideways in 2003-2007. Supply was regulated in 2004, demand was regulated in 2005, structure was regulated in 2006, and adjustment continued in 2007. It is estimated that the adjustment will be basically completed by the end of 2007. Then, with the development of economy, in this process, all risks are released, the bubbles are reduced, the structure is adjusted, the unreasonable situation is alleviated, and the backlog of houses is digested, laying a solid foundation for the next round of development. Since 2008, the new round of steady growth will not be crazy, but a step-by-step increase, which is the characteristic of China real estate development.