1、本科毕业设计（论文）外文翻译原文DEVELOPMENTOFCHINASREALESTATEMARKETOVERTHEPASTTWODECADES,REALESTATEHASEVOLVEDFROMGOVERNMENTCONTROLLEDTOACOMMERCIALPRODUCT,EMERGINGANDDEVELOPINGINTOANIMPORTANTCOMPONENTOFCHINASFINANCIALMARKETSALTHOUGHTHEOVERALLGROSSDOMESTICPRODUCTGDPANDINCOMELEVELSHAVEBEENGROWINGRAPIDLY,THEEVENFASTERR
2、ISINGHOUSINGCOSTSHAVEEXACERBATEDTHEPROBLEMOFHOUSINGAFFORDABILITYREALESTATEDEVELOPMENTHASBECOMEAKEYFACTORINCHINASECONOMICGROWTH,ASREALESTATEHASBECOMEANESSENTIALPARTOFTHEOVERALLFUNCTIONINGOFTHEECONOMYRECENTSIGNSFOLLOWINGTHEGLOBALFINANCIALCRISISSUGGESTTHATCHINASREALESTATEMARKETHASBOTTOMEDANDMAYBEONITSW
3、AYTOAREBOUNDINTHELONGRUN,THISMARKETOFFERSLUCRATIVEINVESTMENTOPPORTUNITIESFORDOMESTICANDFOREIGNINVESTORSTHEGOVERNMENTOWNED,CONTROLLED,ANDMANAGEDALLREALESTATEINCHINAUNDERASOCIALISTCENTRALPLANNINGSYSTEMUNTIL1988,WHENREFORMINTHISSECTORSTARTEDFUNG,HUANG,LIU,ANDSHEN2006SINCETHEN,AMARKETBASEDREALESTATEINDU
4、STRYHASGRADUALLYDEVELOPED,RELATEDLEGISLATIONWASENACTED,ANDVARIOUSTYPESOFREALESTATESERVICESHAVEEMERGEDDURINGTHISPERIOD,REALESTATEINCHINAHASCHANGEDFROMAPUBLICTOACOMMERCIALPRODUCTALTHOUGHTHESTATEREMAINSTHEOWNEROFLANDINNAME,THERIGHTSOFLANDUSEANDLANDIMPROVEMENTSARENOWCOMMONLYPRIVATELYOWNEDTHEPRIVATIZATIO
5、NEFFORTHASDRIVENTHEGROWTHOFTHEREALESTATEINDUSTRY,ANDHASMADEITPOSSIBLEFORMANYMODERNBUSINESSPRACTICESTOBEINTRODUCEDINTOCHINAINRECENTYEARS,CHINASREALESTATEMARKETHASDEMONSTRATEDINCREASINGINTEGRATIONWITHREALESTATEMARKETSINOTHERPARTSOFTHEWORLD,WITHALMOSTSYNCHRONOUSEBBSANDFLOWSTHISGAVERISETOIMBALANCESBETWE
6、ENSUPPLYANDDEMAND,INCREASINGREALESTATEPRICEVOLATILITYINADDITION,THECHINESEECONOMYHASBEENGROWINGATONEOFTHEFASTESTRATESINTHEWORLD,LEADINGTORISINGDISPOSABLEINCOMELEVELSTHEINCREASEINHOUSINGPRICESHAVEACTUALLYOUTPACEDINCOMEGROWTH,THEREBYEXACERBATINGTHEAFFORDABILITYPROBLEMACOMPARISONBETWEENTHEINLANDAREAAND
7、THEMOREAFFLUENTCOASTALAREAFINDSTHATTHELATTERSHOUSINGAFFORDABILITYPROBLEMHASBEENMORESEVERENEVERTHELESS,SINCE1997,THEHEAVYINVESTMENTINTHEREALESTATESECTORHASPROVIDEDANIMPORTANTIMPETUSFOROVERALLECONOMICGROWTH,BYSTIMULATINGTHEDEMANDFORMANYOTHERINDUSTRIES,INCLUDINGMACHINERY,STEEL,ELECTRONICS,CHEMICALPRODU
8、CTS,ANDARCHITECTURETHISISESPECIALLYIMPORTANTFORTHEECONOMYOFACOUNTRYLIKECHINA,WHERESAVINGSRATESAREHIGHANDCONSUMPTIONSHAREINTHEGDPISRELATIVELYLOWANOTHERIMPORTANTDEVELOPMENTINRECENTYEARSISTHEREALESTATEMARKETSINCREASINGINTEGRATIONWITHITSCOUNTERPARTSINOTHERCOUNTRIESFORINSTANCE,THEREALESTATEBUBBLEBETWEENE
9、ARLY2003ANDLATE2007ANDTHEENSUINGRAPIDCOOLOFFCOINCIDEDWITHMANYOTHERMARKETSTHEGLOBALFINANCIALCRISISEXACERBATEDTHEDECLINE,GIVINGRISETOAHOSTOFPROBLEMSINCLUDINGWIDESPREADMORTGAGELOANDEFAULTS,NEGATIVENETWORTHFAMILIES,ANDABORTEDCONSTRUCTIONPROJECTSTHISGLOBALINTEGRATIONBOTHPOSESSERIOUSCHALLENGESANDBRINGSOPP
10、ORTUNITIESTODOMESTICANDFOREIGNINVESTORSCHALLENGESALTHOUGHCHINASREALESTATEMARKETISSTILLINARELATIVELYEARLYSTAGEOFDEVELOPMENTINCOMPARISONTOTHEUNITEDSTATESANDOTHERDEVELOPEDMARKETS,CHINASREALESTATEBOOMBETWEEN1998AND2007WASONEOFTHEBIGGESTINTHEWORLDDURINGTHISPERIOD,THEAVERAGEANNUALGROWTHRATEFORREALESTATEIN
11、VESTMENTWAS221PERCENT,MORETHANDOUBLETHEAVERAGEGDPGROWTHRATEOF94PERCENTINPARTICULAR,THEAVERAGEANNUALGROWTHBETWEEN2000AND2007EXCEEDED20PERCENT,ANDSURPASSED30PERCENTEVERYYEARBETWEEN2003AND2007PAN2009HOWEVER,BEGINNINGINTHESECONDHALFOF2007,CHINASREALESTATEMARKETTOOKABIGTUMBLE,RESULTINGINSUBSTANTIALLOSSES
12、FORREALESTATEINVESTORSTHERECENTCYCLICALCHANGESINTHEREALESTATEMARKETANDTHEGLOBALFINANCIALCRISISEXEMPLIFYTHEINHERENTRISKINREALESTATEINVESTMENTSHOWEVER,MUCHLIKETHECHINESEWORD“CRISIS,”COMPOSEDOFTHESIGNSFOR“DANGER”AND“OPPORTUNITY,”CHALLENGESANDOPPORTUNITIESGOHANDINHANDOPPORTUNITIESDUETOTHESPECIALFEATURES
13、OFITSPOLITICALDECISIONMAKINGSYSTEM,THECHINESEGOVERNMENTHASQUICKLYFORMULATEDANDPUTINTOEFFECTNUMEROUSPOLICIESANDREGULATIONSTOADDRESSTHESHARPDECLINEINTHEREALESTATEMARKET“CHINAISUNUSUALINTHATITHASTHISINCREDIBLECAPACITYTOMOBILIZEALLITSINSTITUTIONS,”SAIDVIKRAMNEHRU,THEWORLDBANKSCHIEFECONOMISTFORASIABATSON
14、2009BECAUSETHEDOWNTURNTHATBEGANINTHESECONDHALFOF2007CAUSEDMANYECONOMICANDSOCIALPROBLEMS,MANYPOLICIESANDREGULATIONSFAVORABLETOREALESTATEMARKETPARTICIPANTSWEREENACTEDBYBOTHTHECENTRALANDLOCALGOVERNMENTSANDTOOKEFFECTIN2008THESEINCLUDEDREDUCINGMORTGAGEINTERESTRATES,LOWERINGPAYMENTREQUIREMENTS,EXTENDINGMO
15、RTGAGELOANTERMS,RELAXINGORELIMINATINGTHECAPSONLOANSFROMTHEHOUSINGPUBLICACCUMULATIONFUND,CONVERSIONOFCOMMERCIALMORTGAGELOANSTOGOVERNMENTBACKEDONES,REDUCINGORREMOVINGTHEHOUSINGDEEDTAX,OFFERINGDIRECTSUBSIDIESTOHOUSEBUYERS,RELAXINGREGULATIONSONSECONDHOUSEPURCHASES,ANDELIMINATINGTHEREALESTATESTAMPTAXFUNG
16、ETAL2006BYTHEENDOFTHEFIRSTQUARTEROF2009,THEREALESTATEMARKETINCHINAHADSTARTEDTOSHOWSIGNSOFRECOVERYALTHOUGHHOUSINGPRICESSTILLREMAINATARELATIVELYLOWLEVEL,CHENG2009REPORTEDTHATMANYCITIESSAWINCREASESINHOUSINGTRANSACTIONSASCOMPAREDTOTHESAMEPERIODLASTYEAR,INCLUDINGBEIJING628PERCENT,SHANGHAI2789PERCENT,TIAN
17、JIN1577PERCENT,ANDNANJING917PERCENTTHISRECOVERYCANBEATTRIBUTABLETOTHEAFOREMENTIONEDSTIMULATIVEPOLICIESANDREGULATIONSAND,MOREIMPORTANTLY,TOTHERECENTRAPIDEXPANSIONOFTHEMONEYSUPPLYACCORDINGTOSTATISTICSRELEASEDBYTHEPEOPLESBANKOFCHINA,ASOFTHEENDOFFEBRUARY2009,VARIOUSLOANBALANCESATFINANCIALINSTITUTIONSWER
18、ERMB3306TRILLION,A2417PERCENTINCREASEOVERONEYEARAGOINPARTICULAR,THEBALANCESROSEBYRMB107TRILLIONINTHEMONTHOFFEBRUARYALONE,AWHOPPINGJUMPOF441PERCENTOVERTHEINCREASEINTHESAMEMONTHAYEARAGOINADDITION,AGOODPORTIONOFTHERECENTLYANNOUNCEDRMB4TRILLIONUS585BILLIONECONOMICSTIMULUSPROGRAMWASAIMEDTOBOOSTFIXEDASSET
19、SANDHOUSINGINVESTMENTSANDEXPECTEDTOFURTHERREVIVETHEREALESTATEMARKETBYTHEENDOFFEBRUARY,REALESTATERELATEDSTOCKSTRADEDONTHE90THECHINESEECONOMYSHANGHAIANDSHENZHENSTOCKEXCHANGESRECORDEDCONSIDERABLEGAINS,ANDCHINASREALESTATESTOCKINDEXGAINEDOVER40PERCENTITISUNCERTAINHOWLONGTHEWORLDFINANCIALCRISISWILLLASTAND
20、HOWMUCHIMPACTITWILLHAVEONCHINASREALESTATEMARKET,BUTTHEMARKETAPPEARSTOHAVEBOTTOMEDOUTSOMEECONOMISTSHAVEPREDICTEDTHATCHINAWILLBEAMONGTHEFIRSTTOCOMEOUTOFTHEGLOBALDOWNTURNBATSON2009ARGUEDTHATCHINASECONOMYWILLTURNACORNERASTHERMB4TRILLIONSTIMULUSPROGRAMKICKSIN,ASEVIDENCEDBYRISINGCRUDEOILANDIRONOREIMPORTS,
21、RECORDMONTHLYCARSALESFIGURES,IMPROVEDMANAGERCONFIDENCE,A3424PERCENTRISEINTHESHANGHAICOMPOSITESTOCKINDEX,ANDRISINGREALESTATESALESANDERLINI2009ALSOREPORTEDAREBOUNDINREALESTATECAPITALSPENDINGANDTRANSACTIONVOLUMES,ANDTHEFIRSTSLIGHTRISEINMONTHONMONTHPRICESINMARCH2009SINCEJULY2008FROMOURPERSPECTIVE,THEREM
22、IGHTSTILLBECONSIDERABLEFLUCTUATIONSANDRISKSINTHELONGRUN,HOWEVER,CHINASREALESTATEMARKETISEXPECTEDTOOFFERLUCRATIVERETURNSANDREWARDINGOPPORTUNITIESFORDOMESTICANDFOREIGNINVESTORSTHEREALESTATEINDUSTRYANDTHEOVERALLECONOMYCHINASECONOMYHASBEENGROWINGATONEOFTHEFASTESTRATESINTHELASTDECADETHEREAREMANYREASONSFO
23、RTHISGROWTH,ANDREALESTATEDEVELOPMENTISONEOFTHEMUNLIKEINMANYWESTERNDEVELOPEDECONOMIES,WHERECONSUMPTIONACCOUNTSFOR60TO80PERCENTOFTHEOVERALLGDP,CONSUMPTIONONLYCONSTITUTESABOUT40PERCENTOFTHECHINESEECONOMYTHUS,INVESTMENTS,ESPECIALLYTHOSEINREALESTATEANDINFRASTRUCTURE,PLAYACRITICALROLEINCHINASECONOMICDEVEL
24、OPMENTCHINASGDPGROWSATANANNUALRATEOF109PERCENT,WHILEREALESTATECAPITAL,ORTHENEWLYCREATEDVALUEOFREALESTATETHROUGHINVESTMENT,EXPANDSATAFASTERRATEOF130PERCENTREALESTATECAPITALASAPERCENTAGEOFGDPINCREASEDFROM367PERCENTIN1997TO426PERCENTBY2005THESEPERCENTAGESAREATABOUTTHESAMELEVELASTHEWEIGHTSOFCONSUMPTIONI
25、NTHEECONOMY,SUGGESTINGTHATCONSUMPTIONANDREALESTATEINVESTMENTAREOFAPPROXIMATELYTHESAMEIMPORTANCETOTHEOVERALLECONOMYACTUALLY,REALESTATEINVESTMENTHASRISENDURINGTHISPERIOD,INVIEWOFITSSTEADILYINCREASINGWEIGHTINTHEGDP,INCONTRASTTOTHEDECREASINGSHAREOFCONSUMPTIONSECOND,ASURBANAREASDOMINATECHINASECONOMY,URBA
26、NFIXEDASSETINVESTMENTSACCOUNTFORTHEMAJORITYOFREALESTATECAPITAL,GROWINGATANANNUALRATEOF186PERCENTINTHEMEANTIME,OVER60PERCENTOFTHESEINVESTMENTSARECONSTRUCTIONANDINSTALLATIONPROJECTS,EXPANDINGATANEVENFASTERANNUALRATEOF188PERCENTTHUS,ITCANBEARGUEDTHATCONSTRUCTIONANDINSTALLATIONPROJECTSDRIVETHEGROWTHOFUR
27、BANFIXEDASSETINVESTMENTSTHESEDRIVETHEGROWTHOFTHEOVERALLREALESTATEINDUSTRY,WHICH,INTURN,DRIVESTHEGROWTHOFTHEOVERALLECONOMYTHIRD,THECONSTRUCTIONOFNEWURBANAREASROADS,BRIDGES,ANDOTHERINFRASTRUCTUREANDHOUSINGREPRESENTSTHEMAINCOMPONENTOFCONSTRUCTIONANDINSTALLATIONPROJECTSNEWURBANAREAS,COMPLETEDBETWEEN1997
28、AND2005,ANDCOMPRISING12,307SQUAREKILOMETERS,ACCOUNTEDFOR378PERCENTOFTHETOTALURBANAREAASOFTHEENDOF2005THENEWURBANHOUSINGCOMPRISING1034BILLIONSQUAREMETERS,COMPLETEDDURINGTHESAMEPERIOD,CONSTITUTED629PERCENTOFTOTALHOUSINGMEANWHILE,THECUMULATIVENEWLYCONSTRUCTED744,700KILOMETERSOFHIGHWAYSAND33,643KILOMETE
29、RSOFNEWEXPRESSWAYSREPRESENT386PERCENTAND917PERCENT,RESPECTIVELY,OFTHETOTALROADWAYSATTHEENDOFTHEPERIODTHESEHIGHPERCENTAGESDEMONSTRATETHEEXCEPTIONALEFFORTSBYTHEGOVERNMENTTOIMPROVEANDEXPANDHOUSINGANDINFRASTRUCTUREDURINGTHISPERIODFOURTH,GOVERNMENTEXPROPRIATIONSOFLAND,ACTUALLYMAINLYOFRURALLAND,ARETHEMAIN
30、SOURCEOFSUPPLYCUMULATIVELANDEXPROPRIATIONSBETWEEN1997AND2005ADDEDUPTO10,996SQUAREKILOMETERS,ACCOUNTINGFOR894PERCENTOFTHENEWURBANJANUARYFEBRUARY2010ASMOSTOFTHISISARABLELAND,SUCHFASTURBANIZATIONDID,TOACERTAINDEGREE,NEGATIVELYAFFECTAGRICULTURALPRODUCTION,ANDCREATESOMESOCIALISSUESBUTONTHEOTHERHAND,ASTHE
31、NPREMIERZHURONGJIARGUED,ITPROVIDEDTHEINDISPENSABLEFOUNDATIONFORFURTHERECONOMICDEVELOPMENTTHECONSTRUCTIONOFROADS,HIGHWAYS,ANDEXPRESSWAYSPROVIDESANOTHERIMPETUSFORECONOMICGROWTHBYSERVINGASAPLATFORMFORLOCALGOVERNMENTSTOUTILIZEFINANCIALRESOURCESANDSTIMULATELOCALECONOMIESCHINAHASONEOFTHEHIGHESTSAVINGSRATE
32、SINTHEWORLD,USUALLYABOVE40PERCENTCHINESEBANKS,MOSTLYOWNEDANDOPERATEDBYTHEGOVERNMENT,ATTRACTVASTAMOUNTSOFCAPITALTHEIMMATUREANDVOLATILECAPITALMARKETSHAVENOTBEENABLETOPROVIDEOUTLETSFORTHISCAPITALINLIGHTOFTHIS,THEGOVERNMENTADOPTEDTHEPOLICYOF“BORROWTOBUILD,ANDUSETHETOLLTOREPAY”INROADCONSTRUCTIONBY2006,96
33、PERCENTOFEXPRESSWAYSABOUT39,500KM,70PERCENTOFLEVEL1HIGHWAYSABOUT26,900KM,AND46PERCENTOFLEVEL2HIGHWAYSABOUT113,000KMHADBEENCOMPLETEDUSINGTHISAPPROACHBETWEEN2004AND2006,THEHIGHWAYADMINISTRATIONSOFSEVERALPROVINCESPROVIDEDNETGOVERNMENTINVESTMENTSOFONLYRMB211BILLION,BUTTHETOTALBANKCAPITALTHATROADCONSTRUC
34、TIONPROJECTSUTILIZEDAMOUNTSTORMB603BILLION,WITHARATIOOFBANKCAPITALTONETGOVERNMENTINVESTMENTSOFRMB286BILLIONTHISMEANSTHATRMB1BILLIONOFNETGOVERNMENTSPENDINGINTHISAREARESULTSINRMB286BILLIONOFBANKCAPITALBEINGUTILIZED,CREATINGASIZEABLERIPPLEEFFECTINTHEECONOMYTHEBANKS,INFACT,OFTENCOMPETEFORSUCHLENDINGOPPO
35、RTUNITIESBECAUSEOFTHEROLEPLAYEDBYLOCALGOVERNMENTSANDTHELUCRATIVETOLLFUNDSTHATRESULTFROMTHESEPROJECTSMOREIMPORTANT,MOSTSUCHGOVERNMENTINVESTMENTSTURNOUTTOBEPROFITABLE,WITHREVENUESOFRMB1601BILLIONFAREXCEEDINGEXPENDITURESOFRMB1276BILLIONCONCLUSIONSOVERTHEPASTTWODECADES,CHINASREALESTATEHASEVOLVEDFROMGOVE
36、RNMENTCONTROLLEDTOACOMMERCIALPRODUCTTHEREALESTATEMARKETHASEMERGEDANDDEVELOPEDINTOANIMPORTANTCOMPONENTOFCHINASFINANCIALMARKETSTHISMARKETHASQUICKLYBEENINTEGRATEDINTOTHEWORLDMARKET,ASDEMONSTRATEDBYITSCYCLE,WHICHHASGENERALLYCOINCIDEDWITHTHOSEINOTHERCOUNTRIESTHEHIGHERVOLATILITYINHOUSINGPRICES,ABYPRODUCTO
37、FSUCHINTEGRATION,COULDBECOMEANIMPORTANTISSUETHATINVESTORSANDAUTHORITIESNEEDTOEXAMINECLOSELYINTHEFUTUREALTHOUGHTHEOVERALLGDPANDINCOMELEVELSHAVEBEENGROWINGRAPIDLY,THEEVENFASTERRISINGHOUSINGCOSTSHAVEEXACERBATEDTHEHOUSINGAFFORDABILITYPROBLEM,APPEARINGTOBEMORESERIOUSINTHEMOREAFFLUENTCOASTALAREASREALESTAT
38、EDEVELOPMENTHASBECOMEAKEYFACTORINCHINASECONOMICGROWTHANDANESSENTIALPARTOFTHEOVERALLFUNCTIONINGOFTHEECONOMYONTHEOTHERHAND,IFCHINASECONOMYCANMAINTAINHEALTHYGROWTHINTHECURRENTWORLDECONOMICENVIRONMENT,ITWILLBEABLETOFURTHERSTIMULATETHEDEMANDFORBIGGERANDBETTERHOUSINGTHEDECLINEINCHINASREALESTATEMARKETSINCE
39、THESECONDHALFOF2007ANDTHEONGOINGWORLDFINANCIALCRISISHAVEPOSEDSERIOUSCHALLENGESTOMARKETPARTICIPANTSBUTTHEREHAVEBEENSIGNSRECENTLYTHATSUGGESTTHEMARKETHASBOTTOMEDANDMAYBEONITSWAYTOAREBOUNDINTHELONGRUN,WEBELIEVETHISMARKETOFFERSLUCRATIVEINVESTMENTOPPORTUNITIESFORDOMESTICANDFOREIGNINVESTORSSOURCEHUNGGAYFUN
40、G,JAULIANJENG,QINGFENGLIU，2010，“DEVELOPMENTOFCHINASREALESTATEMARKET”，THECHINESEECONOMY,VOL43,NO1,JANUARYFEBRUARY2010,PP7192译文中国房地产市场的发展在过去的20年里,对中国金融市场而言，房地产市场已经从政府控制发展成为一项商业产品,演变与发展成一个重要组成部分。虽然整个国内生产总值GDP和收入水平一直在增长快速，导致了住房成本的持续上涨也加重了人们对住房的承受能力。房地产开发已成为一个关键因素,中国的经济发展，随着房地产已成为整个功能性经济的一个基本组成部分了。近年来全球金
41、融危机影响中国的房地产市场陷入低谷，或者可能在某种程度上有所反弹。从长远来看,这个市场为国内外的投资者提供了有利的投资机会。从社会主义开始中央统筹直至1988年为止，当改革开放政策实行开始，政府就已经拥有、控制和管理了所有中国房地产行业。从那以后,以市场为基础的房地产业已逐步发展，相关的立法得以颁布，以及不同类型的房地产服务也出现了。在此期间,中国已发生了巨大变化，就是房地产从公共产品变为商业产品。尽管土地的所有权名字还是国家，但土地的利用权力与土地的使用现今都已经普遍私有化了。国有企业民营化的努力已驱动房地产业的增长,并使许多先进的商业运行模式被引进到中国。近年来,我国的房地产市场已经证实与
42、世界其他地方的房地产市场日益一体化甚至于几乎同步衰退和进步。这引起了供给与需求之间的不平衡,提高了房地产市场价格的波动。此外,中国是经济发展速度最快的国家之一,导致了收入水平之间的巨大差距。房屋价格大幅度的增加脱离了收入增长的幅度,从而在实际上加剧了购买力的问题。和内陆较富裕的沿海地区比较后发现,国民的居住均衡问题更加严重。然而,自从1997年开始,大量投资房地产领域这一行为为全面的经济增长提供了一个重要的推动力,还刺激了国家内需,其中包括许多其他的工业，例如机械产业、钢产业、电子产品、化工产品和建筑产业等。在像中国这样的储蓄率高和消费GDP份额较低的国家，这是极为重要的经济。另一个重要的发展
43、是近年来中国的房地产市场与其他国家的日益整合。例如,之前的于2003年初到2007年底发生了房地产泡沫,而与此同时,随之而来的许多其他的国家的房地产市场也随着冷却。全球金融危机加剧的下降,产生了很多问题,其中包括广泛的抵押贷款拖欠,消极的负资产家庭,已经中止了的建筑项目。金融危机为国内外投资者带来了严峻的挑战,也带来了机遇。挑战虽然中国的房地产市场与美国以及其他发达国家的房地产市场相比，仍然处于相对早期发展的阶段,但在世界上，中国的房地产业在1998年至2007年是最活跃的。活跃期间,房地产投资的平均年增长率为221,是平均增长率为94的GDP的两倍多。尤其在2000年至2007年间年均增长率
44、超过了20,而在2003年至2007每年超过了30。然而,从2007年下半年开始,中国的房地产市场翻了个大筋斗，给房地产的投资者们带来了巨大损失。最近在房地产市场和全球金融危机的周期性变化下，证明了房地产投资的固有风险。但是,非常像汉语词汇中“危机”的意思，是由“危险”和“机会”这两个词语共同组成的，这说明挑战和机遇在房地产市场方面是相辅相成的。机遇基于特殊的政治决策系统的特点,中国政府已迅速制定并实施众多的政策、制度去解决急速下降的房地产市场。亚洲地区世界银行的首席经济学家尼赫鲁说“中国是非常特殊的,因为它有这个能调动国家一切机构的令人难以置信的能力。”由于2007年下半年开始的经济低迷,造
45、成了许多经济问题和社会问题，因此中央和地方政府就为许多良好的房地产市场参与者制定了相关的房地产市场的政策和法规，并在2008年开始生效。这些相关的政策和法规，包括了减少抵押贷款数额；降低抵押的贷款利率；要求延长付款时间等条件；放松或者消除封顶住房贷款公积金转化的商业房贷；政府支持、减少或消除住房契税；提供直接补贴等条例；放宽二手房买卖的条例和消除房地产印花税等。在2009年的第一季度即将结束的尾声,我国房地产市场已经开始显示出复苏的迹象。尽管房价仍然处在较低水平,但根据程姓记者在2009年度的报道,以许多城市的住房交易为例,从中看出了比去年同期是有所增长的，其中包括北京的房地产价格增长了628
46、，上海的房地产价格增长了2789，天津的房地产价格增长了1577，南京的房地产价格增长了917。这个恢复是由于上述促进性政策法规的作用下实现的,而且更重要的是,这个恢复也是由于最近通货膨胀的货币供给。根据,中国人民银行公布的统计数据,在2009年的2月底，各种类型的金融机构贷款余额是人民币3306万亿元,比一年前的金融机构贷款额增加了2417。值得一提的是,金融机构贷款额单单在二月份就增长了107万亿元的人民币，比去年二月份整整增长了441，实在是一个很高的增长额度。此外,其中4万亿元的人民币即585亿美元，这笔用来刺激经济发展的项目资金，目的在于提高固有资产，和进一步发展将来的房地产投资市场
47、，使房地产市场得到更好的复苏。这就是截至二月份底,中国的房地产相关证券交易在中国经济类别中排行第九的主要原因。上海和深圳的房地产股票交易记录显示着中国房地产市场的显著进步,中国的房地产股票指数增加了超过40。世界金融危机对于中国房地产市场而言会造成多大的影响和会持续多长的时间，这一点是不确定的，但其市场似乎已经崩溃。一些经济学家预测,中国将成为第一个逃脱全球经济下滑冲击的国家。BATSON2009争辩说,中国经济将由于4万亿的经济刺激项目资金而有一个转折点，其中不断上升的原油和铁矿石进口量就是证据,每月记录的销售数据,提高了汽车销售经理们的自信心,上海综合股票指数也增长了3424,房地产销售额
48、也日益增长。ANDERLINI2009也在房地产资本开支和成交量这方面做出了报道，自从2008年7月以来，在2009年的3月房地产价格第一次有了轻微上涨。我们从中可以观察到,中国的房地产市场可能仍然有相当大的波动和风险，但是从长远来看,中国的房地产市场仍然有望为国内外投资者提供丰厚的回报和有益的机会。房地产业和整体经济中国的经济一直在增长，是在过去十年中增长最快的国家之一。导致这种增长是有很多原因的，房地产开发就是其中之一。但不同于很多西方发达国家的经济，发达国家的消费比重占整体GDP的60到80，但中国的消费比重只占中国经济的40左右。因此，投资，特别是在房地产和基础设施领域有所投资的人对中
49、国的经济发展发挥了至关重要的作用。中国的国内生产总值按年率计算是增长了109，而房地产资本，或者房地产通过投资所创造的价值，以130甚至更快的速率扩大着。房地产资本占GDP的比重，从1997年的367增长到了2005年的426。这些比重与消费在经济中的比重大约达到相同水平，这表明消费和房地产投资大致对整体经济有相同的重要性。事实上，从国内生产总值稳步增长的角度来看，房地产投资在此期间是有所增长的，但相对的消费水平却有所下降。第二，中国城市地区的经济是占主导地位的，城市固定资产投资也是占房地产资金的大多数，以每年186的速度增长。在此同时，这些投资之中超过60的资金是投入到建筑和安装工程中的，以每年188这个更快的速度在扩大。因此，可以这样说，建筑和安装工程，推动了城市固定资产投资的增长。这些投资带动了整个房地产行业，房地产行业反过来又带动了整体经济的增长。第三，新市区建设（道路，桥梁等基础设施）和住房是建筑安装项目的主要组成部分。新市区的建设是从1997年至2005年完成的，包括12307平方公里，截止到2005年底占了城市总面积的378。新的城市房屋，包括1034亿平方米，是与市区建设在同一时间内完成的，占了总体住房面积的629。同时，新建成的累积为744700公里的公路和33643公里的高速公路，分别占了全部公路的386
