Shukui Tan - Real Estate Management in China

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Book cover of Real Estate Management in China

The Frontier of Public Administration in China

Series Editors

Shukui Tan

College of Public Administration, Huazhong University of Science and Technology, Wuhan, Hubei, China

Zhixia Chen

College of Public Administration, Huazhong University of Science and Technology, Wuhan, Hubei, China

Bing Wang

College of Public Administration, Huazhong University of Science and Technology, Wuhan, Hubei, China

The series focuses on the experience and cases of public administration in China, which holds the diversity on topics including land policy, real estate management, urban management, human re-source management. It aims to provide the overview as well as deep insight in this area as reading material and reference for the researchers and students.

Shukui Tan , Wenjie Cai and Ying Chen

Real Estate Management in China

Logo of the publisher

Logo of the publisher

Shukui Tan

College of Public Administration, Huazhong University of Science and Technology, Wuhan, China

Wenjie Cai

College of Public Administration, Huazhong University of Science and Technology, Wuhan, China

Ying Chen

College of Public Administration, Huazhong University of Science and Technology, Wuhan, China

ISSN 2662-9917 e-ISSN 2662-9925

The Frontier of Public Administration in China

ISBN 978-981-19-4734-6 e-ISBN 978-981-19-4735-3

https://doi.org/10.1007/978-981-19-4735-3

Jointly published with Huazhong University of Science and Technology Press

The print edition is not for sale in China (Mainland). Customers from China (Mainland) please order the print book from: Huazhong University of Science and Technology Press.

The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2022

This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed.

The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.

The publishers, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publishers nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publishers remain neutral with regard to jurisdictional claims in published maps and institutional affiliations.

This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd.

The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore

Contents

Huazhong University of Science and Technology Press 2022

S. Tan et al. Real Estate Management in China The Frontier of Public Administration in China https://doi.org/10.1007/978-981-19-4735-3_1

1. Introduction to the Real Estate Industry

Shukui Tan

(1)

College of Public Administration, Huazhong University of Science and Technology, Wuhan, China

Wenjie Cai

Email:

Ying Chen

Email:

1.1 Definitions and Categories of Chinese Real Estate

1.1.1 Definitions

1. 1)

   In narrow terms

In narrow terms, real estate is a physical form that exists objectively, and it is a generic term for land and buildings. In China, real estate not only applies to commercial or noncommercial real estates in urban areas but also covers rural land, rural housing, etc.

1. 2)

   In broad terms

In broad terms, real estate includes land, buildings and their attachments, as well as rights and responsibilities associated with land and building. In other words, it not only refers to the physical forms of a property but also includes the associated rights, for example, ownership rights, rights to dispose, and rights to receive benefits. This definition is in accordance with real estate in Western countries.

1. 3)

   Real estate in China

1. (1)

   High proportion of land value in real estate value

In China, a very high portion of real estate value is attributed to land value. Therefore, investments in real estate are largely investments in land. In 2018, land prices represented 49% and 45% of real estate prices in first-tier and second-tier cities, respectively. Particularly, Foshan (Guangdong Province), Hangzhou (Zhejiang Province), and Xiamen (Fujian Province) rank 13 with ratios of 80%, 67% and 62%, respectively.

1. (2)

   The Chinese government has strong control over real estate

The Chinese government has applied a public land ownership system in urban areas. This means that land is supplied by local governments based on land use plans. Governments determine ways of land supply, which normally includes the following four methods: tender, auction, listing and negotiation. Furthermore, land supply in China means the supply of land use rights instead of land ownership rights. Central and local governments will apply policies including restrictions on purchase, subsidies and controlling real estate developments to regulate housing prices when necessary.

1. (3)

   Real estate development is closely linked with urban construction and sprawl

Incomes from land supplies and real estate taxes become a crucial source for local fiscal revenue. With continued urbanization, local governments obtain incomes through land supplies and spend money further into urban construction and sprawl. This will accordingly push up housing and land prices and result in a mode of linked development of real estate and urban construction.

1. (4)

   Imbalanced demands for real estate

Imbalances in real estate demands can largely be explained by imbalanced urban developments. First-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen are more attractive to university graduates. In contrast, in eastwestern and western China, talent is more likely to move out, which results in more housing vacancies. Imbalances in demands for real estate have significant impacts on the overall developments of the Chinese real estate industry.

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