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REALESTATEMARKETOFCHINAReasonsforGrowthReformofChina’srealestatesectordidnottakeplaceuntilthelate1990s.Priortothattime,mostofChina’surbanpopulationreliedontheStateforhousing.OwnershipofrealpropertyrestedintheState,andpropertydevelopmentwastheresponsibilityoftheState.However,startingintheearly1990s,China’shousingsystembegantotransittoamarketdrivensystem.Abrieftimelineofhousingreformsisasfollows:YearEvent1988Amendedconstitutiontopermittransferoflanduserights1991Employer/employee-fundedhousingprovidentfundscommenced1992Publichousingcommencedtobesoldoffinmajorcities1995Regulationsissuedregardingsalesandpre-salesofrealestate,settingforthaframeworkforrealestatesales1998AbolitionofState-allocatedhousing1999Maximummortgagetermsextendedto30yearsandmaximumfinanceincreasedto80%Formalizedproceduresforthesaleofrealpropertyinsecondarymarket2000Regulationsissuedtostandardizequalityofconstructionprojects,settingforthaframeworkfortheadministrationofconstructionquality2001ShanghaibecomefirstChinesecitytoeliminatedualpricingfordomesticandoverseashomebuyers,andBeijingtofollowin2003Regulationsissuedtostrengthentheadministrationofdemolitionandrelocationinurbanareas2003Strengthenedadministrationofrealestateloans(toreduceriskofbanksregardingrealestatebankloansandpreventcontinueoverheatingofinvestmentinrealestates)NoticeissuedbytheStateCouncilforsustainedandhealthydevelopmentofrealestatemarket2004Regulationsrevisedtopreventtransferofapartmentunitsbeforelanduserightscertificatesforsuchunitsareissued(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%by20一五.TheexpectedincreaseofChina’surbanpopulationislikelytocreatesignificantdemandforhousing.Thegovernmentestimatesthat2.6billionsq.m.GFAofnewhousingwillbeneedednationwideby2010inordertomeetnewdemandfromnewurbanresidents,assumingaveragepercapitalivingspaceGFAof25sq.m..Anadditional2.一三billionsq.mGFAwillberequiredtoincreaseaveragepercapitalivingspaceto25sq.m.percapitaby2010.Thegovernmentestimatesthatanother11billionsq.ft.GFAofnewhousingwillbeneedednationwideby2010toreplaceoldhousingstock.ForfiguresonChina’srisingmacro-economy,urbanincomelevelandurbanizationrate,pleasereferto“IndustryOverview–Macro-economicSituationofChina”.GrowthofRealEstateMarketAccordingtotheNationalStatisticsBureau,atotalofapproximately322millionsq.m.GFAw...