The research establishes a rating indicator for the pension real estate investment environment in China from four aspects: (1) population; (2) economic development; (3) medical and pension institutions; and (4) the medical and pension insurance situation. It adopts the method of principal component analysis and hierarchical cluster analysis to find the objective area for pension real estate investment and provides ideas for government in setting policies for the pension real estate. The conclusion shows that it can be seen that the scores of cities and areas ranked before 16th are above 0 from conducting comparison and ranking according to the comprehensive scores through principal component analysis. This indicates that the investment environment of pension real estate in these cities and areas is superior to others. As well, this paper divides 31 cities and provinces into 5 categories: (1) the superior areas for investing pension real estate; (2) the suitable areas for developing pension real estate; (3) the area with potential for developing pension real estate; (4) the areas to be developed for pension real estate; and (5) theareas that are unsuitable for developing pension real estate.

In recent years, the retention or abolition of commercial housing presales on the Chinese mainland has caused attention from a wide sector of society. The study found that this system derived from the objective reality of a desperate shortage of urban housing in the early years of the reform and opening. The present situation of the short supply of housing indicates that the presale system still has the necessity of existence. It not only helps developers promote the investment-production competence, but also helps buyers avoid the risk of rising prices. Meanwhile, it helps investors achieve efficient allocation of resources and reduces decision-making errors. In the commercial housing presale system, some risks of trade and finance do exist in the mainland; but, this is not, in itself, an inevitable product. To continue to improve the regulatory system of presale - especially the regulatory system of prefunding - is the future direction of the presale system reform.

Mortgage loan is one of the great innovations in real estate and financial sector. It entered the stage of rapid development since it was introduced from Hong Kong, which promoted the prosperity of the real estate industry. However, China’s mortgage history is very short. Based on the qualitative research of the international comparison, we found that the China’s mortgage system has the shortcomings of imperfect supporting system, unreasonable design, lacking of support for the low income earners etc., which creates a lot social frictions. We must perfect the mortgage system to give full play to the mortgage system and promote the healthy development of the real estate market. In reference to the foreign practice, this paper put forward some reform ideas: establish and perfect the personal credit system, innovate the loan products, provide preferential policy for the low and middle income earners etc.

Under China’s dual urban-rural land ownership system, the unequal legal status of collective and state-owned land hinders the realization of “equal rights and equal prices” for both. This paper analyz ed the impact of ownership on construction land prices using micro -level land transaction data from Wujin District, Changzhou City from 2015 to 2021 , and investigate d the role of government decision-making in this relationship. The results show that collective ownership has a negative impact on land prices , and the development of adjacent COCL has a positive impact on land prices. Besides, t he planning scope of downtown areas determined by spatial planning enhanc es the negative impact of collective ownership on land prices , thus widen ing the price gap between state and collective-owned land within the downtown areas . Furthermore, t he proportion of COCL in the annual land supply determined by land supply plan strengthens the negative impact of collective ownership on land prices , meaning that a increase in COCL supply lead s to further downward pressure on land price s . This study can provide insights for policy-making aiming to achiev e “equal rights and equal prices” for land of different ownership in China and in other countries with a dual land ownership system.

The research on real estate bubbles can be analyzed from two perspectives: the demand and supply variables, but most researchers only consider the supply variables while ignoring the important supply factor: the land supplement. The land supply amount and the supply mode affect the real estate market. The total amount of land supply may be directly proportional to the supply changes in the real estate market; while the size of a single parcel may be in an inverse proportion to the supply changes in the real estate market. Through theoretical analysis, we learn that the main ruling part’s monopoly of land markets has led to the total lack of land supply and the fact that the supply of a single parcel is too large, thus leading to real estate bubbles to a certain extent.

The macroeconomic regulation and control policy in China’s real estate market is often in a state of failure. A significant reason for this is the lack of consideration for supply factors in the real estate market. China’s real estate regulation and control policies are designed based on the larger long-term housing supply elasticity. However, actually, some factors existing in China’s real estate market have led to reduced supply elasticity of real estate in a long run. Using stock adjustment model of previous research with equilibrium analysis, this paper draws a conclusion that the ideally expected housing supply elasticity is greater than the actual housing supply elasticity. The supply adjustment viscosity effect caused by the reduction can result in failures for real estate regulation and control policies. After analyzing the housing price elasticity and supply stickiness coefficient, it can be found that as the only supply main body in land market, the local government’s economic behaviors would lead to the occurrence of the real estate supply adjustment stickiness effect.