The Dilemma of China's Real Estate Market:A Supply Side View
从供给侧分析中国房地产市场困境，指出开发商垄断推高房价，地方政府依赖土地收入维持投资增长，并提出建设保障性住房与高端市场并行发展的解决方案。
Based on the theoretical analysis and empirical evidence,the paper explains the dilemma of China's real estate market;on the one hand land auctions conducted by local governments and the oligopoly of developers have pushed up house prices,and on the other hand,local governments heavily rely on the land auction revenues to sustain investment-oriented economic growth.The central government faces the trade-off between the welfare of house buyers and the investment demand of local governments.The authors argue that the oligopoly of developers is the direct cause of high prices of rising house prices,and local government incentives are the fundamental cause of that Finally,the paper proposes that building more low-income and affordable housing while developing the high-end market would be an effective solution to the problem.Stringent regulation and rational planning would be essential in order to meet the housing demand of low-to-middle income families.