Translated Abstract
Housing price and land price have been soaring since the year of 2000, and they still have a strong groing trend. High prices not only threats the sustained and healthy development of the real estate industry, but also restrict and hinder the transformation of economic growth mode, upgrading of the industrial structure, expanding domestic demand, and optimizing investment. Therefore, controlling and adjustting the house price rising have become important tasks facing state and local governments. Nevertheless, most of the existing research on housing prices are aimed at the relatively developed eastern coastal city. Little attention is payed to western cities,especially representative of the western regions and regional economic center. Hence, research on Xi‘an housing price not only can make up for the lack of theoretical research, but also propel construction of Xi ‘an international metropolis and the Silk Road Economic Belt.
On the basis of literature review at home and abroad, aiming at Xi‘an housing price, this thesis has established a system of two levels, including 9 primary level indexes, 30 secondary level indexes, thus attemptting to construct a comprehensive, scientific, logical and operable housing price index system. After building the system, the principal factors of the system are extracted by using the method of factor analysis, based on panel data of Year 2007-2012 from plenty of approach way. The result draws that the main factor in the system is the economic development factor, financial factor, supply factor and population factor. Next, to find out the rellationship between the factors and the housing prices, regression analysis were employed. The result shows that economic development factor, population factor and the housing prices have significantly positive correlation, housing prices and supply factor has a significant negative correlation.
Last, based on the result of empirical analysis, this thesis has put forward to Xi‘an government suggestions from the aspects of economic development, supply, the protection of the rigid demand. First, the government should explore the road of new urbanization, pay attention to people‘s urbanization, avoide the over reliance on real estate. Second, we should implemente affordable housing supply by reducing the supply level and managing cost. Meanwhile, public rental housing, low rent housing construction must be increased to meet the diversified demand. Supply low-income housing according to demands and develop the shared-property-right housing. Third, the goverment should control the downtown population scale, guide the population mobility. The housing supply scale, structure and rhythm should be optimized to meet the rigid demand. The long-term mechanism should be established to curb speculative demand.
The innovations of this thesis are as follows, First is the establishment of the two-level housing price factors index system, including controversial index like land prices, interests and some new indexes like Enterprise Boom Indice, Entrepreneurs Confidence Indice. Second, This thesis has focused on Xi‘an, and investigated its influence factors of house prices has carried based on an empirical study, making up for the deficiency of the existing research and providing the foudation of housing price regulation. Future studies not only can bring into the unquantifiable indexes like the buyers‘ expectation, retrstriction of purchasing and limit credit. Besides, since our housing system started reforming since 1998, future study can search and utilize longitudinal data after 1998 to conduct a more comprehensive study.
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