| Description |
1 online resource (33 pages) |
| Series |
IMF Working Papers |
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IMF Working Papers; Working Paper ; no. 18/89
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| Contents |
Cover; Contents; I. Introduction; II. History of the property market in China; A. History of the property market in China; B. Chinese housing at a crossroads; C. Symptoms and consequences of a bubble; D. Comparison with other bubbles; III. The financial system in China; IV. The Chinese legal system for mortgage enforcement; A. Residential mortgage enforcement and foreclosure; B. Common problems during residential mortgage enforcement; C. Differences between residential and commercial mortgage enforcement; V. Near-term policy prescriptions; A. Banks: mortgage underwriting procedures |
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B. Mortgage requirementsC. Consumer protection; D. Mortgage guarantee companies and shadow banking; E. Secondary market liquidity; F. Support for underserved markets; VI. Conclusion; A. Preparing a foundation for sustainable growth; B. Long-term challenges and goals; References; List of Figures; Figure 1: Liquidity-Driven Housing Market; Figure 2: China House Price Index; Figure 3: Chinese Financial Institutions Housing Mortgage Loans; Figure 4: Home Mortgage Loan to GDP Ratio; Figure 5: Home Mortgage Loan to Total Loan; Figure 6: Beijing Home Price, National Macroeconomic & Municipal Policy |
| Summary |
The sharp rise of house prices in China's Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China's unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt 'ghost cities' greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur |
| Notes |
Print version record |
| Subject |
Housing policy -- China
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Housing -- Economic aspects -- China
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Real estate development -- China
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Housing -- Prices -- China
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Real estate development
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Housing -- Prices
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Housing policy
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Housing -- Economic aspects
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Banks.
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Housing Supply And Markets.
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Housing Demand.
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Government Policy And Regulation.
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China
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| Form |
Electronic book
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| Author |
Koss, Richard
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Shi, Xinrui
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| ISBN |
1484348559 |
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9781484348550 |
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148434829X |
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9781484348291 |
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1484352211 |
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9781484352212 |
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