中国房地产市场的发展【外文翻译】.docVIP

本科毕业设计（论文） 外 文 翻 译 原文： Development of China’s Real Estate Market Over the past two decades, real estate has evolved from government controlled to a commercial product, emerging and developing into an important component of China’s financial markets. Although the overall gross domestic product (GDP) and income levels have been growing rapidly, the even-faster rising housing costs have exacerbated the problem of housing affordability. Real estate development has become a key factor in China’s economic growth, as real estate has become an essential part of the overall functioning of the economy. Recent signs following the global financial crisis suggest that China’s real estate market has bottomed and may be on its way to a rebound. In the long run, this market offers lucrative investment opportunities for domestic and foreign investors. The government owned, controlled, and managed all real estate in China under a socialist central-planning system until 1988, when reform in this sector started (Fung, Huang, Liu, and Shen 2006). Since then, a market-based real estate industry has gradually developed, related legislation was enacted, and various types of real estate services have emerged. During this period, real estate in China has changed from a public to a commercial product. Although the state remains the owner of land in name, the rights of land use and land improvements are now commonly privately owned. The privatization effort has driven the growth of the real estate industry, and has made it possible for many modern business practices to be introduced into China. In recent years, China’s real estate market has demonstrated increasing integration with real estate markets in other parts of the world, with almost synchronous ebbs and flows. This gave rise to imbalances between supply and demand, increasing real estate price volatility. In addition, the Chinese economy has been growing at one of the fastest rates in the world, leading to rising disposable income