The Financialization Logic of the Change of China's Real Estate Price
Chen Xiang-guang;Huang Ze-qing;School of Economics,Renmin University of China;
China's real estate industry is developed in the context of the rapid financial development,the real estate market price is closely related to financialization development. Through the grasp of the financialization logic of housing prices,we can explore the long-term mechanism for the stable and healthy development of real estate market. In the process of financialization,the monetization of land increased the mobility of land,the capitalization of land increased its proliferation,and the combination of land mobility and land proliferation makes the real estate becomes a kind of speculative capital even before the construction. Under the background of financialization,banks and other traditional financial institutions need to be transformed to obtain interest income by supporting the real estate industry so as to maintain their competition with new-type financial institutions. Real estate capital is the result of property owner's welfare. What interests buyers are not only its value in use,but also the social relations brought by the real estate capital,and the regional differences of this social relationship will result in the difference of the degree of real estate capitalization,which leads to the difference of house price changes in different cities.
【CateGory Index】： F299.23