In our mainland, due to a single social investment habits and investment channels, there is not only direct contact between real estate investment and stock market investment, but also closely. In various investment varieties, the futures market is a few people's game, lacking the mass foundation. Due to the risk of investment, more investors are still. Although the fund is currently issued, the funds for funds to invest in themselves are extremely limited, and they have their own limitations. The gold market lacks convenient circulation in China, and the foreign exchange market is not generally ordinary residents to participate. Therefore, there are only two markets that can be involved in the whole people, one is the other of the stock market is real estate. At present, my country's Shanghai-Shenzhen stock market can only buy and not fully circulate, and the market's investment value has been lacking effective judgment, resulting in investors to invest long-term investment. The stock market is limited, and because the information is asymmetry, ordinary residents often put funds into a variety of market risks. After the stock market continued to walk in the bear in 2001, the long-term funds were in full, and the short-term funds were also miserable. General investors were overwhelming, and the funds were removed from the stock market from the stock market. An optional new investment channel is only the real estate market. Chinese traditional habits are "Chengjia first business", and the family must have a room, the first investment after the business is to buy a house. "According to statistics, my country's real estate investment has maintained an average annual growth in the year of nearly 20% since 1998." Investors who have tasted real estate investment sweets have found that the profits obtained by investment properties are much higher than other investments, so National bought rooms are full of confession, even in some provinces and cities, "buy a group". In 2001, the author bought a property in Shanghai Pudong. At that time, the price was 6700 yuan / square meter. After three years, the price of this property has exceeded 12,000 yuan / square meter, and the real estate purchased by the author, there have been more than half a year. 30% increase, leading company colleagues as long as the mortgage of mortgages, the surrounding friends are basically in accordance with this idea, increase investment in real estate, which can be said that the whole people buy a housing climax has been formed. The early general practice is: buy a house, down payment 20-30%, then return loans to the bank every month, because of his own house, reduce the payment of rent. Before 2002, only rent can be paid, and more people buy a house. I bought the house, quickly appreciated, motivating more people in investing, and the early investment people often fell into the bag, selling a large appreciation house, buy two houses in the suburbs, a set of own lives, a set of rentals Raise or wait for the appreciation and then sell, and so on. When I exchanged the taxi driver with Shanghai, I found that many of the Shanghai taxi drivers have several houses, and the amount of funds in the amount of 50 square meters, the amount of funds is less, and the 10-30 square meters of house is bought.
In the later, the housing prices continue to rise, rent could not pay loans, to pay loans in part of the salary, and then need to take some wages to pay loans, until the majority of people can afford, eventually buy the pay-class Can't afford a house, the foam of real estate begins to form. According to the report of the National Bureau of Statistics, in 2003, domestic loans accounted for 23.8% of the source of all real estate development funds. If you consider bank loans used in your personal purchase room, the real estate development actually used bank credit funds have accounted for all funds. More than 50%. Along with the climbing of the purchase of heat and real estate prices, it greatly stimulates the enthusiasm of developers, so real estate development projects across the country continue to be on the horse. The government apparently felt the negative impact of the wave of the frying house. The further expansion of real estate bubbles can eventually lead to financial risks and social issues. For example, investors will have a housing, which will inevitably have a broken chain break, and too many bankruptnes will affect the stability of society. In terms of the renovation of the old city of the city, demolition compensation can only be accompanied by real estate prices, otherwise the disputes related to demolition will exacerbate. The significant increase in compensation leads to a reduction in the profit of real estate companies, and the risk increases. When the property is developing the same location, it can only choose the site without disassembly disputes, leading to the renovation of the old city, and the urban scale is expanding, and the cultivated land is occupied by large scale. A new round of macro-regulating direct restrictions on real estate loan funds can be described as the disease. Although local areas have continued to rise after macro-regulation, this trend is undoubtedly the end of the rise. At present, the market is generally believed that the rapid development of China's economy has gone to the continued rise in real estate, and the government will not easily make real estate prices fall. This view can only be a wish. Like the stock market, when the price is at a high level, many investors do not want the big proportion to the lower, but with the continuous decrease in large-scale intervention, it will eventually fall. It can therefore be sure that with the increase in the obstacles of the people, the decline in the real estate market will begin in a certain critical point. This round of real estate is rising, which is accompanied by the high falling of the stock market. It is accompanied by the stock market to fall close to the end. The government has achieved the effectiveness of real estate, and the decline in real estate prices will prompt the investment real estate to gradually evacuate the real estate industry, or no longer Continue to supply to the real estate industry. Although China's investment channels have increased than in the past, there is a limited increase, so the funds of the real estate industry have no other better channels can be selected, and the stock market is the most wise choice. The author also found a group of funds for the housing of the property and the stock market. After 2000, since the stock market was evacuated, the real estate industry was stabilized in the real estate industry. In exchange, the real estate market is like a securities market. It will begin a new round of large shuffling. Thousands of securities companies, through a new round of shuffling, will eventually reserve the most powerful 200. In this shuffle, there is no exclude considerable real estate developers from the real estate market, and then return to the stock market.
