RICS and Shui on Holdings
- Albert Cao and Ramin Keivani
- total grant value: £54,000
- time duration: October 2005 - April 2007
- To examine the institutional development of Chinese property market, focusing on the legal framework, political environment, economic imperatives, urban governance, market practices and professional services.
- To provide a detailed analysis of the current situation, effectiveness and future prospects of property market according to residential, commercial, retail and industrial sub-sectors.
- To ascertain the degree to which China's property markets are ready to take their place on the world stage as part of the global investment market.
- To examine the extent and ways in which property markets in China can support the development of the Chinese economy and society.
The project undertook a detailed examination of the political, economic, legal, regulatory and cultural framework for the operation of the market and extensive fieldwork involving over 200 interviews and five focus groups with main private and public sector actors involved in the real estate industry in four main cities - Beijing, Shanghai, Guangzhou and Chongqing.
- Chinese cities have embraced the property-led development model to allow rapid growth. However, this also has had major negative social and environmental impacts undermining rational land use.
- Protection of private property rights has been improving but remains weak due to imperfections in laws and regulations, problems in contract enforcement and defects in the legal system.
- There is need for capacity building by the property industry, including development and investment sectors and professional services as well as government agencies in charge of market regulation.
- Major report for the RICS and Shui-on Holdings including 52 detailed recommendations targeted at both public policy makers and industry professionals for improving the efficiency and effectiveness of the real estate markets and its integration as part of a more sustainable urban development framework in China.
The reposrt is available at www.rics.org/whychinawhynow
tel: +44 (0) 1865 483473
tel: +44 (0) 1865 483409