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当中国的房地产业在市场化的一开始就承担了扩大内需和保证经济增长速度的政治目标,房地产业在市场化的过程中就超越了单纯自住的商品属性,开始具有了投资价值和投机功能。当房地产在一定的经济发展阶段,除了它自己居住的功能外具有了投资保值和增值的功能时,一个国家所需要的健康的房地产市场,也就不再仅仅是一个产品市场,它已经成为一个产品与金融、证券市场高度融合,互为表里,相互促进和制衡的市场。同时,它又逐渐和养老、社保、全民共享等社会机制高度相关。没有一个经济体在长期高速发展时期不伴随着房地产市场的兴旺和升值的,问题在于国内从房地产市场化一开始就没有建立一个利益分享的机制让全民共同分享受益。而这种体制目标的缺失也或多或少地体现在这30年的经济改革和企业改革过程中。房地产市场的问题、REITs的产品创新问题,恰恰可以在一个点上、在建设性的出路上开始重构这种原本就应该存在的体制目标……
When China’s real estate undertakes the political goal of expanding domestic demand and guaranteeing the economic growth rate from the very beginning of marketization, the real estate industry surpasses the self-occupied commodity property in the process of marketization and begins to have investment value and speculation Features. When the real estate has the function of preserving and increasing the value of investment in addition to its own residential functions at a certain stage of economic development, the healthy real estate market that a country needs is no longer merely a product market. It has become a Products and financial, securities market highly integrated, mutually beneficial, mutual promotion and checks and balances of the market. At the same time, it is gradually highly related to social mechanisms such as pension, social security and universal access. No economy in the long-term rapid development period is not accompanied by the prosperity and appreciation of the real estate market, the problem is that the domestic market from the beginning of the real estate has not established a mechanism for the sharing of benefits for the common benefit of all people. The lack of such institutional goals is also more or less reflected in these 30 years of economic reform and enterprise reform process. The problem of the real estate market and the problem of product innovation of REITs can begin to reconstruct this supposedly existing institutional goal on a constructive way at one point ...