一、引言近年来,中国的房地产繁荣吸引了投资者和政策制定者们极大的关注。对于投资者来说,房地产市场提供了有利可图的商业机会,因为在过去十年里房地产已成为中国最佳长期投资机会之一。然而,从政策角度来看,价格的迅速增长带来了风险。在一个高流动性资金和快速信贷增长的环境中,就像在过去一年里中国那样,价格泡沫随时可能出现,并威胁经 I. Introduction In recent years, China’s real estate boom has drawn great attention from investors and policymakers. For investors, the real estate market offers lucrative business opportunities as real estate has become one of China’s best long-term investment opportunities over the past decade. However, from a policy perspective, the rapid price increases pose risks. In an environment of high liquidity and rapid credit growth, just as China did in the past year, a price bubble could emerge anytime and threaten economic growth