ABSTRACT
This concluding chapter evaluates the Chinese real estate market in terms of the developments achieved and problems remaining on efficiency and equity grounds. It first evaluates the achievements made from the operation of the real estate market since the reforms and opening-up campaign to raise living standards and promote economic growth. It then examines the remaining problems, in particular the institutional arrangements, in the real estate market that retard efficiency and equity, impose economic risks, and negatively affect the environment. Based on current developments, the chapter predicts the possible future changes following the new reform initiatives, and outlines areas that reforms need to address to improve efficiency, equity and performance of the real estate market in China. The ASH regime comprises five vehicles, namely: Economic and Comfortable Housing, and Limited Price Housing for purchase, Low Rent Housing and Public Rental Housing for rent, and Redeveloped and Improved Housing for existing owners and renters to part with substandard and dilapidated housing.
