real estate. 堃 2013.12.1 终改real estate. 黄堃 2013.12.1 终改real estate. 黄堃 2013.12.1 终改real estate. 黄堃 2013.12.1 终改.docVIP

High Housing Prices Should Be Regulated More Strictly and Powerfully It is generally known that housing prices in urban China are soaring continually and place an intolerable burden on most people. In big cities like Beijing, Shanghai and Guangzhou, the ratio of median house prices to median familial disposable incomes are above 10 to 1, while internationally, a reasonable ratio should be under 6 to 1 (Xu 245). The government has taken a series of measures to eliminate the bubble in the property market since 2003, but the surging housing prices intensified public distrust and challenge the housing regulation (Brown). The discussion about whether housing prices should be regulated had been sustained and heated for years. Considering the general situation of China property market, high housing prices should be regulated more strictly and powerfully. First of all, high housing prices are an important issue world-wide, which cannot be solved by the market itself and severely needs regulation by government. Housing prices more than doubled and even nearly tripled in different countries around the world, which makes bubble and leads to increasing riskiness of economic crisis (). Once the real estate bubble bursts, the crash could cause recession and be deadly to the country’s economy, exactly as Japan in 1990 (Fackler) and America in 2010 (Philyaw). Therefore, the cooling measure become significant for the long-term development of the whole country. Also, in the condition of a market economy, property is regarded as both necessity and investment goods (Huang 240). It’s government’s obligation to protect the human right of habitation and establish a housing security system (Cai). Consequently, the government is obligated to ensure the fairness and justice in the real estate market. Furthermore, only the regulation by government can solve the fundamental problem in in the housing market. Compared to western countries, the distinguished feature of the Chinese real estate ma