Housing and land financialization under the state ownership of land in China

Chen, Jie; Wu, Fulong

doi:10.1016/j.landusepol.2020.104844

Cited by 50 publications

(35 citation statements)

References 61 publications

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“…Crowdfunding as an alternative to securitization in the real estate market is a form of alternative investment, 6 collective in nature, most often organized through Internet platforms to raise funds (mostly in the form of fiat or fiduciary [22] money) from a large number of people (most often with small amounts) to implement a project, develop a product or service, and finance a creative process.…”

Section: Industries and Interindustry Complexesmentioning

confidence: 99%

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Financialization of Real Estate Markets as a Macroeconomic Trend of the Digital Economy

Sternik

Safronova

2021

Stud. Russ. Econ. Dev.

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The changes in the world economy since the early 1990s, such as the globalization of financial and commodity markets, deregulation of the financial sector, and its growing role in the economy, have led to significant changes in the real estate market, traditionally one of the most conservative markets. The process of financial institutions' entering the top players in the real estate market is most commonly referred to in various researches as financialization. In the last decade, this trend has been supplemented by processes associated with disruptive technologies that have emerged within the rapidly developing fintech industry and offer a number of mechanisms that make investing in real estate (crowdfunding), using real estate (sharing), and turnover of digital choses in action secured by real estate assets (tokenization) significantly more democratic. As a result, the excess of the total capitalization of the financial component of the market (including the growing digital share) over the total value of real estate assets can exceed reasonable limits and become an independent cause of another crisis similar to the 2006-2008 crisis in the United States.

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Section: Industries and Interindustry Complexesmentioning

confidence: 99%

“…Based on a review of a wide range of articles, it can be seen that the trend toward the financialization of not only residential but also any real estate assets, facilities, and projects is global and is not limited to developed or emerging markets [2][3][4][5][6][7][8][9][10][11].…”

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confidence: 99%

Financialization of Real Estate Markets as a Macroeconomic Trend of the Digital Economy

Sternik

Safronova

2021

Stud. Russ. Econ. Dev.

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“…Even though Indonesia adheres to a statute law system, the existence of living law or laws that grow in society is still respected. From the understanding of the theory of living law, it can be found directly in real life in customary law communities by looking at the growing and developing norms, habits, and social facts that are adhered to by the local community as a regulatory framework of rules governing human behavior (Luers et al, 2006;Wallace & Williamson, 2006;Chen & Wu, 2020).…”

Section: Theory Basis Of Researchmentioning

confidence: 99%

Legalization of land pawning at Balinese community customs in North Lombok

Aditi¹

2020

ijls

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This study aims to conduct a study of land pawning legalization, particularly regarding the basis and principles of pawning agricultural land in Balinese community customs in North Lombok. This phenomenon is related to the still implementation of the land pawning system under customary law, in the sense that the implementation still refers to the interests of people who have strong capital. This research is designed in a qualitative descriptive research type using a case study approach. The results of this study found that the Legal Basis and the principle of implementing agricultural land pawning refer to the national law which is imbued with customary law, namely with the characteristics of communalistic customary law, religious magic in dealing in agreement in words and actions. There are two kinds of land pawning, namely dead pawning, and life pawning. Dead pawning recognizes the time limit for land returning without a living pawning ransom. Living pawning does not recognize the minimum time limit that the mortgaged can do one harvest before it can be redeemed. Transactions carried out with legal assistance or testimony from the hamlet head or village head will be clear, guaranteed, or protected by law, especially against claims from third parties.

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“…Yet the housing finance system, particularly the housing provident fund (HPF) scheme, which is the largest social housing finance scheme in the world, is insufficiently explored. Previous literature has revealed its role in transforming Chine's housing system (Chen and Deng, 2014) as well as a key element of Chinese-style state-led financialization of housing (Chen and Wu, 2020;Wu et al, 2020). Deng et al in this special issue engages in an in-depth investigation of HPF across 30 cities in China and reveals large local variations in the performance of HPF.…”

Section: Introductionmentioning

confidence: 99%

“…Over-expansion in production capacity, increase in raw material prices and escalation of labour cost have slowed down economic growth to 'just' 6-7% after decades of high-speed growth. Yet on the other hand, local governments are dependent on revenue from land lease premium ever than before (Chen and Wu, 2020). Hence, they have the incentive to push up housing prices.…”

Section: Introductionmentioning

confidence: 99%