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The Institutional Structure of a Property Market in Inland China: Chongqing

Author

Listed:
  • Sun Sheng Han

    (Department of Real Estate, School of Desigre and Environment, National University of Singapore, 10 Kent Ridge Crescent, Singapore 119260, rsthanss@reus.edu.sg)

  • Yong Wang

    (Department of Real Estate, School of Desigre and Environment, National University of Singapore, 10 Kent Ridge Crescent, Singapore 119260, akip9081@nus.edu.sg)

Abstract

This paper contributes to the understanding of China's urban development by examining the institutional structure of a property market in an inland city: Chongqing. Data were collected from three recent projects through field reconnaissance and interviews. A framework of institutional analysis was used in discussing and interpreting the data. Our analyses revealed an emerging property market with dynamic and evolving new institutions in inland China. In this new market, a variety of actors with different roles and interests in the property development process had come into play. Formal and informal rules governing the development process had been evolving. Although with a time-lag, the rapid formation of Chongqing's property market was similar to that in the coastal cities. Nevertheless, in contrast to the coastal cities, this time-lag led to a property market which was more dependent on state involvement. Chongqing's property market was dominated by government not only because the government formulated development directions and set up rules and regulations, but also due to the practice that government participated in development projects as a party. Irregularities in land allocation, price setting and development control created a keen desire among developers to forge a close relationship with the government. It remained a challenge to the government to set up a complete, transparent and enforceable set of rules in order to guide the newly emerging property market towards maturity.

Suggested Citation

  • Sun Sheng Han & Yong Wang, 2003. "The Institutional Structure of a Property Market in Inland China: Chongqing," Urban Studies, Urban Studies Journal Limited, vol. 40(1), pages 91-112, January.
    • Handle: RePEc:sae:urbstu:v:40:y:2003:i:1:p:91-112
    DOI: 10.1080/00420980220080181
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    References listed on IDEAS

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    1. Roger Hayter & Sun Sheng Han, 1998. "Reflections on China's Open Policy Towards Foreign Direct Investment," Regional Studies, Taylor & Francis Journals, vol. 32(1), pages 1-16.
    2. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
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    4. P Healey, 1994. "Urban Policy and Property Development: The Institutional Relations of Real-Estate Development in an Old Industrial Region," Environment and Planning A, , vol. 26(2), pages 177-198, February.
    5. van der Krabben, E., 1995. "Urban dynamics : A real estate perspective: An institutional analysis of the production of the built environment," Other publications TiSEM 0934260d-3fcc-4e5f-aa7c-5, Tilburg University, School of Economics and Management.
    6. Michael Ball, 1998. "Institutions in British Property Research: A Review," Urban Studies, Urban Studies Journal Limited, vol. 35(9), pages 1501-1517, August.
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    Cited by:

    1. Li Tian, 2014. "Property Rights, Land Values and Urban Development," Books, Edward Elgar Publishing, number 15856.

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