US top economists talk about real estate investment

Why are there so many speculative activities in the property market? What kind of property is more value-added in the economic crisis? Please see this reporter interview--View ① investment choice too little cause hoarding house Robertedelstein University of California, Berkeley, professor of finance "in anticipation of inflation, last year, many of China's cash-strapped people began to buy property, and many apartments were stocked in their hands, because of speculation, Another root cause is that people have too little investment choices. "Now, whether in the U.S. or China's real estate market, there is a problem, that the bank was" kidnapped by property. In the case of the United States, banks should not provide loans to property developers in terms of financial security, but because banks have a stake in the property, managers allow those banks to continue to provide loans because the lack of loans can cause big problems. The "kidnapped" relationship is similar in China, and is more subtle and has to be lent in the knowledge that it is not. However, from the April housing New Deal regulation, the Chinese government asked to increase the two suite down payment measures, from the operation and stability of the economy, "is the most intelligent and efficient." "As far as I know, in anticipation of inflation, many of China's cash-strapped people started buying properties last year, and many were" hoarding "in their hands, and this year's new deal put them in a dilemma, which is common in China. The reason for this is that the government must set higher interest rates for such speculation because someone is speculating.　　The other root cause is that people have too little investment choices. If you buy a stock, you may lose it, and if you invest in bonds, you will see a relatively stable return on real estate investment. The solution to the problem is to let the people's spare money have a place to go, I think there are several ways: capital flow internationalization, financial institutions internationalization, RMB internationalization.　　If these problems are achieved, those problems will disappear. Robertedelstein, director of the Fisher Real Estate Research Center at the University of California, Berkeley, and professor of real estate lectures.　　The first American to have been the leader of the three leading academic institutions in the American real Estate and Urban Economic Association, the Asian Real Estate Society and the world Chinese real Estate Society, has accurately predicted the golden decade of China's real estate, known as "real estate Buffett".　　Recently, the World Chinese real Estate society from mainland China has a total of more than 160 members of the experts and scholars, as well as the Yangtze River Delta region's real estate industry leaders in a total of more than 200 people gathered in Shanghai, jointly participated by this newspaper, the World Association of Chinese Real Estate, found the media contractor, " Sheridantitman, professor of finance at the University of California, Berkeley, who is a professor of Robertedelstein at the University of Texas at Austin, who is also known as "real estate Buffett," attended the forum. This reporter interviewed the two world-renowned economists, asked them on China's real estate market to publishA wonderful point of view. View ② big City mansions more resilient Sheridantitman "the economic crisis, the U.S. New York, Manhattan, San Francisco, Los Angeles and other big cities in the high-end residential areas are not how to reduce prices, but like California and so on the outskirts of an hour away from the city, property prices fell more. "Sheridantitman, vice president of the American Institute of Finance, Professor of finance at the University of Texas at Austin, professor of world renowned finance, who served at UCLA, the U.S. Treasury, the Hong Kong University of Science and Technology in China, the Boston College of America, now a professor of finance at the University of Texas at Austin,　　As a researcher of the National Bureau of Economic Research and a member of the Asia-Pacific Financial Association, he was awarded the "Best Thesis Award" in Financial magazine. Did U.S. real estate prices fall sharply when the global economic crisis took place? In fact, the situation in different regions is not the same. For example, in New York, Manhattan, San Francisco, Los Angeles and other big cities in high-end residential areas are basically not how to reduce prices. But in suburban areas, such as California, an hour's drive from the city center, falling property prices and defaults on mortgages are more likely. Miami, Phoenix, Las Vegas and more.　　The central region of the United States, housing prices originally rose not much, the crisis has not been much reduced. Why is there such a difference? Because Manhattan and San Francisco are very special areas, these world-class metropolises are supported by many international buyers. and Phoenix and Las Vegas land is not scarce, there are excessive building phenomenon. In addition, the purchase of people financing is too easy. Some down payment 10% can be loaned to the money. Loans accounted for more than 90%, once the economic fluctuations, housing prices fall, buyers will choose to break the supply, and there will be a spiral effect. A community has a person to break the supply, on the vicious circle. From America's experience, people buy their own homes, and governments and financial institutions design mortgage products that do not tempt people to buy homes.　　The same applies to China. China spends a lot of money on infrastructure and housing, which is doing better and faster than any other country in the world. But a very important question for China in the future will be how to cope with the changes brought about by the urbanization process and how to manage the huge cities faster and better, which is a big challenge.