Financing Home Purchase in China, with Special Reference to Guangzhou

Si‐ming Li · Yi Zheng

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Housing Market and Economics China's Socioeconomic Reforms and Governance Housing, Finance, and Neoliberalism

Abstract

This paper examines the role of personal housing loans in advancing homeownership in urban China. The focus is on the Housing Provident Fund (HPF) and commercial bank mortgage loans. National data show that the use of HPF loans and bank loans has only become more common since 1998, but their share of the total expenditure on home purchase remains relatively small. Data derived from household surveys conducted in Guangzhou in 2001 and 2005 show that personal savings and parental contributions are the most important sources of home finance. The affordability of housing is closely tied to personal savings. To date, access to mortgage finance has played a relatively minor role in China's drive towards homeownership.

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References

2002Housing Tenure Choice in Transitional Urban China: A Multilevel Analysis 2000Social and Spatial Implications of Housing Reform in China 2000Housing Policy Matters A Global Analysis 2000The Housing Market and Tenure Decisions in Chinese Cities: A Multivariate Analysis of the Case of Guangzhou 2006Life Course and Housing Tenure Change in Urban China: A Study of Guangzhou 2001Urban Housing Reform and Finance in China 2004The role of the housing provident fund in financing affordable housing development in China 2006The Road to Homeownership Under Market Transition

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2009Impact of the jobs-housing balance on urban commuting in Beijing in the transformation era 2010Evolving Residential and Employment Locations and Patterns of Commuting under Hyper Growth: The Case of Guangzhou, China

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