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房地产泡沫会增加金融风险,房价大幅缩水会导致银行破产,股市下跌。日本、美国、英国、泰国等国家都爆发过与房地产相关的银行危机。目前,中国房地产金融具有潜在风险,集中表现为:一是部分地区房地产市场过热加剧市场风险;二是房地产开发企业高负债经营隐含财务风险;三是“假按揭”凸显道德风险;四是土地开发贷款有较大信用风险。为支持房地产业健康发展,发挥其支柱产业的作用,应坚持突出重点、区别对待的原则,利用税收手段限制投机性购房和短期炒作行为,在房价快速上升时征收房地产税。要提倡节约使用住房的消费理念,加强城镇廉租房制度建设,走节约型房地产业发展道路。商业银行应规避房贷操作风险,加强利率风险管理,完善住房置业担保制度与房贷保险制度。
The real estate bubble will increase the financial risk, house prices plummeted will lead to bankruptcy, the stock market fell. Japan, the United States, Britain, Thailand and other countries have erupted with the bank-related real estate crisis. At present, there are potential risks in China’s real estate finance, focusing mainly on the following aspects: First, overheating of the real estate market in some regions exacerbates market risk; second, implicit financial risk of high-liability real estate development enterprises; thirdly, “false mortgage” highlights moral hazard; fourthly, Development loans have greater credit risk. In order to support the healthy development of the real estate industry and give play to the role of its pillar industries, we should adhere to the principle of stressing priorities and differentiating treatment, restrict the speculative purchase and short-term speculation by means of taxation, and levy real estate taxes when prices rise rapidly. To promote the idea of saving the use of housing consumption, strengthen the construction of urban low-rent housing system, take the road of conservation-oriented real estate development. Commercial banks should avoid operating risk of mortgage loans, strengthen interest rate risk management, and improve the system of home ownership guarantee and mortgage insurance.