Policy-related risk pattern in property development in China mainland

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Policy-related risk pattern in property development in China mainland

 

Author: Tsui, Yik
Title: Policy-related risk pattern in property development in China mainland
Degree: M.Phil.
Year: 2003
Subject: Hong Kong Polytechnic University -- Dissertations
Real estate development -- China
Real estate development -- Government policy -- China
Real estate business -- China
Department: Dept. of Building and Real Estate
Pages: 1 v. (various pagings) : col. ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1701144
URI: http://theses.lib.polyu.edu.hk/handle/200/1364
Abstract: The People's Republic of China (the PRC) has been developing her property industry under marketing economic mechanism over last two decades, and the industry has become an important industry in the Chinese economy. In line with the progress of property development, significant progress has also been made in developing regulation and policy systems in protecting the healthy development of the new industry. For improving the industry, the Government has been issuing many regulations and policies both at local and at central level for guiding and regulating the property industry. Revisions have always been made to the existing policies. This is understandable as the new industry has been through a growing process, which is subject to various changes and uncertainties in the market, and policies need to be adjusted to deal with the uncertainties and satisfy new conditions. It is expected that these changes and revisions will continue to happen in the future Chinese property industry as China is still in the process of reforming its economy. However, revisions and changes in policy would cause impacts to the business operation in the market. There exist policy risks in operating business in the industry, which is subject to policy changes. It is considered important to understand the policy risks in this industry thus proper methods can be employed to manage the risks, which can bring the impacts of these risks on business operation in the industry to a minimal level. This study investigates the policy risks in the property industry due to the changes and revisions in policy in China. The focus is given to studying the major policy risks affecting the business operation in property development and investigating their impact pattern across the whole process of property development. A procedure model presenting the property development process is developed for allowing that policy risks can be investigated at different stages in the property development process. This is also used as the basis for examining the different impact patterns of policy risks to different development procedures. The study examines the policy environment and procedures for developing property in other countries and regions such as Hong Kong. The characteristics of the policy risks in overseas property industries are investigated as well. This examination provides basis for studying the policy risks in the Chinese property industry. Practical survey has been conducted to collect research data and support the analysis. Statistical techniques are used to calculate risk significance index by which major policy risks are selected. Case studies are also used to support the survey findings and enhance the analysis. The model of policy risk pattern provides the basis for conducting the comparison on policy risk management practice between Chinese Mainland property industry and the industry in other countries or regions such as in Hong Kong.

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