深圳房地产45年：从市场化探路者到住有宜居

Core Viewpoint - The article discusses the evolution of Shenzhen's real estate market, highlighting its transformation from a housing shortage to a thriving market driven by innovative policies and market demands. It emphasizes the role of real estate in Shenzhen's urban development and economic growth over the past decades [1][2][7]. Group 1: Historical Context - In 1979, Shenzhen was established as a city, facing a housing shortage and poor living conditions. The government aimed to build over 300 housing units within a year, but budget constraints limited funding to 50,000 yuan [1]. - The concept of "land finance" emerged as a solution, allowing local governments to generate revenue through land use rights, which was initially restricted by law [1][2]. Group 2: Development Milestones - The establishment of the Shenzhen Special Economic Zone Real Estate Company in 1980 marked the beginning of China's first real estate development company, leading to the creation of the first commercial housing project, Donghu Liyuan [2][4]. - The introduction of the pre-sale system, inspired by Hong Kong, allowed developers to sell properties before completion, significantly impacting the market dynamics [4][5]. Group 3: Policy Changes and Market Evolution - In 1987, Shenzhen implemented a land management reform, allowing land use rights to be auctioned, which became a standard practice and generated substantial funds for urban development [5][7]. - The 1998 housing reform marked the end of welfare housing distribution, transitioning to a market-oriented housing system, which initiated a "golden era" for real estate [7][11]. Group 4: Recent Trends and Future Outlook - By 2014, the real estate market reached a supply-demand balance, prompting a shift in policy focus towards housing as a necessity rather than an investment [13]. - Shenzhen's real estate market is now entering a phase of stock development, with ongoing urban renewal projects and a focus on improving living conditions [14][15]. - Recent policies aim to enhance housing affordability and supply, particularly for new residents and young people, reflecting a commitment to sustainable urban development [15].