With massive growth taking place in the real estate industry, how can China develop a free market and private ownership of land while still officially subscribing to Communist ideology? This study uses fieldwork interviews to establish how the Chinese real estate market operates in practice from both legal and business perspectives. It describes how the market functions, which laws are applicable and how they are applied, and how a nation can achieve dramatic economic growth so rapidly while its legal system is so unsettled.
The book demonstrates how China is drawing on the world for ideas while retaining a domestic system that remains essentially Chinese, and how the recent revitalization of China's real estate market has confounded the predictions of many developments economists.
Contents: Part I Introduction: The excitement of modern China; Contrasting China with the West: background history, preliminary observations and conclusions. Part II The Operation of China's Real Estate Market: The land use right: owning the right to use land without owning the land; Ownership entities: who owns land and how do they own it?; Choosing where to build: the private market and government pressure; Demolishing existing structures, relocating current residents; Lenders and loans: where does all the money come from?; Preselling and reselling of residential units; Commercial construction and commercial leasing; Infrastructure: building and paying for roads, bridges, subways, and airports. Part III Law and Development in China: China's other 'other path': confounding the predictions of development economics; Harmonizing law and development theory with China's actual progress. Part IV Conclusion: Will the miracle continue?; Index.
About the Author: Gregory M. Stein is the Woolf, McClane, Bright, Allen & Carpenter Distinguished Professor of Law at the University of Tennessee College of Law, where he specializes in property law. His publications include A Practical Guide to Commercial Real Estate Transactions: From Contract to Closing (American Bar Association, 2001, 2nd edition 2008).
Reviews: 'Modern Chinese Real Estate Law is an important examination of the developing real estate market in transitional China. It pays particular attention to law in action in a country with considerable legal uncertainties and is a valuable contribution to the literature.'Guanghua Yu, University of Hong Kong'This book provides readers with a clear roadmap to understand the Chinese real estate law environment and to look into the 'miracle' of China's development and potential future problems. It provides a comprehensive analysis of the booming Chinese real estate market and law and offers an objective observation of the real estate regime in China.'Mo Zhang, Temple University, USA'Ask your law librarian for a copy! This is a significant look at an important subject…' PropertyProf blog'The book reads easily, and despite the title, it does not really require a legal background to understand, and so should be of interest to anyone interested in the Chinese Real Estate market, or even in the Chinese economy in general.'ChinaLawBlog
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Chapter 1 - The excitement of modern China
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