How long can China’s housing prices rise? Here is clear – Sohu financial management will continue to rise in China prices? Who knows the answer. If you know, you can not make a lot of money? But this does not prevent the China of real estate and other asset prices are overvalued, in order to find out what factors are the main causes of the high valuation of the property market, what factors can cause asset price bubble. Why prices have been pushed up, because there are speculative value? I once wrote an article devoted to the phenomenon of high valuation of A shares, that liquidity premium is an important reason for the valuation of the high and low. If a market liquidity is very good, the premium level can be relatively low. The stock market can be used to reflect the exchange rate liquidity or A stock market long-term exchange rate level in the world’s major stock markets, especially in 2015 the extraordinarily high turnover rate, turnover rate was 6 times higher than the motherboard (annual turnover and average market capitalization ratio), small plates of more than 9 times, the gem more than 12 times. Moreover, the gem valuation level is higher than the small board, small board is higher than the motherboard. This year, A shares of the exchange rate fell sharply, the motherboard dropped to 2.6 times, the gem is also less than 7 times, while stock prices also fell sharply, but the turnover rate is higher than the global level of the stock market, A shares excluding bank shares, the valuation level compared with the major global market is still much higher. Domestic real estate transactions is also very large, according to statistics, this year 1-4 month national commercial housing sales growth of 55.9% over last year. From a global perspective, China’s real estate transaction volume is the largest, only a city of Beijing real estate transaction volume exceeded japan. Data source: Haitong strategy team if a market trading activity, the market has the rationality of existence, if excessive activity, then speculative speculation, the purpose is to get spread income, stock market, futures market, so the real estate market. The stock market turnover rate is so high, essentially short-term speculation, the purpose is to get spread income. The purpose of the purchase there are two, one is self occupied, and the other is the same investment to profit. Domestic households in asset allocation, the allocation of about 2/3 in real estate, real estate is far higher than the allocation level in most countries of the residents, this also shows that the real estate investment of domestic residents’ preference is far better than other financial assets, at the same time, the problem must also exist overvalued. People’s daily interview with the authority, said, the house is to give people live, this position can not deviate, to go through the people’s urbanization ‘inventory’, rather than by adding leverage to inventory’." At the same time, he also referred to the "real estate bubble" for the first time, indicating the high level of concern for high prices. The preference for price differentials is consistent with the preferences of the trade, and is it related to the cultural characteristics of the East Asian countries? For example, the global financial center can be seen as a trading platform, East Asian countries and regions, there are Tokyo, Hongkong, Singapore (belonging to the Chinese circle) and Shanghai, Shenzhen, etc.. In addition, Macao’s gaming revenue is also the world’s first, far more than Las Vegas. In.相关的主题文章: