瑞银20071112发布，22页

Options for healthier housing using market
􀂄 Demand side administrative controls let down by monetary policy
In this report, we examine China’s hyper home price inflation ‘phenomenon’, and
conclude that tackling negative real interest rate is probably the best and most
direct solution; however, thus far policies have been in favour of export
competitiveness and bank profitability, limiting the effectiveness of other demand
side administrative controls (e.g. higher downpayments, fees, and taxes).……

Options for a healthier property market 3
— Demand side issues: +ve real rate is key .............................................................4
— Supply side issues: ensuring conversion of land into housing units ......................8
— Impact on stocks – city developers at more risk .................................................11
Appendix 14
— Appendix 1 – Oversupply of units until 2005-6....................................................14
— Appendix 2 – land bought exceeded land developed even more ........................15
— Appendix 3 – comparing supply side and demand side measures......................16