Abstract
This paper provides an overview of land and housing market developments in modern China since 1949. Key milestones in China’s land allocation system are documented along with a description of the amazing transformation that has taken place. In particular, with the advent of transferable development rights and long-term land leases real estate markets have emerged and supported phenomenal urban development. In addition, the paper employs a standard dynamic model of urban land development and uses that model to analyze several current policy issues in China. Those issues include: improper pricing of land use rights, optimal development, agricultural land conversion, threats to development, development fees, and ad valorem taxes. In each policy case, the model is used to gain insight regarding both the timing of urban development and the optimal capital intensity of development. Model insights are used to inform the policy debates.
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