중국 부동산 시장의 특징과 부동산 PF 규제에 관한 연구

Since the reform and opening-up period, China has positioned the real estate industry as a central driver of its rapid economic growth, with the sector contributing approximately 24% of the nation’s GDP. This significance has led the government to implement policies to prevent market overheating and manage risks in real estate development and financing. China’s real estate market operates under a unique framework where all land is state-owned, and transactions focus on transferring land use rights. Local governments heavily rely on land use rights sales for revenue, which is reinvested into regional development and infrastructure. Following the Evergrande crisis, state-owned enterprises (SOEs) have become key players in real estate development, prompting policy measures to stabilize the market and improve efficiency. Regulations on real estate project financing (PF) aim to curb excessive leverage through the “Three Red Lines” policy, enhancing financial soundness and macroeconomic stability. The whitelist policy further supports solvent enterprises facing liquidity challenges, fostering market confidence. However, debt-driven financing remains a dominant feature despite efforts to promote equity-based models. Although China and South Korea have different market structures, China’s PF policies offer valuable insights for improving South Korea’s PF system, given their shared goal of market stability and efficiency.