关键词: FDI , 房价 , 存量模型

Abstract: Based on stock model, this paper developed a partial equilibrium model of real estate market combined with foreign invest to illustrate the impact of foreign invest on house price. The theoretical model showed that foreign investment inflow in demand side would cause house price increase, while foreign investment inflow in supply side would render house price decline. Employing the real estate price and FDI data of Chinese large and medium cities over the period 1996—2010, this paper found that FDI negatively affects the house price. On the other hand, the impact of FDI on house price was greater than that of house price on FDI. Accordingly, in order to prevent house price from bubble, the policy-makers were supposed to not only strictly restrict “hot money” in demand aspects, but also facilitate foreign investment flux into real estate development. In addition, household income was the paramount determinant in house price variation.The faster did the city urbanize, the faster the house price would increase.

Key words: FDI , house price , stock model