It covers all the financing modes utilized for the development of the real estate industry such as equity financing, bond financing, credit financing and trust financing. Like the development of other commodity markets, the development of China’s housing market must resolve the problems of final effective market demands and the demand for capital in the process of commodity production.
Measured in terms of purchasing power parity, the latest number would be even more impressive. The process has had some occasional set-backs, of course, and is not without precedent – I am thinking here of the late 19th and early 20th centuries and the emergence of the United Kingdom and the United States. But such growth is nevertheless extraordinary.