(A) the concept of land price and rent

1, the concept of land rent. According to traditional theory, land rent is the part of products created by direct producers in agriculture or other industries that is occupied by landowners. In other words, it is the distribution of surplus product value. For land owners, land rent is the price charged for selling land use rights in a certain period of time, and its economic essence is the economic realization form of land ownership. In China, it is one of the important ways to realize the paid use of state-owned land and an important means to realize land ownership through leasing.

2. The concept of land price. Land price refers to the price determined by the socially necessary labor time that human beings spend on land in order to use it. Land price is the direct economic realization form of land ownership. The essence of land price is the sum of the discounted values of land rent during land transfer, that is, the capitalization of land rent. It is generally believed that land price = land rent+land capital+interest amount. At present, the land price in China is expressed by the limited land transfer fee, which is essentially the price of land use right with a time limit. Generally, it consists of the following six factors: rent (absolute rent and differential rent), land development fee, infrastructure supporting fee, demolition fee and interest generated from demolition and development fee. The real estate market in China is actually the transfer market of land use rights. So the land price is the transfer fee of the land use right.

(B) the relationship between land price and land rent

Classical land price theory holds that the essence of land price is the capitalization of land rent. Marx pointed out: "Land price is nothing more than the capitalized income of leased land." In quantity, land rent and land price are inverse functions, and land price is equal to land rent divided by interest rate. The mathematical model of this relationship is: P=R/r, R=P*r, where: P- land price, R- land rent, R- interest rate. P=R/r shows that land price is capitalized by land rent with R as the interest rate; R=P*r shows that land rent is the interest of land price at R, and this reciprocal relationship also shows that land rent and land price are essentially the same. Land rent and land price are not only essentially the same, but also relatively independent economic categories.

Although land rent and land price are inverse functions, their changes are not necessarily synchronous or proportional. Therefore, if the future land price is inferred based on the existing land price, if there is no accurate estimation of the upward trend of land price, false and bubble land prices will inevitably occur. In addition, the deviation between land rent and land price is closely related to the obvious contrast between the demand for leased land and the demand for purchased land in the land market. If the "purchase" is obviously greater than the "rent", the land price will rise relatively and the land rent will fall relatively. On the contrary, the land price is relatively low and the land rent is relatively high. Only when the supply and demand of the two are roughly equal can the theoretical relationship between their actual values be expressed more accurately.

Second, the relationship between house price and rent.

Rental price is the expression of housing price, and selling price is the monetary expression of housing value, which reflects the relationship between housing supply and demand in a certain period. House price and rent are both monetary manifestations of house value, and they are both price forms of houses, which reflect the value of houses. House price is a chain connecting rent and house price.

The price comparison between house price and rent, referred to as the price comparison between rent and house purchase. Refers to the proportional relationship between the rental price and the purchase price of the same property. The calculation formula of house rent-purchase parity is: house rent-purchase parity = rent/house price or equal to monthly rent/house price.

(A) Excluding land rent (land price), the simple price relationship between rent and house price.

Theoretically, strictly speaking, the price comparison of house rent and sale refers to the scientific proportional relationship between rent and house price without land price (land rent). Expressed by the formula: ri = r/p; R = P * Rip = r/riri- Rent-to-price ratio (rent rate); P- house price; R- rent is pure house price and rent, excluding land price and rent, and is not affected by land differential rent; Simply reflect the total value of housing production. Under the condition of market economy, house price and rent are based on value, and fluctuate around the value axis with the change of supply and demand. Moreover, the amplitude of their fluctuations is approximately synchronous, that is, the multiples of their changes are basically the same. Therefore, under the condition of market economy, the price comparison relationship between simple rent and house price should be relatively fixed, unchanged and scientific (regardless of location; Structural differences). Expressed by the formula: ri = r/p; R * (1+x) = p * (1+x) = r/p.x-the increase or decrease multiple of rent and house price.

House price and rent reflect the exchange value of two forms of exchange: sale and lease. No matter what kind of exchange form is adopted in the same house, the exchange value reflected should be the same or similar. If the exchange value of the same house reflected by different exchange forms is very different, it will inevitably affect people's choice of exchange forms. It is an objective law that the actual price is higher than the normal price to promote buying a house and the actual price is lower than the normal price to promote renting a house. Only when the rental price ratio of houses is scientific and reasonable can we have equal opportunities to choose two exchange forms of rental and sale.

(b) the price relationship between land rent and residential land price, including land rent (land price)

Although the relationship between rent and house price is very important in theory, it is the theoretical rent price after all. In practice, real estate is inseparable, and land price is hidden in house price, which is also an important factor affecting the level of house price. Generally speaking, the price of commercial housing is land price, including land price, and the rent of commercial housing (including stock housing rent) is also land rent, including land rent.

The price relationship between rent and land price is the same as that between rent and house price, and it is a proportional relationship between rent and house price. The difference is that the ratio of simple rent to house price will not change due to different housing structures (different house prices), different land grades and different land prices, but will change due to different housing structures (different house prices) and different land grades (different land prices). However, in the same period, the same market, the same lot, the ratio of housing rent to housing land price is the same and unchanged.

The ratio of house rent to house land price, that is, the house rent rate, is the basis for calculating the market rent according to the market price of house sale, that is, the market rent of house: the market price of house sale * the house rent rate.

(c) The determination and application of commodity rental and purchase parity.

By establishing the relationship between house price and rent, we can find a balance point, which can be used to analyze whether it is economical to buy a house at present. The specific method is as follows:

1, assuming conditions.

(1) The land rent should have been included in the house price, but in order to simplify the calculation, the land rent in the rent composition is omitted here. (2) The annual rent increases year by year. (3) The house price is a one-time payment.

2. Establish the relationship between house price and rent.

Assume that the cost of buying a house is equal to the cost of renting a house during the service life of the house.

So: the full cost of buying a house: the full cost of renting a house.

Namely: house price and its interest+accumulated maintenance fee and its interest+accumulated insurance premium and its interest = accumulated rent and its interest.

House price and interest = accumulated rent and interest-accumulated maintenance fee and interest-accumulated insurance premium and interest.

The house price and its interest at this time do not include the accumulated house rent and its interest for maintenance and insurance.

3. Solve the balance point.

Suppose: P is the house price, G is the first year rent, D is the proportion of maintenance and insurance in the rent, I is the interest rate, A is the average annual growth rate of rent, and N is the service life of the house.

When the house price and its interest, accumulated rent and its interest, accumulated maintenance fee and its interest, accumulated insurance premium and its interest become algebraic relations, it becomes:

p( 1+I)n = G( 1-d)*[( 1+I)n( 1-s)n]/(I-s)

g/P =( 1+I)n(I-s)/( 1-d)[( 1+I)n-( 1+s)n]

Let k = g/p = (1+i) n (i-s)/(1-d) [(1+i) n-(1+s) n]

K is the ratio of rent to buy parity. When the ratio of the house price to the first year's rent is equal to the equilibrium point K, it shows that the economic cost of renting and buying a house is the same. When the actual G/P >; K, that is, the actual rent-purchase ratio of rent-purchase combination deviates from this equilibrium point, which is conducive to buying a house, not conducive to renting a house, and renting a house is expensive and economical; When the actual g/p

It can be seen that when the state formulates the housing reform policy, only by fully considering the problem of reasonable rental and sale prices can the housing system be straightened out; Only when the rental-to-sale ratio reaches a reasonable level, housing development, construction and operators will not lose money, whether selling houses or renting houses. Only in this way can consumers see that the interests of buying a house and renting a house are equal, and choose the consumption mode of housing appropriately according to their own economic conditions; Only in this way can the housing system reform be deepened and the housing rental and sales market develop healthily.

Third, the causal relationship between house prices and land prices.

The explanation of the causal relationship between land price and house price should be analyzed from different angles of demand and supply and market operation.

1. From the demand point of view, rising house prices lead to rising land prices. The essence of land price and house price is a kind of property right price, which is determined by the relationship between supply and demand. The difference between the two is that under the current situation in China, the land price determined by the land market is more inclined to a demand price. Because the natural supply of land lacks flexibility, its economic supply is limited by natural supply and lacks flexibility, and land supply is monopolized by the government. Therefore, in this case, the land price is mainly determined by the demand side. When the demand rises, the land price will rise, and when the demand falls, the land price will fall.

As a demand price, land price is actually caused by derivative demand, that is, the demand for land products leads to the demand for land. High housing prices have stimulated the demand for land, and due to the small elasticity of land supply price, land prices have risen. The regional difference of land price also stems from the difference of house prices in different places, that is, different cities have different demand for real estate and different land prices. In various regions, due to the openness and competitiveness of the market, there is little difference between the construction and installation costs and the profits of developers. Therefore, it can be considered that the difference of land price is mainly reflected by the difference of house price.

In a word, in any city, the increase of incremental real estate demand leads to the increase of land demand, and the price elasticity of land supply is small, which leads to the increase of land price. Therefore, from the perspective of demand, land price is mainly a demand price. At the same time, high land prices are only the result, not the cause.

2. From the supply point of view, the rise of land price is a factor leading to the rise of house price. In the incremental real estate market, real estate is a production product. Therefore, house price is not only the demand price, but also the supply price. In the process of real estate development, because the development and operation of land is the beginning and foundation of the whole real estate economic activity, developers always obtain the land use right first, and then they can develop and operate houses, that is, land prices are formed first, then housing construction costs are generated, and finally incremental real estate cost costs (including reasonable profits) are formed. This cost price finally formed the real transaction price of incremental real estate through the relationship between supply and demand in the market at that time, which was generally higher than its cost price.

As a result, the rise of land price has further promoted the rise of house prices, but at this time, land prices and incremental real estate prices are not at the same time, but have gone through a real estate construction cycle, that is, from the perspective of supply, land prices are one of the costs of house prices, and the rise of land prices is the factor leading to the rise of house prices.

In short, land price and house price are determined by the supply and demand of land market and real estate market respectively. The rise and fall of land price and house price are also determined by the supply and demand situation of land market and real estate market at that time, rather than the general house price, or the land price. In the final analysis, the rise of land price and house price is caused by the development of social economy and the increase of demand for housing and land. (