The restructuring of the housing finance system in urban China

The increasing housing crisis and financial deficiencies in the late 1970s made the government re-think the over-centralised financial system which excluded market forces and the initiative of individuals and work units in the finance process, The restructuring of the housing finance system entails the development of financial institutions and instruments to relax the government's control over housing finance, to widen the financial sources and to produce an adequate and stable flow of funds to the housing sector. (C) 2000 Elsevier Science Ltd. All rights reserved.