Institutional Change and Uncertainty in the formation of a Property Market
||Institutional Change and Uncertainty in the formation of a Property Market
||8th European Real Estate Society Conference (26-29 June 2001) Alicante, Spain
||Economic change since 1978 toward a market-oriented economy has brought China’s urban development into a new era along with profound organisational transformation and institutional change. The gradualist nature of the economic change has cast intriguing impact on the course of institutional change. New organisations, emerging from the gradual economic change, take a leading role in shaping new institutions for the new “game”. Institutional uncertainty is consequently derived from an explicit absence of the state as a third-party rule-enforcement, and the ambiguity between the outgoing planning system and incoming marketisation. An emerging urban property market is characterised by a new institution of ambiguous property rights and related institutional uncertainty.
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||Institutional aspects on Property market
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