Specifika čínského realitního trhu ve 21. století

This thesis examines the development of the Chinese real estate market in the context of ongoing demographic changes and the policies that the government has tried to influence this market with. Special attention is paid to the threats that were formed during the development of the market, as there is currently increasing speculation about the ongoing crisis in this sector, which is key for the country. The thesis aims to map the development of the real estate market in China over the last two decades, identify its specifics, and determine the causes of the growing problems in this market. The work is divided into three chapters. The aim of the first chapter is to introduce the reader to the issues of the real estate market, including speculative bubbles that may arise in this market. The remaining two chapters focus on the Chinese real estate market, while the third chapter describes the current situation. Among the main identified specifics of the market are, for example, the influence of local governments on land sales, insufficient property rights, urbanization, low affordability of housing, or a high rate of housing ownership. Using the analysis, it was found that factors such as changes in the demographic structure of the population, support of the construction boom through excessive debt financing, or unhealthy business models of property developers contributed to the emergence of threats that are manifested in the market today.