History of Japanese real estate development

1. What is the history of the rise and fall of the Japanese property market? In the middle and late 1980s, Japan's economic strength was second to none in the world.

Strong export makes Japan's economy far ahead of other countries, the exchange rate rises, the bank's interest rate is low, foreign hot money flows in, and Japan introduces tax reform. Suddenly, Japan seems to have entered the best era. The appreciation of the yen leads to the decline of domestic prices, and the economy of the whole country is driven by domestic demand.

The prosperity of the financial industry has also caused more enterprises to abandon their main business and turn to speculation, and the wages of ordinary employees have also soared. Some economists in Japan and even the world have said that the traditional economic theory is not applicable to Japan, and Japan is creating "new economic laws".

So, the Japanese bought Rockefeller Building, the symbol of American financial empire, Columbia Film Company, the symbol of American movies, the forest in Canada, the iron mine in Australia and the most expensive house in Hong Kong. Japanese women bought 70% LV handbags made in France, and Japanese men flew to Thailand to play golf in droves ... At that time, Japanese real estate was even more arrogant, and a land price in Tokyo could buy one and a half of the United States. A 9 million apartment can be sold at a high price of 65.438+65 billion yen in the bubble era.

1986 After the Hiroshima Agreement was signed, the average house price in Tokyo soared by 120% and reached the peak of the property market in 199 1 year, reaching an average of 2.72 million yen per square meter, while that in downtown Tokyo was as high as14.5 million. Later, everyone couldn't afford to buy a house, which was unbearable.

So people began to * * *, hoping to suppress housing prices by raising interest rates and introducing property taxes. Only * * * also thinks that the economy is overheated, the house price is too high, the money for land sales is not their own, and the money for property tax is their own. Therefore, we will levy property tax in line with public opinion and raise interest rates.

Raising interest rates and property taxes are the most effective killers to suppress housing prices, and each effect is very good. With the combination of two swords, Japanese house prices collapsed directly. By 1992, the Japanese economy could not function normally.

The steepest drop in house prices is 199 1 year, with a drop of 20%-30%. With the endless decline in house prices and no hope in sight, real estate speculators began to sell in large quantities, and the house became cheaper and cheaper in a vicious circle.

Although houses are getting cheaper and cheaper, the poor still can't afford them. Because no one can survive the early warning of the economic storm, a large number of enterprises have closed down, the working class bears the brunt, and the unemployment rate has soared. A large number of Japanese people are trapped in the property market and work for banks to pay their debts all their lives.

Extended data:

After the bubble burst, many Japanese residents became tens of millions of "losers", and their family assets shrank sharply, bearing a serious economic burden for a long time, which seriously affected normal consumption for a long time. The bad debts of Japanese banks and non-bank institutions reached as high as 100 trillion yen, and finally turned into several trillion yen.

Japanese house prices began to dive from 199 1, and did not start to pick up until 2002. At the lowest point of 200 1, the average house price in Tokyo has dropped from 2.72 million per square meter (1.5 million RMB) to 6 1 10,000 per square meter (30,000 RMB).

The collapse of house prices will affect the whole economy, and as a result, enterprises will close down and everything will be ruined. References:

Baidu encyclopedia-property market crash.

2. 1989 the beginning and end of Japan's real estate bubble1985 In September, the finance ministers of the United States, the Federal Republic of Germany, Japan, France and Britain signed the Plaza Agreement and decided to agree to the depreciation of the US dollar.

For the development of Japan's economy, the Central Bank of Japan adopted a very loose financial policy to encourage capital to flow into the real estate and stock markets, which caused the real estate price to skyrocket. After the depreciation of the US dollar (a large amount of additional US dollars), a large amount of international capital entered the Japanese real estate industry, which further aggravated the price increase.

Tempted by the sharp rise in house prices, many Japanese people began to lose patience. They found it faster to speculate in stocks and real estate, so they took out their bank deposits and speculated.

By 1989, the real estate price in Japan has soared to a ridiculous level. At that time, the land area was equivalent to California in Japan, and its total market value of land price was equivalent to four times that of the whole United States.

By 1990, the land price in Tokyo alone is equivalent to the total land price in the United States. The average working class can't afford to buy a house in a big city even if they spend all their life savings. Only billionaires and executives of a few big companies can afford to buy a house.

199 1 year later, with the profit-making withdrawal of international capital, the Japanese real estate bubble driven by foreign capital quickly burst, and the real estate price plummeted immediately. By 1993, Japan's real estate industry had completely collapsed, with personal bankruptcy and enterprise closure, leaving behind bad debts as high as $600 billion.

Judging from the consequences, the Japanese real estate bubble that burst in the 1990s was the one with the longest impact in history. This bubble not only hit the real estate industry hard, but also directly triggered a serious financial crisis.

Affected by this, Japan ushered in the longest economic recession in history and fell into the depression and depression of 15 years. Even now, the Japanese economy is not completely out of the shadows.

People often call this real estate bubble "another defeat of Japan after World War II" and regard the 1990s as Japan's "lost decade". Reasons for expanding data 1, Japan's economic and financial liberalization and internationalization are accelerating. 1985 is a significant year in Japanese history. This year, there have been many major events in Japan that can affect Japanese history and change Japan's destiny.

After the war, Japan's economy and finance were strongly "closed" and "controlled". In 1970s, Japan began the process of economic and financial liberalization and internationalization.

In 1980s, this process accelerated rapidly. 1985, Japan * * * issued the announcement "Current Situation and Prospects of Japanese Yen Financial Liberalization and Internationalization", which opened the prelude to Japan's overall economic and financial liberalization and internationalization.

2. The process of Japanese political internationalization is accelerating. In the early 1980s, Japan proposed that Japan should move from an "economic power" to a "political power", and Japan-US relations would become the cornerstone of the "political power". In the "Plaza Meeting" in 1985 and the "Louvre Meeting" in 1986, Japan became the staunchest ally of the United States.

3. Transformation of Japan's Economic Growth Mode Since 1980, the international community has asked Japan to open its domestic market and change its export-oriented economic growth mode. Japan's 1985 economic white paper points out that the export-oriented economic growth model is no longer sustainable, and Japan must expand domestic demand to ease its relations with the international community.

1985 Japan faced three strategic changes at the same time: from "controlled economy" to "open economy"; From "economic power" to "political power"; From "external demand economy" to "internal demand economy" Such a major and profound change concentrated in such a short time may make the macro policy lose room for manoeuvre.

When internal balance and external balance, domestic policy coordination and international policy coordination are intertwined, it will become very difficult to weigh, select and adjust macro policies, and serious mistakes may occur because of imbalance. Baidu Encyclopedia-Japanese Bubble Economy Baidu Encyclopedia-Real Estate Bubble.

3. History of Japan's Economic Development The main stage of Japan's economic development after the war Japan is a developed capitalist country, and its post-war economic development has experienced a period of rapid development.

This can be divided into four stages. Economic recovery period (1945— 1955).

The war destroyed 42% of Japan's national wealth, economic chaos, soaring prices, massive unemployment and inflation. Under the great influence of the occupation army, Japan put forward the policy of "increasing production to calm inflation and stabilize national life" and carried out democratic economic and social reforms.

1949 basically stabilized inflation and the economy began to recover. 1953 is close to the pre-war level. High-speed growth period (1955— 1973).

During the period of 18, the gross national product increased by 12.5 times, and the per capita national income increased by 10 times, with an average annual growth rate of 9.8%. 1966 surpassed Britain, 1967 surpassed France, and 1968 surpassed west Germany, becoming the new Asian giant in capitalist countries, second only to the United States, attracting the attention of the global economic circles and being called "the miracle of the world economy".

Medium growth period (1974— 199 1 year). Hit by two oil crises, Japan's economy entered a period of medium-speed growth.

Japan's economy, which was founded by trade, was forced to speed up the reorganization and adjustment of industrial structure, and the heavy industrial structure turned to knowledge-intensive product structure. During this period, GDP grew at an average annual rate of 4.3%, which was half of the period of rapid growth.

Economic crisis and getting out of the predicament. 1992, Japan's bubble economy burst and there was an economic crisis. 1992- 1998, the average annual growth rate of real GDP is only 1%, of which 1997 and 1998 have negative growth, but they are still world economic powers.

Thanks to the recovery of enterprise benefits, equipment investment has gradually recovered, and the employment and income environment is gradually improving. Due to the promotion of enterprises, the prospect of Japan's economic recovery is becoming clearer and clearer.

4. History of Real Estate Development The first stage of China's real estate market development: theoretical breakthrough and pilot initial stage (1978 to 199 1 year) 1978 The theoretical circle put forward the viewpoints of housing commercialization and land property rights.

From June 65438 to September 0980, Beijing Housing and Construction Department took the lead in listing, and Beijing Urban Development Corporation was established, which started the comprehensive development of real estate. 1982 the State Council launched a pilot project to sell houses in four cities.

1984, Guangdong and Chongqing began to collect land use fees. The period from 1987 to 199 1 is the initial stage of the real estate market in China.

1987165438+1October 26th, Shenzhen * * * publicly put up for auction for the first time. 1990 Shanghai housing reform plan was introduced, and the housing provident fund system began to be established.

Since 199 1, the State Council has successively approved the overall housing reform plans of 24 provinces and cities. The second stage: irrational speculation and adjustment promotion stage (from 1992 to 1995). Housing reform started in an all-round way 1992, and the housing accumulation fund system was fully implemented.

1993 "housing project" started. After 1992, the real estate industry grew rapidly, with the highest monthly investment increase as high as 146.9%.

The real estate market in some areas was once chaotic, and there was a more obvious real estate bubble in some areas. 1After the macro-control at the end of 1993, the investment growth rate of the real estate industry generally dropped sharply.

The real estate market began to recover after a period of downturn. The third stage: relatively stable and coordinated development stage (1995 to 2002). With the deepening of housing system reform and the improvement of residents' income level, housing has become a new consumption hotspot.

After 1998, with the cancellation of the housing physical distribution system and the implementation of the mortgage policy, real estate investment entered a period of steady and rapid development, and the real estate industry became one of the pillar industries of the economy. The fourth stage: the price continued to rise, and a number of control measures were introduced (since 2003). Since 2003, house prices have continued to rise, and the sales prices of houses in most cities have increased significantly.

Subsequently, a number of regulatory policies for the real estate industry were introduced. The earliest is 1978, which has gone through 30 years.

The fifth stage: the real estate bubble is about to burst. Three real estate bubbles in history ● America: 1926 burst, which indirectly triggered the world economic crisis in 1930s ● Japan: 199 1 burst, resulting in Japan's economic depression 15 ● Southeast Asia and Hong Kong: 1997 burst, with hundreds of thousands of people in Hong Kong.

However, due to various complicated reasons, a terrible real estate bubble appeared in some countries and regions, leaving countless investors penniless in an instant, leaving behind scenes of tragedy. During the American real estate bubble, there were 25,000 real estate agents in a city with 75,000 people. In the mid-1920s, the American economy experienced a short period of prosperity, and the construction industry became increasingly prosperous.

In this context, Florida, which has a special geographical location, has seen an unprecedented real estate bubble. Florida is located in the southeastern tip of the United States, with a superior geographical position and a warm and humid winter climate.

After World War I, it quickly became a winter resort for ordinary people. Because the land price in Florida has always been much lower than that in other States in the United States, Florida has become an ideal investment place.

Many Americans come here and can't wait to buy real estate. With the increase of demand, the land price in Florida began to appreciate gradually.

Especially during the period of 1923- 1926, the land price in Florida rose sharply. For example, a piece of land in Palm Beach was worth $800,000 in 1923 and $4 million in 1924 1925.

The enthusiasm for real estate speculation is getting higher and higher. According to statistics, by 1925, there were more than 2,000 real estate companies in Miami. At that time, there were only 75,000 people in the city, including 25,000 real estate agents. On average, one out of every three residents specializes in real estate transactions.

At that time, every time the land price rose by 10%, the profits of speculators almost doubled. In those years, people's mantra was "If you don't buy it today, you can't buy it tomorrow"! Driven by this frenzy, the banking sector, which has always been conservative and calm, has also joined the ranks of real estate speculators.

However, the good times did not last long. By 1926, Florida's real estate bubble burst rapidly, many bankrupt entrepreneurs and bankers committed suicide or went crazy, and some people became beggars. It is said that ray kroc, the famous godfather of McDonald's in American business circles, was so poor that he was forced to be a paper cup salesman in 17.

Then this bubble aggravated the economic crisis in the United States, led to the collapse of Wall Street stock market, and finally led to the world economic crisis in the 1930s. The land price in Tokyo exceeds the sum of the land prices in the United States. In the 60 years after the 1930s, there was basically no big wave in the world real estate field, but after the 1990s, the Japanese real estate bubble shocked the world again.

In the late 1980s, in order to develop the economy, the Bank of Japan adopted a very loose financial policy to encourage capital to flow into the real estate and stock markets, which led to a sharp rise in real estate prices. 1In September 1985, the finance ministers of the United States, the Federal Republic of Germany, Japan, France and Britain signed the Plaza Agreement and decided to agree to the depreciation of the US dollar.

After the depreciation of the dollar, a large amount of international capital entered the Japanese real estate industry, which further promoted the price increase. From 1986 to 1989, Japanese house prices tripled.

Tempted by the sharp rise in house prices, many Japanese people began to lose patience. They found it faster to speculate in stocks and real estate, so they took out their savings to speculate.

By 1989, the real estate price in Japan has soared to a ridiculous level. At that time, the land area was equivalent to California in Japan, and its total market value of land price was equivalent to four times that of the whole United States.

By 1990, the land price in Tokyo alone is equivalent to the total land price in the United States. The average working class can't afford to buy a house in a big city even if they spend all their life savings. Only billionaires and executives of a few big companies can afford to buy a house.

All bubbles will burst at some point. 199 1 year later, with the profit-making withdrawal of international capital, the Japanese real estate bubble driven by foreign capital quickly burst, and the real estate price plummeted immediately.

By 1993, Japan's real estate industry had completely collapsed and enterprises had closed down.

5. Will the history of the Japanese real estate market crash happen in China? number

cause

1= China's economy is both a planned economy and a market economy, and its openness is far less than Japan's, which means that * * * has far greater influence and control over the market than Japan.

2= The macro-control measures of China's economy are that some markets will cool down if they are overheated, and then there will be a "hard landing" of the economy.

3= The final collapse of China real estate is obvious. In fact, the overheating of real estate is the result of a combination of many factors (rigid demand, urbanization process and population age structure), but there will be no major collapse.

4= To sum up, the supply of real estate will definitely exceed the demand in the end, and the price will be much higher than the value. However, due to the constant demand, it is necessary to achieve a balanced state from * * * through repeated policy adjustments.

6. The history of Japan's economic development The mystery of the real rise of Japan's economy

Japan's post-war rise benefited from attaching importance to education and personnel training. Former Japanese Minister Araki Wanfu once pointed out: "From Meiji to today, China's social and economic development, especially the post-war economic development, is amazing and attracts worldwide attention. The important reason for this situation can be attributed to the popularization and development of education. " Schultz, a famous American development economist, said: "After the war, Japan's material capital stock almost disappeared, but an important part of its national wealth-people with knowledge level still exist in large numbers." The history of attaching importance to education in Japan can be traced back to the Meiji Restoration. As early as 1872, when Meiji promulgated the Learning Law, it put forward a very clear slogan in the announcement about the academic system, and it was necessary to realize "people who have no household to learn and don't learn housework in the city" nationwide. Then, Meiji announced on 1886 that compulsory education would be implemented throughout the country. After about 30 years of hard work, and in chronological order, Japan is also the first country in the world to popularize compulsory education, four years earlier than the United States and 10 years earlier than France. As former Japanese Prime Minister Fukuda Takeo said in a policy address: "People are the wealth of a country, and education is the foundation of national politics." This should be the root of the miracle of Japan's rise.

The rise of Japan after the war benefited from the pursuit of perfection and Excellence. Ji Tianmao is the most famous Japanese Prime Minister after the war. In his later years, he wrote "Hundred Years of Agitation" in a language full of * * *, summarizing how the Japanese nation overcame difficulties, was far-sighted, enterprising, good at learning and pursued perfection. He said that the Japanese nation has a professional spirit of stopping at perfection. Unless you don't do it, you must do your best, which is deeply rooted in the blood of the Japanese nation. This is the main reason why Japan has been the second economic power in the world after the Meiji Restoration and the post-war economic miracle. Drucker, a master of management, said that there were three mentors for Japan's economic take-off after the war. The first tutor was Dodge, who taught the Japanese to develop the economy, first of all, to stabilize monetary finance and fix the exchange rate between the Japanese yen and the US dollar at 360 yen. The second tutor is Deming, the father of total quality management. Drucker said that quality management was invented by Americans, but it was the Japanese who applied it perfectly and realized it. The third tutor is Drucker himself. He taught the Japanese how to think about strategy and implement management by objectives. Drucker also has a profound study of Japanese cultural spirit. At the age of seventy, he was honored as a professor of Japanese art and culture at the University of Tokyo, and he was proud of it. Drucker and Ji Tianmao have the same idea. The second division believes that the real interest of the Japanese nation is the pursuit of perfection and perfection of professionalism. No matter what you do, you should strive for the best, focus on nothing and strive for perfection. Behind this spirit is an extremely humble learning attitude and an open mind that always absorbs the strengths of others. Akio Morita said: "The secret of Japanese enterprises' rapid progress in a short period of time lies in the fact that business operators always think that Japan lags behind others in all fields, thus creating a sense of urgency. They are willing to pretend to be European and American students, insist on paying tuition fees, learn business practices and attract new technologies. " "In Japan, people are constantly pursuing the improvement of efficiency and productivity, even for a simple tool like a screwdriver. From design to processing, it has been carefully thought out and studied. "

And China people resort to deceit, opportunism and deception. . . This is the general psychology in China today. Is there still a big gap compared with the Japanese professional spirit of pursuing perfection and Excellence? !

conclusion

The rise of great powers depends on science and technology, and the contest between countries is, in the final analysis, the contest between national quality and talents. To put it bluntly, the overall national quality of China is not the same as that of developed countries, because it is difficult to accept other people's educational ideas. The British historian Toynbee studied 2 1 civilizations that appeared in history and then died out one after another. The conclusion is that the cause of death of these civilizations, without exception, is not homicide, but suicide. They lost the vitality of innovation and were eliminated by history.

1876, when the United States celebrated its independence 100 anniversary, it held an international exposition in Philadelphia, with 37 countries participating. At that time, Qing * * also sent an exhibition group. At this Expo, Britain exhibited the latest steam locomotives, the United States exhibited high-power motors and generators, Germany exhibited precision machine tools for processing guns, and China exhibited 27 sets of ear scoops and embroidered shoes made of pure silver.

This is the gap of the times!

A country in peacetime is qualified to talk about who is the first!

7. 199 1 Japanese real estate bubble: the land price in Tokyo exceeds the sum of the land prices in the United States.

In the 60 years after the 1930s, there was basically no big wave in the world real estate field, but after the 1990s, the Japanese real estate bubble shocked the world again.

In the late 1980s, in order to develop the economy, the Bank of Japan adopted a very loose financial policy to encourage capital to flow into the real estate and stock markets, which led to a sharp rise in real estate prices. 1In September 1985, the finance ministers of the United States, the Federal Republic of Germany, Japan, France and Britain signed the Plaza Agreement and decided to agree to the depreciation of the US dollar. After the depreciation of the dollar, a large amount of international capital entered the Japanese real estate industry, which further promoted the price increase. From 1986 to 1989, Japanese house prices tripled.

Tempted by the sharp rise in house prices, many Japanese people began to lose patience. They found it faster to speculate in stocks and real estate, so they took out their savings to speculate. By 1989, the real estate price in Japan has soared to a ridiculous level. At that time, the land area was equivalent to California in Japan, and its total market value of land price was equivalent to four times that of the whole United States. By 1990, the land price in Tokyo alone is equivalent to the total land price in the United States. The average working class can't afford to buy a house in a big city even if they spend all their life savings. Only billionaires and executives of a few big companies can afford to buy a house.

All bubbles will burst at some point. 199 1 year later, with the profit-making withdrawal of international capital, the Japanese real estate bubble driven by foreign capital quickly burst, and the real estate price plummeted immediately. By 1993, Japan's real estate industry collapsed completely, and enterprises closed down one after another, leaving bad debts as high as 600 billion US dollars.

Judging from the consequences, the Japanese real estate bubble that burst in the 1990s was the one with the longest impact in history. This bubble not only hit the real estate industry hard, but also directly triggered a serious financial crisis. Affected by this, Japan ushered in the longest economic recession in history and fell into the depression and depression of 15 years. Even now, the Japanese economy is not completely out of the shadows. No wonder people often call this real estate bubble "another defeat of Japan after World War II" and regard the 1990s as Japan's "lost decade".

8. 1989 The beginning and end of Japan's real estate bubble1985 In September, the finance ministers of the United States, the Federal Republic of Germany, Japan, France and Britain signed the Plaza Agreement and decided to agree to the depreciation of the US dollar. For the development of Japan's economy, the Central Bank of Japan adopted a very loose financial policy to encourage capital to flow into the real estate and stock markets, which caused the real estate price to skyrocket.

After the depreciation of the US dollar (a large amount of additional US dollars), a large amount of international capital entered the Japanese real estate industry, which further aggravated the price increase. Tempted by the sharp rise in house prices, many Japanese people began to lose patience. They found it faster to speculate in stocks and real estate, so they took out their bank deposits and speculated.

By 1989, the real estate price in Japan has soared to a ridiculous level. At that time, the land area was equivalent to California in Japan, and its total market value of land price was equivalent to four times that of the whole United States. By 1990, the land price in Tokyo alone is equivalent to the total land price in the United States.

The average working class can't afford to buy a house in a big city even if they spend all their life savings. Only billionaires and executives of a few big companies can afford to buy a house.

199 1 year later, with the profit-making withdrawal of international capital, the Japanese real estate bubble driven by foreign capital quickly burst, and the real estate price plummeted immediately. By 1993, Japan's real estate industry had completely collapsed, with personal bankruptcy and enterprise closure, leaving behind bad debts as high as $600 billion.

Judging from the consequences, the Japanese real estate bubble that burst in the 1990s was the one with the longest impact in history. This bubble not only hit the real estate industry hard, but also directly triggered a serious financial crisis. Affected by this, Japan ushered in the longest economic recession in history and fell into the depression and depression of 15 years. Even now, the Japanese economy is not completely out of the shadows.

People often call this real estate bubble "another defeat of Japan after World War II" and regard the 1990s as Japan's "lost decade".

Extended data

cause

1, Japan's economic and financial liberalization and internationalization accelerated.

1985 is a year of great significance in Japanese history. This year, there have been many major events in Japan that can affect Japanese history and change Japan's destiny.

After the war, Japan's economy and finance were strongly "closed" and "controlled". In 1970s, Japan began the process of economic and financial liberalization and internationalization. In 1980s, this process accelerated rapidly. 1985, Japan * * * issued the announcement "Current Situation and Prospects of Japanese Yen Financial Liberalization and Internationalization", which opened the prelude to Japan's overall economic and financial liberalization and internationalization.

2. The process of Japanese political internationalization is accelerating.

In the early 1980s, Japan proposed that Japan should move from an "economic power" to a "political power", and Japan-US relations would become the cornerstone of the "political power". In the "Plaza Meeting" in 1985 and the "Louvre Meeting" in 1986, Japan became the staunchest ally of the United States.

3. The transformation of Japan's economic growth model.

Since 1980, the international community has been calling on Japan to open its domestic market and change its export-oriented economic growth model. Japan's 1985 economic white paper points out that the export-oriented economic growth model is no longer sustainable, and Japan must expand domestic demand to ease its relations with the international community.

1985 Japan faced three strategic changes at the same time: from "controlled economy" to "open economy"; From "economic power" to "political power"; From "external demand economy" to "internal demand economy" Such a major and profound change concentrated in such a short time may make the macro policy lose room for manoeuvre.

When internal balance and external balance, domestic policy coordination and international policy coordination are intertwined, it will become very difficult to weigh, select and adjust macro policies, and serious mistakes may occur because of imbalance.