The echoing of residential land market due to the reform of land supply policy in Beijing

This paper divides the history of Beijing's residential land market into three periods, and examines the variation of the quantity of land transaction and its spatial distribution around two key time points (August 3 Is', 2004 and May Is', 2005). This paper also makes an illustration that although the quantity of residential land supply declined, its price rose up after August 31st, 2004. On the basis of the analysis of the variation of land rent gradient and land-capital substitution elasticity, the paper concludes that land transaction is gradually adjusting to the new rule of land supply under the circumstance of great markup of land price, but the economic efficiency of residential land market is low.