International Journal of Finance and Banking Research
Volume 3, Issue 6, December 2017, Pages: 82-89
Received: Oct. 13, 2017;
Accepted: Nov. 9, 2017;
Published: Dec. 5, 2017
Views 1172 Downloads 117
Enyuan Li, Department of Construction Management, Tsinghua University, Beijing, China
The Communist Party of China Central Committee Political Bureau emphasized in 2017 the importance of establishing a long-term mechanism for healthy development of real estate. So vigorously developing the housing finance system is of great significance. The aim of this paper is to intoduce the house provident system in Singapore and learn from the Singapore experience to perfect the Chinese system. The paper covers such issues as: the framework of the Singapore Central Provident Fund system (including acoount, deposite, management and so on), the use of Central Provident Fund in housing and the summary of Singapore experience. Then the paper discusses and analyzes the housing provident system by comparing Singapore and China. The analysis shows that: There is an unfair phenomenon in Chinese Housing Provident Fund. The system should be reformed by establishing a semi-official financial institution independent of the government for HPF decision-making, management and operation. The capital growth of Chinese HPF and the function in house leasing should be improved.
An Analysis of Housing Provident Fund System in Singapore, International Journal of Finance and Banking Research.
Vol. 3, No. 6,
2017, pp. 82-89.
Copyright © 2017 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/
) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Yang Z, Chen J. Housing affordability and housing policy in urban China [M]. Springer Science & Business Media, 2014.
Choon C N, Tsui A. Adequacy of Singapore's Central Provident Fund Payouts: Income Replacement Rates of Entrant Workers [R]. National University of Singapore, Department of Economics, SCAPE, 2013.
Zhang, W., G. Han, and S. W. W. Chan. 2014. How Strong Are the Linkages between Real Estate and Other Sectors in China? Hong Kong Institute for Monetary Research (HKIMR) Working Paper 11/2014. Hong Kong, China: HKIMR..
Housing East Asia: socioeconomic and demographic challenges [M]. Springer, 2014.
Ramesh M. Funds in Malaysia and Singapore [J]. Transforming the Developmental Welfare State in East Asia, 2016: 191.
Aspalter C. 6 Evaluating the performance of provident fund systems [J]. Development and Social Policy: The Win-Win Strategies of Developmental Social Policy, 2016, 4: 128.
Kwon H. Transforming the developmental welfare state in East Asia [J]. Development and Change, 2005, 36 (3): 477-497.
Miao LeRu, Liu Hongyu, Wang Lina. Whether the housing accumulation fund should be abolished [J]. Journal of economics, 2013, 09, 64-66.
Chen J, Deng L. Financing affordable housing through compulsory saving: the two-decade experience of housing provident fund in China [J]. Housing Studies, 2014, 29 (7): 937-958.
Yuejin Xu, Jingwu, Hongyu Liu. Housing Provident Fund Policy and Contributors’Gains [J]. Journal of statistical research, 2017, 05:49-58.
Yao S, Luo D, Wang J. Housing development and urbanisation in China [J]. The World Economy, 2014, 37 (3): 481-500.
Jie Chen. The Institutional Dilemma of and Reform Proposals for Housing Provident Fund in China. [J]. Journal of Public Administration, 2010, 03: 91-119+204.
Lao Jiecong, Liu Hongyu. Research on Optimizing Saving Yields of Housing Provident Fund [J]. China Real Estate, 2013, 20: 46-53.