Oct. 2008	Change of policy	Reduction of loan interest rate and decrease to 20% of % of down payment.
	Back ground	19.7% down of housing area and 20.1% down of housing sales in 2008.
	Effect of the policy change	Huge amount of money in flowed to real estate market and price of house increased.
Sept. 2009	Change of Policy	Increased % of down payment to 30%. When buy second house, the % is 50%.
		Rising of loan interest rate to 1.1 times to basic interest rate.
		Increase of interest rate and % of down payment for buy third or more houses by bank loan.
	Back ground	Price of house soared to highest level so far.
	Effect of the policy change	Price of house soared like before.
Mar. 2010	Change of Policy	Increased to 40% of % of down payment when buy second house.
	Back ground	Price of house in 70 cities soared 11.7% to previous year in Mar. 2010
	Effect of the policy change	Price of house still increased but the trend lowered.
Sept. 2011	Change of Policy	Raising the deposit reserve ratio of banks and raising basic interest rate.
		Number of city of sales restrictions for house increased by 50 cities.
		Increased to 60% of % of down payment when buy second house.
		Rising of loan interest rate to 1.1 times to basic interest rate.
	Back ground	Overheating of the market.
	Effect of the policy change	Still price of house increased and market of real estate expand. Business of developer expand.
Sept. 2012	Change of Policy	Keep to 60% of % of down payment when buy second house.
		Decreased basic interest rate and stimulate housing market.
	Back ground
	Effect of the policy change	Sales area of house is .113 billion square meters, increaed by 1.8% to previous year.
		Price of first class city of house decreased 1%.
Sept. 2013	Change of Policy	Rising of % of down payment for second house and loan interest rate.
		The sales tax of own house set 20%.
		Increased to 70% of % of down payment when buy second house.
	Back ground	Overheating of the market.
	Effect of the policy change	The real estate market is calm, but construction of house, sales amount,
		Un-sold house and house transaction increased.
sept. 2014	Change of Policy	40 cities canceled restriction policy. Central bank adopt relaxation policy for housing market.
	Back ground	Cooling of housing market.
	Effect of the policy change	Price of house in decreasing and vacant houses is increasing.