'Second reform' of housing system yet to come

A "second reform" of China's real estate system has been suggested by many experts since June last year. It is reported that Ministry of Housing and Urban-Rural Development has started investigation and research on the hits and misses of the 10-year housing reform, aiming at the next stage of housing reform.

Now it is apparent the second reform of housing system is to come. The questions now are what the reform is and how to make it. As I see it, policies on the housing issue have gravely lagged behind the development of real estate market. Hence, reform should be on the following fronts.