In this paper, we investigate if the increasing Chonsei price is directly affected by housing lease financing. We use monthly Chonsei price, buy and sell price, industry price index, liquidity aggregates of finance institutions (Lf), lease guarantee ratio, and mortgage rate, and they are from January, 2008 to August, 2013. As a result, we find that all variables are non-stationary and those variables have co-integration relationship to one another. The result of the Granger causality shows that there exist exogenous relationships in industry price index, Lf, mortgage rate, lease guarantee ratio, Chonsei price, and buy and sell price. When we implement the VECM, the Chonsei price response permanently positive if one unit of standard deviation of the lease guarantee ratio increases. The explanation ratio of the Chonsei price is influenced by the rank of Chonsei price itself, mortgage rate, lease guarantee ratio, industrial production index, Lf, and buy and sell price. Therefore, we can conclude that housing lease finance has a direct influence on the Chonsei price.

Started in early 2011, China’s new round of real estate regulation policy, aiming to bring down housing price to a reasonable level, suppressed the speculative and investment housing demand remarkably. Under the purchase control policy, housing prices in some cities fell in 2012 compared to a year ago, but housing prices in a number of megacities still remained in high level. Through introducing the housing price income ratio, the article talks about the algorithm for calculating reasonable housing price and price income ratio, thus determines the upper limit of reasonable price income ratio for different kinds of cities. It also calculates the degrees of exceeding the upper limit of the reasonable price income ratio, on the basis of which, the control standards of housing price are determined and the housing price control strategy model is established for the first time. At the end of this article, effective long-term measures for stabilizing the housing price after the reasonable return of housing prices are also presented.