CONTENTS

Ⅰ　General Report
1　The New Trend of the Standard Development, Business Innovation and
　　Further Prediction in the China’s Property Market【Heping Cao】／001
　　1. Warning on mismatches between cognitive cycles, management cycles
　　　　and performance cycles in China’s property market／002
　　2. Expanding and promoting exchanges’checking-up and rectification／009
　　3. Property exchanges reach new heights of performance
　　　　in trade normalization／015
　　4. Property exchanges continue to innovate, breakthrough
　　　　in market construction／017
　　5. The fairy tale of expanding the property market’s boundaries
　　　　and constructing the group member／025
　　6. Summary: The development trend of property market after the 12th
　　　　Five-Year Plan, growing with the national economy／028
2　Property Market: The Start of a New Journey【Yan Xiong】／030
　　1. The retrospect of property market／031
　　2. The new situation／033
　　3. The direction of future development／037

Ⅱ　The Top-down Design of Market
3　The Conditions and Driving Force of Property Market【Zhixiong Deng】／041
4　The Development and System Innovation in Property Market
　　【Jingyuan Kong】／050
5　Recent Development of Property Market: a New Start in China’s Economy
　　【Chenghui Zhang】／058
6　Trade Association Should Lead the Property Industry to be More
　　Staudardized, Creative, Cooperative and Self-disciplined【Minyong Cai】／061
7　A Discussion on the OTC Market Construction and SMEs’Financing【Luan Gao】／065

Ⅲ　Market Development
8　Reinforcing the Review and Regulatory System; Promoting the
　　Healthy Development of the Industry
　　——An overview of the fourth comprehensive assessment of Beijing,
　　　　Shanghai and Chongqing property trading institutions
　　　　【Tianjin,Yabin He, Xiaoguang Shen and Xiaobao Wu】／076
9　From the Look of Checking-up and Rectification, the Function
　　Definition and Development Opportunities of the Exchanges
　　Other than Securities and Futures【Zhengxi Li】／085
10　The Significance of Property Market Construction in China’s
　　Capital Market【Bin Ren】／089
11　Analysis of Innovations in China’s Property Market【Maoqing Zhou】／098

Ⅳ　Special Subjects
12　An New Area Opened up for Property Transactions by M&A Worldwide
　　【Baomin Li】／108
13　Current Situation and Prospect of the Rural Property Market
　　【Zuhui Huang, Baolian Huang】／118
14　Considerations on the Institutional Arrangement of
　　SMEs’Financing【Zhichun Ma】／128
15　Playing in a Role as a Platform of Property Transactions to Provide
　　Firms with “Sell- purchase”Bilateral Service
　　——Chronicling the development of procurement business of state-owned
　　　　property insurance at Harbin Exchange Center【Zhiyue Xu】／132
16　Business Driven and Technology Based: the Innovation of
　　Internet-enabled in the Property Trade
　　——Jinmajia’s product and business innovations in property
　　　　exchange【Dongping Fan】／142
17　A Review of the Carbon Market in 2011 and Prospects
　　【Research Department of CBEEX】／149
18　Constructing a Market System Based on Property Market to
　　Accelerate the Development of the Modern Service Industry
　　in Heilongjiang Province【Fangquan Li】／162
19　Establishing a Unified Market to Increase the Liquidity of
　　Leasing Assets【Huamei Ding】／171

Ⅴ　The Performance of Exchanges
20　China Beijing Equity Exchange 2011 Annual Report／176
21　Tianjin Property Rights Exchange 2011 Annual Report／182
22　Tianjin Equity Exchange 2011 Annual Report／190
23　Hebei Property Rights Exchange Center 2011 Annual Report／198
24　Inner Mongolia Property Rights Exchange Center 2011
　　Annual Report／204
25　Heilongjiang Assets and Equity Exchange Center 2011
　　Annual Report／211
26　Harbin Assets and Equity Exchange Center 2011 Annual Report／222
27　Shanghai United Assets and Equity Exchange 2011 Annual Report／229
28　Jiangsu Assets and Equity Exchange 2011 Annual Report／235
29　Fujian Property Rights Exchange Center 2011 Annual Report／241
30　Guangzhou Exchange Services Group 2011 Annual Report／247
31　Guangxi Beibu Gulf Equity Exchange 2011 Annual Report／252
32　Chongqing United Assets and Equity Exchange 2011 Annual Report／259
33　West Assets and Equity Exchange 2011 Annual Report／269

Ⅵ　Case Study and Data Analysis
34　The 68,490,000 Shares of New China Life Insurance Co.Equity Transfer
　　(Trading institution: China Beijing Equity Exchange)／274
35　Capital Increase and Share Expansion of Henan Huacheng Real Estate
　　Development Company
　　(Trading institution: Tianjin Property Rights Exchange)／278
36　Seizing the Policy Opportunities to Facilitate the Remote Transaction
　　of Equity of Bank of Wenzhou
　　(Trading institution: Tianjin Financial Assets Exchange)／280
37　Quota Bidding: Realize the Same Stock Has Same Price
　　in Trading Financial Equity
　　(Trading institution: Hebei Property Rights Exchange Center)／282
38　Eliminating Barriers, Normalizing Bidding: Reusing the Obsolete
　　Thermal Power
　　(Trading institution: Inner Mongolia Property Rights Exchange Center)／285
39　Building a Financial Service Platform for SMEs Based on the Provincial
　　Property Trading Institutions
　　(Trading institution: Jilin Changchun Property Rights Exchange Center)／288
40　Small Shares of State-owned Shareholding Can Sell for a Good Price
　　When Well Planned
　　(Trading institution: Harbin Assets and Equity Exchange Center)／292
41　Two-stage Bidding: Demonstrating the Development of Property
　　Trading Financialization
　　(Trading institution: Shanghai United Assets and Equity Exchange)／295
42　Making the Value of Leasing Managerial Authority Prominent
　　with Two-stage Bidding
　　(Trading institution :Fujian Property Rights Exchange Center)／299
43　Luxi Chemical Group Co. LTD. Increases Stock Capital
　　(Trading institution: Shandong Property Rights Exchange Center)／302
44　Initiating the Platform for License Plate Auction
　　(Trading institution: Guangzhou Enterprises Mergers and Acquisition Services)／305
45　Yanjing Beer Co. LTD.’s Equity Transfer to the Natural Person
　　with 57% Appreciation
　　(Trading institution: Guangxi Beibu Gulf Equity Exchange)／309
46　Transferring Property Management Companies is Difficult in the Off-set
　　Market Make the Transaction on Exchange Sells Like Hot Cakes
　　(Trading institution: West Assets and Equity Exchange)／311
47　The Data on Property Trade and Relevant Capital Market／314

Ⅶ　Annual Policies
48　Opinions on Deepening Government Openness and Strengthening
　　Government Service
　　(Circular of General Office of the CPC Central Committee.No.22,2011)／324
49　Interim Measures on the Management of Oversea Assets and
　　Properties of Central Enterprises
　　(Circular of SASAC, No.27)／331
50　Decision of the State Council on Cleaning up All Kinds of
　　Trading Venues; Guarding Against Financial Risks
　　(Circular of the State Council, No.38, 2011)／335
51　The Implementation Opinions of the State Council on Enhancing
　　the Management of Cultural Property Exchange and Arts Exchange
　　(Circular of General Office of the CPC Central Conmmittee. No. 49. 2011)／338
52　Guidance of the State Council on Introducing Private Investment
　　into the State-owned Enterprises Reform and Restructuning
　　(Circular of the national development and capital, Property, No.80, 2012)／341
53　Interim Measures on Property Registration and Management of
　　State-owned Enterprises (Circular of SASAC, No.29)／343
54　The Implementation Opinions of General Office of the State
　　Council on Cleaning up and Rectify All Kinds of Trading Venues
　　(Circular of General Office of State Council, No.37, 2012)／348
55　Measures for the Supervision and Administration of Non Listed Public
　　Corporations(Circular of CSRC.No.85)／353

56　Postscript: Pursuit of Change of the “Blue Book”
　　【Heping Cao, Zhengxi Li】／363