CONTENTS

Ⅰ　General Report

1　A Decade of Property Markets: From Hyper Normal to New Normal【Heping Cao】／001

　　1. Property Markets, The Opportunities in the Transition from Byper Normal to New Normal／001

　　2. Top-level Design, The Deep Reform of Property Transaction Markets from the 3rd Plenary

　　　Session of the Eighteen／003

　　3. Phoenix Nirvana, the Survival of Property Transaction Institutions in the 3rd Clean-up

　　　and Rectification／006

　　4. The Survival of the Fittest, the Positive Response from Property Transaction Industry to

　　　Unify and Standardize Public Resources Transaction Platforms／009

　　5. One Step Ahead, the Smooth Progress of Unification／013

　　6. A Progressive Change, with the Continuous Innovation in Proper Transaction Markets／014

　　7. From Byper Normal to New Normal: The Development of Lone-chain Finance and

　　　Property Markets／020

Ⅱ　The Top-down Design of Market

2　Discussion on how to Establish “Four Standardization” of Property Rights Exchange

　　Markets【Zhixiong Deng】／024

3　Discussion on the Important Role of Property Rights Exchange Markets in Resource Allocation

　　——Empirical Study on the Case of Chongqing United Assets and Equity Exchange

　　　　【Jingyuan Kong】／032

4　The Future Development of China Property Markets in a New Round of Reforms

　　【Chenghui Zhang】／039

5　The Practices and Future Development of Industry Association during the Process of the Standardization

　　of China Property Rights Exchange Industry【Zhongren Xia】／045

6　Property Markets: The Platforms to Integrate Public Resources through Marketization

　　【Yabin He】／053

Ⅲ　Market Development

7　Reform for the New Normal-thoughts and Practices of Diversified Ownership【Yan Xiong】／060

8　The Role of Property Markets in the Establishment of Diversified Ownership Economy

　　【Ruchuan Wu】／069

9　Feasibility Study on the Establishment of a Property Markets Alliance in the Beijng-Tianjin-Hebei

　　Region【Luan Gao】／075

10　Shanghai Property Markets: Historical Contribution and Its Development Prospect

　　【Minyong Cai】／081

11　Innovation and Exploration in the Property Markets in Chongqiong【Xijian Zhang】／091

12　Research on the Functional Improvement and Innovative Approaches at Property Rights

　　Exchange Platforms

　　——The Case of West Assets and Equity Exchange【Dongshan Luo】／103

13　The Recognition on the Development of Standards and Innovation in China Property Markets

　　【Shengli Ren】／108

14　Reforms on Diversified Ownership Facilitates the Cooperation between PE and Property

　　Markets【Bin Dai】／116

15　Thoughts on Current Situation, Experiences, Issues and the Future of China Property Rights

　　Exchange Institutions

　　——AResearch Report on the Members of China Property Rights Exchange Association

　　　　【Jianguo Fang】／123

16　Analysis on the Logic of Businesses of Property Markets in the Era of Internet

　　【Dongping Fan】／134

Ⅳ　Special Subject Research

17　The Positive Effects of PPP and its Potentials to be Released through Innovations

　　【Kang Jia】／137

18　Quality Control Methods for Property Rights Exchange【Zhichun Ma】／143

19　Discussion on the Facilitating Role that Property Markets Play in Rural Rural Property

　　Rights Exchange Platforms【Zhiyue Xu】／150

20　Innovating and Upgrading the Economic and Trade Cooperation with Russia: a Property

　　Rights?Prospective【Fangquan Li】／157

21　Establishing China Marine Property Rights Exchange Center to Improve Marine Resource

　　Allocation in China【Yaming Zhang】／163

22　Research on the Financing Activities of Property Rights Exchange Institutions by Raising

　　Capital and Issuing Shares

　　——The Case of Zhejiang Property Rights Exchange【Shangyi Yao】／173

23　Discussion on the Capital-raising and Share-issuing Businesses at Property Markets

　　【Tao An, Zewen Yu】／179

Ⅴ　The Performance of Exchanges

24　2013 Annual Report of China Beijing Equity Exchange／187

25　2013 Annual Report of Hebei Property Rights Exchange Center／194

26　2013 Annual Report of Shanxi Property Rights Exchange Market／201

27　2013 Annual Report of Inner Mongolia Property Rights Exchange Market／206

28　2013 Annual Report of Heilongjiang United Assets and Equity Exchange／210

29　2013 Annual Report of Harbin Assets and Equity Exchange Center／219

30　2013 Annual Report of Shanghai United Assets and Equity Exchange／224

31　2013 Annual Report of Zhejiang Property and Stocks Exchange／232

32　2013 Annual Report of FujianProperty Rights Exchange Center／235

33　2013 Annual Report of Southmarket of Forestry／238

34　2013 Annual Report of GuangZhou Enterprises Mergers and Acquisitions Services Group／242

35　2013 Annual Report of GuangxiBeibu Gulf Equity Exchange／248

36　2013 Annual Report of Chongqing United Assets and Equity Exchange Group／254

37　2013 Annual Report of Yunnan Equity Exchange／261

38　2013 Annual Report of Kunming Pan Asia United Assets and Equity Exchange／267

39　2013 Annual report of West Assets and Equity Exchange／273

40　2013 Annual Report of Xinjiang Equity Exchange／277

Ⅵ　Case Study and Data Analysis

41　Dynamic Quoting Triumphed Ordinary Quoting

　　——ACase of Real Estate Equity Trading【By Beijing Property Rights Rxchange】／281

42　The Case of the Shares Transfer of Linghai Power: 405 Bids and 143% Value Increase

　　【By Hebei Property Rights Exchange Center】／286

43　The Case of Ula Mountain Power’s Disposal of Fire Power Generators

　　【By Inner Mongolia Property Rights Exchange】／288

44　The Commodities Purchase Platform

　　——The Case of Purchasing Public Liability Insurance【By Harbin Property Rights Exchange】／292

45　Introducing Private Funds into State-owned Enterprises

　　——ACase of Diversified Ownership Reform【By Shanghai United Assets and Equity Exchange】／295

46　First “Private Targeted Bidding by Invitation”

　　——Raising RMB 1 Billion for a State-owned Enterprise

　　　　【By Zhejiang Property and Stock exchange】／298

47　Strengthening Information Disclosure, Sealed Quotes+Network Bidding, a Value Increase of 126%

　　——The Case of Shares Transfer by an Environmental Company

　　　　【By Fujian Property Rights Exchange】／302

48　Raising RMB 150 Million Using Forestry Property as Collateral

　　【By South Market of Forestry】／305

49　The Case of Preemptive Right to Purchase Property Rights Outside Exchange Platform

　　【By Guangzhou Property Rights Exchange】／308

50　The Case of Selling Managing Rights by Advertising

　　【By Guangxi Beibu Gulf Equity Exchange】／312

51　“1+N”Registration+Network Bidding System——An Auction of 112 Apartments

　　【By Chongqing United Assets and Equity Exchange】／315

52　The Case of Asset Transaction for Kunming 403 Company

　　——The 100 Million Worth Assets Traded for More than 700 Million

　　　　【By Kunming Pan Asai United Assets and Equity Exchang】／318

53　The Case of Open Bidding in Separate Segments: A Case of Asset Disposition

　　【By West Assets and Equity Exchange】／321

54　Helping the Firms to Raise Capital and Issue Shares【By GanshuProperty Rights Exchange】／325

55　Multiple-to-multiple Shares Transfer, More Transparency on State-owned Shares Transfer

　　【By Xinjiang Equity Exchange】／328

56　Statistic Report of Property Transactions in 2013

　　【By Chinese State-owned Property Exchanges Association Annual Policies】／331

Ⅶ　Annual Policies

57　Notice on Institutional Reforms and Functional Changes of State Council

　　【No.22 (2013)State Council】／334

58　The notice on task division to implement the spirit of the first conference on clean

　　qnd honest work by the general office of the State Council

       【No. 63 (2013) by General Office of the State Council】／344

59　The opinions of function transformation at local governments and institutional reform

　　by the CPC Central Committee and State Council

       【No .9(2013)by the CPC Central Committee】／348

60　Notice on the State-owned Assets Transfer at Property Rights Exchange Markets

　　【No.78 Document (2013) by SASAC】／349

61　Postscript【Heping Cao】／351