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This study is identified the characteristics of housing product through housebuilders' strategies. As a methodology for this study, literature survey and questionnaire survey were used. Questionnaires have been done on mail to 232 housebuilders and return rate was 34.1%. In summary, housing product can be characterized long gestation period, periodically building cycle, future uncertainty of market volatility, maximization of land development gain, utilization of public fund for continuous building activity, moral hazard by accidentally bankrupcy. Therefore private housebuilding could be defined speculative industry.