Non-linear effects of developer obligation on property prices: A perspective of land dedication in China's bottom up urban redevelopment

《Non-linear effects of developer obligation on property prices: A perspective of land dedication in China's bottom up urban redevelopment》

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作者: Yang Chen;Zhenhua Huang;K.W. Chau

来源: HABITAT INTERNATIONAL,Vol.125,P.102591

语言: 英文

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作者单位: Department of Real Estate and Construction, Faculty of Architecture, The University of Hong Kong, Hong Kong, China;Department of Building and Real Estate, The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong, China;Department of Real Estate and Construction, Faculty of Architecture, The University of Hong Kong, Hong Kong, China;Department of Building and Real Estate, The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong, China;Department of Civil and Environmental Engineering, College of Engineering, Design, Art and Technology, Makerere University, P.O. Box 7062, Kampala, Uganda;Department of Environmental Management, College of Agricultural and Environmental Sciences, Makerere University, P.O. Box 7062, Kampala, Uganda;Public Health and Environment, Kampala Capital City Authority (KCCA), P.O. Box 7010, Kampala, Uganda;Hub – Africa, A Citywide Inclusive Sanitation (CWIS) initiative by the Bill and Melinda Gates Foundation, P.O. Box 5941, Dakar, Senegal;MEIR Engineering & Research Ltd, P.O. Box 3701, Kampala, Uganda;Department of Urban Design and Studies, Chung-Ang University, Seoul, South Korea;Center for the Promotion of Social Data Science Education and Research, Hitotsubashi University, 2-1, Naka, Kunitachi, Tokyo, 186-8601, Japan;Department of Urban Engineering, The University of Tokyo, 7-3-1, Hongo, Bunkyo-ku, Tokyo, 113-8656, Japan;School of Design, Shanghai Jiao Tong University, Shanghai, PR China;Shanghai Key Laboratory of Urban Renewal and Spatial Optimization Technology, PR China;International Research Center for Architectural Heritage Conservation, Shanghai Jiao Tong University, Shanghai, PR China;City and Regional Planning, Çankaya University, Yukarıyurtçu Mah, Mimar Sinan Caddesi No: 4, 06790, Etimesgut, Ankara, Turkey;Center for Real Estate Studying, Zhejiang University, Hangzhou, China;Department of Civil Engineering, Zhejiang University, Hangzhou, China;Ningbo Urban Construction Investment Holding Company Limited, China;The Hongkong Polytechnic University, Hong Kong, China

摘要: Developer obligations (DOs) have been increasingly adopted to capture land value increases and finance urban infrastructures in countries around the world. The practice of DOs in China emerged mainly for the purpose of urban redevelopment. This research attempts to examine how DOs affect the property prices of redevelopment projects from the perspective of land dedication in China's bottom up urban redevelopment. The hedonic pricing model and spatial economic models are applied to 2357 real property transaction price samples for analyzing the DO effects in Shenzhen, China. Research findings reveal that DOs have positive impacts on the property prices of redevelopment projects. Thus, developers and property owners do not have to be against the fulfillment of their obligations. Furthermore, empirical results indicate a non-linear relationship between DOs and property prices: with the increase of DOs, property value premiums present an inverted U-shaped curve (increase first and then decrease). The redevelopment projects with 27%–38% land dedication ratio have the highest value premium. The reasons for the inverted-U shaped effects are further analyzed. The findings from this study provide valuable references for decision makers to formulate effective and tailor-made DO strategies in the field of land value capture and urban redevelopment.

《Non-linear effects of developer obligation on property prices: A perspective of land dedication in China&#39;s bottom up urban redevelopment》

《Non-linear effects of developer obligation on property prices: A perspective of land dedication in China's bottom up urban redevelopment》