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Article: Consumption preferences and environmental externalities: a hedonic analysis of the housing market in Guangzhou

TitleConsumption preferences and environmental externalities: a hedonic analysis of the housing market in Guangzhou
Authors
KeywordsChina
Compact city
Consumption preference
Environmental externalities
Green space
Guangzhou
Hedonic pricing method
Housing market
Housing value
Sustainable urban development
Issue Date2007
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/geoforum
Citation
Geoforum, 2007, v. 38 n. 2, p. 414-431 How to Cite?
AbstractThe urban housing market of China has been transformed since the 1980s from a centrally-planned to a free-market system. This study aimed to (1) investigate the position of outdoor environmental quality in house-buyers' preferences; (2) assess monetary values attributed to environmental externalities by the hedonic pricing method (HPM); and (3) test the applicability of HPM in China. The study area was Guangzhou, the major city of south China with a booming real-estate market. A questionnaire survey was conducted with households in new residences sold in 2004. The main buying motives were improving living quarters and floor area. Security concerns and a preference for high-rise buildings were somewhat unexpected. Good outdoor environment, including green space provision, proximity to parks, and views of green space and water, carried significant hedonic values. Differences between the submarkets of old and new towns were found; new town households expected apartments in high-rise blocks, exclusive residential land use, and views of green space, while old town households preferred proximity to shopping areas and workplaces, green space within the development and proximity to nearby parks. The findings could help to fine tune the developing housing market to match supply with demand in quality terms. Values accorded to environmental attributes could justify funding for urban green spaces and nature conservation. The study verified the applicability of HPM to the housing context in China. © 2006 Elsevier Ltd. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/157883
ISSN
2015 Impact Factor: 2.397
2015 SCImago Journal Rankings: 1.512
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorJim, CYen_HK
dc.contributor.authorChen, WYen_HK
dc.date.accessioned2012-08-08T08:56:07Z-
dc.date.available2012-08-08T08:56:07Z-
dc.date.issued2007en_HK
dc.identifier.citationGeoforum, 2007, v. 38 n. 2, p. 414-431en_HK
dc.identifier.issn0016-7185en_HK
dc.identifier.urihttp://hdl.handle.net/10722/157883-
dc.description.abstractThe urban housing market of China has been transformed since the 1980s from a centrally-planned to a free-market system. This study aimed to (1) investigate the position of outdoor environmental quality in house-buyers' preferences; (2) assess monetary values attributed to environmental externalities by the hedonic pricing method (HPM); and (3) test the applicability of HPM in China. The study area was Guangzhou, the major city of south China with a booming real-estate market. A questionnaire survey was conducted with households in new residences sold in 2004. The main buying motives were improving living quarters and floor area. Security concerns and a preference for high-rise buildings were somewhat unexpected. Good outdoor environment, including green space provision, proximity to parks, and views of green space and water, carried significant hedonic values. Differences between the submarkets of old and new towns were found; new town households expected apartments in high-rise blocks, exclusive residential land use, and views of green space, while old town households preferred proximity to shopping areas and workplaces, green space within the development and proximity to nearby parks. The findings could help to fine tune the developing housing market to match supply with demand in quality terms. Values accorded to environmental attributes could justify funding for urban green spaces and nature conservation. The study verified the applicability of HPM to the housing context in China. © 2006 Elsevier Ltd. All rights reserved.en_HK
dc.languageengen_US
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/geoforumen_HK
dc.relation.ispartofGeoforumen_HK
dc.subjectChinaen_HK
dc.subjectCompact cityen_HK
dc.subjectConsumption preferenceen_HK
dc.subjectEnvironmental externalitiesen_HK
dc.subjectGreen spaceen_HK
dc.subjectGuangzhouen_HK
dc.subjectHedonic pricing methoden_HK
dc.subjectHousing marketen_HK
dc.subjectHousing valueen_HK
dc.subjectSustainable urban developmenten_HK
dc.titleConsumption preferences and environmental externalities: a hedonic analysis of the housing market in Guangzhouen_HK
dc.typeArticleen_HK
dc.identifier.emailJim, CY: hragjcy@hku.hken_HK
dc.identifier.emailChen, WY: wychen@hku.hken_HK
dc.identifier.authorityJim, CY=rp00549en_HK
dc.identifier.authorityChen, WY=rp00589en_HK
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/j.geoforum.2006.10.002en_HK
dc.identifier.scopuseid_2-s2.0-33845879339en_HK
dc.identifier.hkuros135532-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33845879339&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume38en_HK
dc.identifier.issue2en_HK
dc.identifier.spage414en_HK
dc.identifier.epage431en_HK
dc.identifier.isiWOS:000245075300016-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridJim, CY=7006143750en_HK
dc.identifier.scopusauthoridChen, WY=35728317600en_HK
dc.identifier.citeulike3836290-
dc.customcontrol.immutablesml 130419-

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