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Article: Benchmark pricing behaviour of land in China's reforms

TitleBenchmark pricing behaviour of land in China's reforms
Authors
Issue Date1996
PublisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/09599916.asp
Citation
Journal Of Property Research, 1996, v. 13 n. 3, p. 183-196 How to Cite?
AbstractFollowing open door policy, China is allowing a major and valuable national resource, namely land, to be privatized in the market. Land has not been allocated according to the market since the Communist party took power in 1949. Without extensive market activities it has become imperative for both central and local government to devise guidelines when selling land to developers who have found great potential in this market. After initial pilot studies in some cities, a benchmark pricing model was finally devised to provide guideline land prices. In theory, this model has the role of leading the existing land allocation system into a price mechanism similar to a market economy. However, the legacy of the socialist ideology concerning the assessment of value exerts a strong effect on the benchmark pricing model which makes the behaviour of the benchmark prices inconsistent with market prices. An examination of the benchmark pricing of land in various Chinese cities has revealed that China is still favouring the use of a production cost function when valuing land. A combination of the cost and market value approaches has produced the first guidelines for land prices since 1949. These guidelines represents a compromise which may be useful in the short run but which cannot be effective in establishing market land price behaviour in the long run.
Persistent Identifierhttp://hdl.handle.net/10722/81937
ISSN
2015 SCImago Journal Rankings: 0.489

 

DC FieldValueLanguage
dc.contributor.authorLing Hin Lien_HK
dc.contributor.authorWalker, Aen_HK
dc.date.accessioned2010-09-06T08:23:38Z-
dc.date.available2010-09-06T08:23:38Z-
dc.date.issued1996en_HK
dc.identifier.citationJournal Of Property Research, 1996, v. 13 n. 3, p. 183-196en_HK
dc.identifier.issn0959-9916en_HK
dc.identifier.urihttp://hdl.handle.net/10722/81937-
dc.description.abstractFollowing open door policy, China is allowing a major and valuable national resource, namely land, to be privatized in the market. Land has not been allocated according to the market since the Communist party took power in 1949. Without extensive market activities it has become imperative for both central and local government to devise guidelines when selling land to developers who have found great potential in this market. After initial pilot studies in some cities, a benchmark pricing model was finally devised to provide guideline land prices. In theory, this model has the role of leading the existing land allocation system into a price mechanism similar to a market economy. However, the legacy of the socialist ideology concerning the assessment of value exerts a strong effect on the benchmark pricing model which makes the behaviour of the benchmark prices inconsistent with market prices. An examination of the benchmark pricing of land in various Chinese cities has revealed that China is still favouring the use of a production cost function when valuing land. A combination of the cost and market value approaches has produced the first guidelines for land prices since 1949. These guidelines represents a compromise which may be useful in the short run but which cannot be effective in establishing market land price behaviour in the long run.en_HK
dc.languageengen_HK
dc.publisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/09599916.aspen_HK
dc.relation.ispartofJournal of Property Researchen_HK
dc.titleBenchmark pricing behaviour of land in China's reformsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0959-9916&volume=&spage=&epage=&date=1996&atitle=Benchmark+pricing+behaviour+of+land+in+China%27s+reformen_HK
dc.identifier.emailLing Hin Li:lhli@hku.hken_HK
dc.identifier.authorityLing Hin Li=rp01010en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1080/09599916.1996.9965067-
dc.identifier.scopuseid_2-s2.0-0030319111en_HK
dc.identifier.hkuros20534en_HK
dc.identifier.volume13en_HK
dc.identifier.issue3en_HK
dc.identifier.spage183en_HK
dc.identifier.epage196en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridLing Hin Li=8418463000en_HK
dc.identifier.scopusauthoridWalker, A=7403909976en_HK

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