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Article: Assessing externality: successive event studies on market impacts of new housing development on an old neighbourhood
Title | Assessing externality: successive event studies on market impacts of new housing development on an old neighbourhood |
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Authors | |
Keywords | externality Gentrification spatial planning urban economics urban renewal |
Issue Date | 2020 |
Publisher | Sage Publications Ltd. The Journal's web site is located at http://journals.sagepub.com/home/epb |
Citation | Environment and Planning B: Urban Analytics and City Science, 2020, v. 47 n. 1, p. 156-173 How to Cite? |
Abstract | This study assesses the externality of three new master-planned housing estate development projects on an old residential area in Hong Kong. Replicating the methodology of an event study, this paper presents the changes to the market values and the turnover of property transactions of the apartments in the existing neighbourhood before and after the successive completion of these three new projects over a period of 10 years. Our findings have identified a diverse picture about the impacts of these new housing estates on the neighbourhood. Positive externalities occur under specific circumstances related to the facility provision, spatial design and interfacing with the neighbourhood and background of the new projects. Housing externality does not depend only on the degree of geographical proximity. The policy implication is that urban planning can expand the positive spillover of infill redevelopment not only by replacing the urban dis-amenities by new buildings, but also through a responsive and beneficial integration of the new development with the existing neighbourhood. |
Persistent Identifier | http://hdl.handle.net/10722/261147 |
ISSN | 2023 Impact Factor: 2.6 2023 SCImago Journal Rankings: 0.929 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Tang, BS | - |
dc.contributor.author | Wong, KT | - |
dc.date.accessioned | 2018-09-14T08:53:16Z | - |
dc.date.available | 2018-09-14T08:53:16Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Environment and Planning B: Urban Analytics and City Science, 2020, v. 47 n. 1, p. 156-173 | - |
dc.identifier.issn | 2399-8083 | - |
dc.identifier.uri | http://hdl.handle.net/10722/261147 | - |
dc.description.abstract | This study assesses the externality of three new master-planned housing estate development projects on an old residential area in Hong Kong. Replicating the methodology of an event study, this paper presents the changes to the market values and the turnover of property transactions of the apartments in the existing neighbourhood before and after the successive completion of these three new projects over a period of 10 years. Our findings have identified a diverse picture about the impacts of these new housing estates on the neighbourhood. Positive externalities occur under specific circumstances related to the facility provision, spatial design and interfacing with the neighbourhood and background of the new projects. Housing externality does not depend only on the degree of geographical proximity. The policy implication is that urban planning can expand the positive spillover of infill redevelopment not only by replacing the urban dis-amenities by new buildings, but also through a responsive and beneficial integration of the new development with the existing neighbourhood. | - |
dc.language | eng | - |
dc.publisher | Sage Publications Ltd. The Journal's web site is located at http://journals.sagepub.com/home/epb | - |
dc.relation.ispartof | Environment and Planning B: Urban Analytics and City Science | - |
dc.rights | Environment and Planning B: Urban Analytics and City Science. Copyright © Sage Publications Ltd. | - |
dc.subject | externality | - |
dc.subject | Gentrification | - |
dc.subject | spatial planning | - |
dc.subject | urban economics | - |
dc.subject | urban renewal | - |
dc.title | Assessing externality: successive event studies on market impacts of new housing development on an old neighbourhood | - |
dc.type | Article | - |
dc.identifier.email | Tang, BS: bsbstang@hku.hk | - |
dc.identifier.email | Wong, KT: kwanto@hku.hk | - |
dc.identifier.authority | Tang, BS=rp01646 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1177/2399808318774333 | - |
dc.identifier.scopus | eid_2-s2.0-85046757311 | - |
dc.identifier.hkuros | 291237 | - |
dc.identifier.volume | 47 | - |
dc.identifier.issue | 1 | - |
dc.identifier.spage | 156 | - |
dc.identifier.epage | 173 | - |
dc.identifier.isi | WOS:000507400700010 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.issnl | 2399-8083 | - |