作者：Siqi Zheng Rongrong Ren
发表时间：2011-01-07
概要：
Abstract—It has long been recognized that the price of residential properties depends primarily on their proximities to urban amenities. However, few of the extant literature focus on the question of how buyer’s willingness-to-pay for urban amenities is translated into land values through housing consumption. The special institutional context in urban China, in which land for development is leased by local governments to private developers who then sell properties to households, gives us a good opportunity to explore this ssue. Employing a unique dataset with matched esidential projects’ and land parcels’ price and ocation information in Beijing, this study seeks to xamine the local amenities’ capitalization effects both in residential property value and in land value. We find that most urban amenities are significantly capitalized into property value. However, land value does not fully capture such benefits, which means that the value of local public services is partially captured by private developers. The findings may indicate that a property tax, as opposed to land sale revenue, may be a better way for local governments to capture the value of public services.
关键词：urban amenities；capitalization；property value；land value
