Land supply and capitalization of public goods in housing prices: Evidence from Beijing

Siqi Zheng, Weizeng Sun, Rui Wang*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

27 Citations (Scopus)

Abstract

This paper studies the extent to which spatial heterogeneity in housing prices is affected by housing supply in Beijing's specific context of centralized metropolitan government without local property tax. Taking data sets of residential land leases and private housing sales records from 2006 to 2008 within Beijing's metropolitan area, this paper examines how the capitalization of school quality and subway accessibility in housing prices varies with land availability instrumented by the employment density of state-owned enterprises (SOEs) at the beginning of SOE reform. Results confirm that the capitalization of school quality and subway accessibility is larger in supply-constrained locations.

Original languageEnglish
Pages (from-to)550-568
Number of pages19
JournalJournal of Regional Science
Volume54
Issue number4
DOIs
Publication statusPublished - Sept 2014
Externally publishedYes

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