LandscapeandUrbanPlanning78(2006)422–434
Impactsofurbanenvironmentalelementsonresidential
housingpricesinGuangzhou(China)
C.Y.Jim?,WendyY.Chen
DepartmentofGeography,TheUniversityofHongKong,PokfulamRoad,HongKong
Received11September2005;receivedinrevisedform23December2005;accepted23December2005
Availableonline20March2006
Abstract
Theamenityvalueprovidedbyurbangreenspaces,waterbodiesandgoodenvironmentalqualityisdif?culttoassessandincorporateintourbanplanninganddevelopment.DevelopersandgovernmentsinChinahithertohaveseldomobjectivelyfactoredtheseattributesintopropertypricingandassociateddecisions.Thehedonicpricingmethodoffersanappropriateapproachtogaugesuchexternalbene?tswhichcontributetoreal-estatetransactionprices.ThisstudyexploredtheimpactsofkeyenvironmentalelementswithabearingonresidentialhousingvalueinGuangzhou,includingwindoworientation,green-spaceview,?oorheight,proximitytowoodedareasandwaterbodies,andexposuretotraf?cnoise.Fourlargeprivatehousingestatescomposedofmulti-storiedblockswithsimilardesignandpricebracket,cateringtothemasspropertymarket,weresampled.Transactionpricedataandstructuralattributesof652dwellingunitswereacquireddirectlyfromdevelopers.Dataonenvironmentalattributeswerecollectedinthe?eld.Twofunctionalhedonicpricingmethodmodels,linearandsemi-log,wereconstructed.Thesemi-logmodelofferedcomparativelystrongerexplanatorypowerandmorereliableestimation.High?ooronthemulti-storeytenementblockscontributedimplicitly9.2%tothesellingprice.Viewofgreenspacesandproximitytowaterbodiesraisedhousingprice,contributingnotablyat7.1%and13.2%,respectively.Windowswithasouthernorientationwithorwithoutcomplementaryeasternornorthernviewsadded1%totheprice.Proximitytonearbywoodedareawithoutpublicaccesswasnotsigni?cant,expressingthepragmaticmindsetinthehedonicbehavior.Exposuretotraf?cnoisedidnotin?uencewillingness-to-pay,implyingtoleranceofthechronicenvironmentalnuisanceinthecompactcity.ThestudydemonstratesthathedonicpricingmethodcouldbeappliedintheChinesecontextwithanincreasinglyexpandingandprivatizedpropertymarket.Itcouldinformthedecisionsofpolicymakersandpropertydevelopersconcerninglandsellingandbuying,landconversion,propertydevelopment,urbannatureconservation,anddesignofecologicalgreen-spacenetworks.?2006ElsevierB.V.Allrightsreserved.
Keywords:Hedonicpricingmethod;Housingmarket;Propertyvaluation;Urbangreenspace;Urbannaturalarea;Environmentalbene?ts;Amenityvalue;Compactcity;Guangzhou;China
1.Introduction
Urbangreenspaces,waterbodiesandgoodenvironmentsprovideamenitiesandservicesthatcontributefundamentallytothequalityofurbanlife(Shaferetal.,2000;VanHerzeleandWiedemann,2003;Chiesura,2004).Duetotheirnon-commodityandunpricednature,andlargelyintangiblebene?ts,theircontributionisusuallydif?culttoassessandquantify.Theirimportancetothewell-beingofcitiesandcitizensisoftenneglectedinmainstreamurbanplanningandpolicymak-ingrelatedtodevelopment(Moreetal.,1988;Luttik,2000;
?
Correspondingauthor.Tel.:+85228597020;fax:+85225598994.E-mailaddress:hragjcy@hkucc.hku.hk(C.Y.Jim).
Tyrv¨ainenandMiettinen,2000;Tajima,2003;McConnellandWalls,2005).Inrecentyears,increasingconcernabouturbangreenspaceandenvironmentalqualityhasgrownintandemwithrapidurbanization.Naturalareaslocatedinandnearresi-dentialareasindevelopingcities,closelyrelatedtotheamenityandhealthofresidents,areofparticularconcernduetotheirvulnerabilitytodamageandusurpation.
Tomakeinformedpoliciesanddecisionsaboutgreenspaceandenvironmentalimprovement,assessmentoftheirbene?tsandvaluesisessential(Tyrv¨ainen,1997;Luttik,2000;Tajima,2003;McConnellandWalls,2005;JimandChen,2006).Vari-ousapproacheshavebeenproposedandtested,amongstwhichthehedonicpricingmethodhasbeenwidelyappliedinwest-erncountriestoestimatethevalueofnatureassociatedwithsettlements.Forinstance,theimpactsofgreenspacessituated
0169-2046/$–seefrontmatter?2006ElsevierB.V.Allrightsreserved.doi:10.1016/j.landurbplan.2005.12.003
C.Y.Jim,W.Y.Chen/LandscapeandUrbanPlanning78(2006)422–434423
withinandnearadevelopmentareexaminedfortheirimpactsonhousingpriceandtoconstructahousingpriceindex(AndersonandCordell,1988;WillisandGarrod,1993;Chattopadhyay,1999;BolitzerandNetusil,2000;Luttik,2000;Tyrv¨ainenandMiettinen,2000;Geoghegan,2002;OuyangandWang,2003;Price,2003).Similarstudieshaveseldombeenappliedindevel-opingcountries,includingtherapidlyexpandingreal-estatemar-ketinChina(Chenetal.,2002;MaandLi,2003).
IncitiesofChina,thegovernment’sadministrativeallocationsystemofresidentialunitsdominatedthesectorfrom1949tothe1980s.Privatehousingthenwasnon-existent.Inthecen-trallycontrolledsocialistsystem,pragmatismprevailedinthegenerationofdecision,andhedonicfeaturessuchasamenityandlandscapewerehardlyconsideredinthedesignandcon-structionofresidentialhousing.Mostvegetationinresidentialareaswasplantedbyresidentsoftheirownaccordinsmallscat-teredpockets.Lackingproperplanningandmanagement,suchenclavesareoftenmoregreythangreen,andareburdenedwithpoorplantgrowth.Residentsthustendtoshunthem,despitetheirproximitytohomes,andinsteadvisitbetterparksandgar-denssituatedfatheraway(JimandChen,2006).Thussuchold-fashionedorrelictresidentialgreenspacesdenotealargepoolofunder-utilizedresourcethatcouldperhapsbeoverhauledtorealizetheirpotentials.
Withtheadventofopen-doorpolicyandeconomicreformfromthelate1980sinChina,theinterestinresidentialgreenspacesandassociatedlandscapeelementshasbeenrekindled.Theconsequentmarketizationoftheeconomybroughtfasteco-nomicandurbangrowthandasigni?cantboomoftheprivatepropertymarketinChinesecities.Tomeettheincreasinglyaf?uentanddiscerningclientele,includingoverseasinvestors,developersarecompetingtooffergoodlandscapeandenviron-menttolurebuyers.Increasingattentionhasbeendevotedtobeautifyingresidentialgrounds(Liu,2003;Qinetal.,2004),bringingnotableimprovementinthequalityanddiversityoflandscapedesigns.Agreenandpleasantoutdoorenvironmenthasindeedbecomederigueurinmanyresidentialestates,includ-ingboththemassandluxurymarkets.
Suchdrasticchangesinthecommunityhavenotbeenmatchedbycorrespondingmodi?cationsinpoliciesandprac-tices.Municipalgovernmentsoftenfounditdif?culttolinkurbannatureandenvironmentalfeaturestothequalityofurbanlife.Forinstance,thecommonlackofof?cialguidelinesongreen-spaceconservationandprovisioninresidentialareasfailstoguaranteeaminimumstandard.WithrapidurbanizationinChinesecities,thepressingdemandforlandhaspushedupitsvalue,andexistingandpotentialgreenspacesarefrequentlysubjecttodevelopmentpressures(Huangetal.,2003;TanandDong,2004;Lietal.,2005).Governmentsareoftenurgedorevenobligedtofacilitatedevelopmentwhichcouldsacri?cethelong-termwelfareofthecommunity.Formanyreal-estatedevel-opers,theimplicitvalueofenvironmentalattributesisseldomincorporatedintothedesignandvaluationofproperties(Shi,1994),thuscurtailingtheircompetitiveedgeintheburgeoningmarket.
Thisstudyaimedtoclarifyhowandtowhatextenturbangreenspacesandenvironmentalamenitiesaffectresidential
housingpricethroughthehedonicpricingmethodinaChinesecity.The?ndingscouldthrowlightontheeffectofenviron-mentalandlandscapequalitiesonhouseselectionandpur-chasebehaviorinthecontextofChinesesociety.GuangzhouastheprincipalcityinsouthChinawithawell-developedreal-estatemarket(Li,2000;Wangetal.,2004)servedasthestudyarea.BytheChineseyardstick,themunicipalityisreasonablywellendowedwithgreenandnaturalareas.Theurbanplan-ningpolicy,however,oftenneglectsthesocioeconomicvalueofenvironmental–ecologicalfeatures.Valuatingsuchbene?tscouldenhanceunderstandingoftheircontributiontohousingpriceandgeneralenvironmentalwelfare.Theresultscouldhelpdeveloperstorationalizetheirinvestmentsanddecisionmakerstorealizeenvironmentalimprovementgoals.ThestudycouldalsoyieldinsightsintotheoreticalmodelingandapplicabilityofhedonicpricingmethodinChina.
2.ResidentialpropertydevelopmentinGuangzhouFrom1949tothe1980s,thecentralallocationsystemdom-inatedhousingsupplyanddemandinGuangzhou.Thegeneraltenetthenconsideredhousingasasocialnecessityandwelfaretobeassignedbytheadministration,ratherthanacommoditytobebought,soldorrentedbycitizens.Commonmarketcri-teriasuchaslocationandqualitywerelargelyignoredunderthemore-or-lessegalitarianandnon-marketplanningsystem.Thenon-descriptandstandardbuildingdesignwidelyadoptedduringthe1950–1980screatedmanyresidentialcompoundscomposedofaseriesofmonotonousferro-concreteblockslessthansixstoreysinheight.Provisionofpleasantgreenspacesinresidentialgroundswasnotdeemedtobeessential.Theseoldresidentialareasusuallyarebesetwithmeagregreenspaceswithvegetationplantedhaphazardlybyresidents.Thepriceofhousing,expressedasrents,wascentrallydeterminedatalevelunrelatedtothesize,quality,locationorenvironsoftheproper-ties(Malpezzi,1999).
HousingreforminChinacommencedin1980withthepri-maryaimofabatingtheseriousandaggravatinghousingshort-ageinurbanareas,throughmajordeparturefrompastpractices,suchaslocalizationofhousinginvestment(Fang,2004)andpro-motionofhomeownership(Li,2000).Duringtheearlyperiodofreal-estatemarketization(1980–1994),partyandgovern-mentunitsandstate-ownedenterpriseswerebothdevelopersandconsumersofhousing(Wu,1996;Fang,2004),whichwassubsequentlyconsideredtobeproblematic(WangandMurie,1996).Anewleafwasturnedwhencommodityresidentialhous-ing,dwellingsbuiltbydevelopmentcompaniesandsoldatfullmarketpriceintheprimarymarket,appearedsporadicallyinGuangzhoubylate1994.
Severalmajorpolicyinitiativeswereinstrumentalinlay-ingafoundationfortheprivatizedhousingmarketto?ourish.Developmentcompaniesthatoperatedaccordingtocommercialprincipleswerefacilitatedandfosteredafter1994.Subsidizedhousingsystem(welfareallocationofhousingbyvariouswork-ingunits)waseventuallyabolishedin1998.Accompaniedinsti-tutionalsupportsuchastheprovisionofindividualmortgageloanswasintroducedin1999.Thesemeasuresextricatedthe
424C.Y.Jim,W.Y.Chen/LandscapeandUrbanPlanning78(2006)422–434
Table1
IndicatorsofrealestatedevelopmentinGuangzhouin1998–2002Attribute
Grossdomesticproductpercapita(RMBa)Grossdomesticproductpercapita(US$)Investmentinrealestate(billionRMBa)Investmentinrealestate(billionUS$)
Floorareawithcommencedconstructionb(ha)Finished?oorarea(ha)Sold?oorarea(ha)
City-widepercapita?oorareac(m2/person)PopulationofGuangzhou(million)
199827581332326.83.2972.8756.3578.011.66.74
199930610368829.63.6824.9857.9630.012.46.85
200033615405033.54.01004.8930.0559.013.17.01
200138114459238.14.61131.9729.8535.013.97.12
200241674502141.04.91302.0788.0860.015.77.21
Totaloraverage32480.03913.3169.020.35236.44062.03162.012.7
Source:GuangzhouYearbookEditorialCommittee(1999–2003)andZhao(2003).aChinesecurrencyRenminbiataboutUS$1.00=RMB8.30.
bThisattributegivesthe?oorareawithconstructioncommencedinagivenyear.
cThevaluereferstotheaverageresidential?oorareaoccupiedbyapersoninGuangzhou.
industryfromlong-standingbondagesandgeneratedtheneces-saryconditionsforamassiveboom(Li,2000;Zhao,2003;Fang,2004).
RealestatemarketdevelopmentinGuangzhouisconsis-tentwith,ifnotanaturalprogressionfrom,thegeneraltrendofurbanizationanddevelopment(Wangetal.,2004).Fastlocalgrossdomesticproductelevationhasstimulatedthehous-ingdemand,aphenomenonnotdissimilartoothercountries(Malpezzi,1990).Theinvestmentinhousingprojectsandcom-pleted?oorareashasincreasedsteadilysince1998(Table1;GuangzhouYearbookEditorialCommittee,1999–2003).In2000,newregulationsonpre-sellingconditionswereinsti-tutedtoprotectconsumersfromnon-completionofconstruc-tion.Moreover,regulationsprotectingtherightsoftenantswereenacted.Suchof?cialcontrolstoforestallabusesandaligntheindustrywithmodernpractices,however,havesomewhatdamp-enedmarketactivities(Zhao,2003).Recentcontinuedincreaseinhousinginvestment,productionandconsumptionsignifytheprogressivematurationoftheindustryinGuangzhou.
ResidentialhousingdominatedtheGuangzhoureal-estatemarket,takingover85%ofannualtotalbuiltandsold?oorareas(Table2).Asthelargestassetownedbymosthouseholds(Malpezzi,1999),individualpurchasingbehaviorhasevolvedafter1998fromsolvingacutehousingshortagetopursuinghedonicful?llment.Besideslocationandtransportation,homebuyersincreasinglyexpecthigh-qualitygreenspaceandenvi-ronmentwithinandaroundresidentialprecincts(Zhao,2003).Tomeettheevolvingconsumerpreference,thedesignofresiden-Table2
ThecompositionofsoldrealestateinGuangzhouin1998–2002(areaunit:ha)Type
1998Area
ResidentialCommercialOf?ceOthersaTotal
495393410578
?.76.75.81.8100
1999Area55337318629
?.95.85.01.3100
2000Area495361714562
%
tialgroundshasbecomeakeyconcern.Well-appointedoutdoorspaceshavebeenearnestlymarketedtoattractbuyers(Zhao,2003).Inaddition,manynewdevelopmentsincluderatherelab-oratewaterlandscapestoechothewealthconnotationofwaterintraditionalChinesebelief.
Apartmentswithgreenspaceorwaterviewsareconsideredmoreappealing,prestigiousandsignifyanelevatedsocialsta-tus,hencetheycouldcommandahigherpremium.Forinstance,?atslocatedonbothbanksofthePearlRiverthattraversesthecityareearnestlydemanded.Despitetheimportanceofsuchlandscapefeaturestobothdevelopersandhome-makers,theseenvironmentalfactorsdonotreceivesuf?cientweightincurrenthousepriceassessment.Themainbottleneckisthelackofascienti?cbasistovaluetheworthoftheselandscapeelements.Thisknowledgegaphasreducedtheaccuracyofpropertyvalueassessment(Chenetal.,2002)andhinderedcontinuedrational-izationofthemarket.
Mostdevelopersintuitivelybelievethatgreenspacesandapleasantenvironmentinresidentialdevelopmentsareimportantandagardenviewcouldliftthepriceofapartments.Comparedwiththeinvestmentsintheapartmentbuildingsthemselves,theinputsintobeautifyingthegroundsarestillinsuf?cient.Thispoorunderstandingofenvironmentalqualityasacomponentofhousingvaluecouldrestrictrelevantinvestmentanddoesnotencouragefurtherimprovements.Arecentsurveyenumerated336haofgreenspacesaccommodating85,539treesinresiden-tialgroundsinthebuilt-upareasofGuangzhou(GuangzhouLandscapeBureau,2002).Fortheentirecity,thegreenareais
2001Area47530228535
?.85.54.21.5100
2002Area751501742860
?.35.92.04.8100
TotalArea2769192121823164
?.56.13.82.6100
88.06.43.12.5100
Source:Zhao(2003).
aIncludeluxuryresidentialhousingsuchasvillas,garage,andworkshops.
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thesmallestamongstalllandusecategories,suggestingmuchroomforenhancement.3.Hedonicpricingmethod
Twomajorapproachescouldestimatethemonetaryvalueofenvironmentalservices,namelystatedpreferenceandrevealedpreference(Adamowiczetal.,1994;Readyetal.,1997;GarrodandWillis,1992,1999;Freeman,2003;McConnellandWalls,2005).Intheformer,individualpreferencesandvaluesfortheservicesareelicitedthroughsurveytechniques(Batemanetal.,2002).Usually,respondentsareaskedhowmuchtheyarewill-ingtopaytopreservegoodfeaturesforrecreationandamenity
(Tyrv¨ainenandV¨a¨an¨anen,1998;Kwaketal.,2003;Jimand
Chen,2006).Theaggregatewillingness-to-payamountincon-junctionwiththepopulationatissueformsthebasistoestimatethevalueoftheservices.Thelatterapproach(revealedprefer-ence)isusuallylabeledthehedonicpricingmethod.Thevalueoftheservicesisinferredbyestimatingthesalepriceorvalueofpropertyasafunctionofenvironmentalattributes(suchasprox-imitytourbanparksandaviewofagarden)inassociationwithotherpropertyandneighborhoodcharacteristics.Portionsofthepropertyvalueattributedtogreenspacesandotherlandscapeendowmentscouldbeassignedbystatisticalcomputations.Thefundamentalpropositionofhedonicpricingmethodisthataresidentialpropertyiscompositegoodscomposedofacomplexbundleofmultiplecharacteristics,eachofwhichcon-tributestoitssellingprice.Thecompoundandheterogeneousgoodsembodiesthecommonlyrecognizedtangiblehousingattributes,aswellasthelesstangibleenvironmental,ecolog-icalandlandscapeelementswhichcouldbefactoredintothevaluationregime(Lancaster,1966;Palmquist,1991;Freeman,1995;CheshireandSheppard,1998;Sheppard,1999;Pagourtzietal.,2003).Peopleoftenpaymoreforabeautifulviewiftwohousesareidenticalexceptfortheviews,andtheextrapaymentcanbeestimatedasthevalueoftheaestheticser-vice.Inpractice,manyattributesjointlycontributetothesellingprice.Statisticaltechniqueshavebeendevelopedtoseparatepartsoftransactionpricesduetoeachcontributoryattribute.Thusthehedonicequationservestoassignanimplicitpricetoeachconstituentattribute.Hedonicpricingmethodisbelievedtobethemostconvincingapproachinthesetypesofvalua-tionsmainlybecausethetechniqueisbasedonactualtransac-tionbehaviorsinthemarket(Hoevenagel,1994;Readyetal.,1997;Hidano,2002;Tajima,2003).Itisconsideredrelativelylesscontroversialandlesssubjecttointerferencebyextraneousin?uences.
ManystudieshavebeenconductedusinghedonicpricingmethodinEuropeandtheUStoevaluateenvironmentalexter-nalitiesandmarginalvalueofecosystemservices,suchasairpollution(SmithandHuang,1995;Chattopadhyay,1999),vehiculartraf?c(HughesandSirmans,1992),environmentalrisk(Simonsetal.,1997;Gayeretal.,2000),landscapeandwaterquality(Luttik,2000),environmentalprotection(Daleetal.,1999),agriculturallandvalue(LeGoffe,2000),noiseimpact(EspeyandLopez,2000),presenceofopenspaces(BolitzerandNetusil,2000;Geoghegan,2002),amenityof
urbangreenspaces(AndersonandCordell,1988;Moreetal.,1988;Poweetal.,1995;Tyrv¨ainen,1997;Bensonetal.,1998;Tyrv¨ainenandMiettinen,2000;Bengochea-Morancho,2003;Price,2003;Tajima,2003),andsocialfactors(GarrodandWillis,1999).Thequanti?cationandspeci?cationofthesevalueswouldlendsupporttorelevantpolicydebatesandurbanplanning.Assigningdollarvaluestoenvironmentalbene?tscouldhelpunderstandingthemagnitudeoftheircontributionstosociety,andputtingthemonalevelplaying?eldinthekeencontestforfundingwithphysicalinfrastructureandothercommunityprojects.
Somehedonicpricingmethodstudiesfocusedonthebene-?tsofurbangreenspaces.InPortland,Oregon,193publicparksranginginsizefrom0.2to567.8acres(0.081–229.96ha),asagroup,haveasigni?cantpositiveimpactonthevalueofproper-tieswithinastraight-linedistanceof1500ft(456m)(BolitzerandNetusil,2000).Tyrv¨ainenandMiettinen(2000)foundthatinthehousingmarketofSalo(Finland),buyershavetopay4.9%moretoobtainadwellingwithaforestview.Proximitytothenearestforestedparkhasasigni?cantpositiveeffectonhouseprices.Anincreaseof1kmdistancefromtheforestisestimatedtoreducethepriceofadwellingby5.9%.Intheval-uationofBoston’sBigDigProjects,thedistancetoparkshasanegativecorrelationwithpropertyprice.Whenthedistancetothenearestparkdoubles,thepropertypricewasexpectedtodecreaseby6%(Tajima,2003).InanotherstudyofurbangreenspacesinthecityofCastell′on,Spain,thedistancefromagreenareasigni?cantlyaffectshousingprice,butthesizeofthenear-estgreenareaortheviewsofagardenorapublicparkdidnotin?uencetheprices(Bengochea-Morancho,2003).Com-binedwithwaterbodies,theeffectofgreenspacescouldbenotablyaugmented.Agardenborderingonwatercouldattractapremium28%higherthanonewithoutthisattraction(Luttik,2000).
Hedonicpricingmethodisapowerfulandappropriateresearchtooltoassessthevalueofenvironmentalbene?tsandresources,toestimatetheworthofurbanwelfareandtoexplorefactorsaccountingforhouseholdallocation.Despiteitswideapplicationsinwesterncountries,itsuseindevelopingcoun-trieshasbeensparse(GarrodandWillis,1999).Particularly,ithasseldombeenemployedinempiricalstudiesinChina,partlyduetothelimitedexperienceofbuyingandsellinghousesintherathernascentmarket.Additionally,thefunctionsandvaluesofenvironmental–ecologicalelementsinurbanareashaverarelybeenstudiedindetail.Itisworthwhiletoexploretheapplicabil-ityofhedonicpricingmethodinChinesecitiesandtoinvestigatethevalueofecologicalelementswhichcouldfacilitatesoundenvironmentalmanagementandrealestatedevelopment.4.Developmentofthehedonicpricingmethodmodels4.1.Empiricalhedonicpricingmethodmodel
Inempiricalstudiesusinghedonicpricingmethod,differentformsofequationshavebeenemployedtocombineallattributesthatdeterminethepricethatapurchaseriswillingtopay.Ingeneral,thepurchasepriceofaheterogeneoushousinggoods
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