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来源类型 | Working Paper |
规范类型 | 论文 |
Wheels of Fortune: Subway Expansion and Property Values in Beijing | |
Shanjun Li; Jun Yang; Ping Qin; Shun Chonabayashi | |
发表日期 | 2015-11-29 |
出版年 | 2015 |
页码 | EfD DP 15-30 |
语种 | 英语 |
摘要 | China is experiencing rapid urbanization. Its capital city, Beijing, experienced a 53 percent increase in population from 2001 to 2013. To address traffic congestion and air pollution, two of the most pressing urban challenges, Beijing has been investing heavily in transportation infrastructure. In particular, the subway system added 15 new subway lines with a total length of 410 km over a 12-year period. We quantify the capitalization of large-scale subway construction into property values in a first-differenced hedonic price framework while controlling for confounding factors and reverse causality. Our analysis finds a positive and significant impact of subway proximity on property values: a reduction in the distance to a subway station by 1 km increases the value of properties within 3 km of the station by 15 percent, and by 3.4 percent for properties within 3 to 5 km. Our analysis shows that the increase in property values can more than cover the capital cost of subway construction.
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URL | http://www.rff.org/research/publications/wheels-fortune-subway-expansion-and-property-values-beijing |
来源智库 | Resources for the Future (United States) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/41415 |
推荐引用方式 GB/T 7714 | Shanjun Li,Jun Yang,Ping Qin,et al. Wheels of Fortune: Subway Expansion and Property Values in Beijing. 2015. |
条目包含的文件 | 条目无相关文件。 |
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