Land use regulation and urban land value: Evidence from China |
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| Institution: | 1. Department of Public Policy, City University of Hong Kong, Hong Kong, PR China;2. Shenzhen Research Institute, City University of Hong Kong, Shenzhen, PR China;3. Department of Land & Real Estate Management, Renmin University of China, Beijing, PR China;4. Department of Economics, Jinan University, Guangzhou, Guangdong, PR China;1. School of Tourism and Geographical Sciences, Yunnan Normal University, 768 Juxian Avenue, Kunming, Yunnan Province 650500, China;2. School of Geographic and Oceanographic Sciences, Nanjing University, 163 Xianlin Avenue, Nanjing, Jiangsu Province 210023, China;3. The Key Laboratory of the Coastal Zone Exploitation and Protection, Ministry of Land and Resources, Nanjing, Jiangsu Province 210023, China;4. Department of Geography and Environmental Science, University of Reading, Reading, RG6 6AB, UK;5. School of Tourism and Urban Management, Jiangxi University of Finance and Economics, Nanchang, Jiangxi, 310023 China;1. School of Economics and Management, Southeast University, Nanjing, China;2. Department of Public Policy, City University of Hong Kong, Hong Kong, China;3. Shenzhen Research Institute, City University of Hong Kong, Shenzhen, China;4. Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong, China;1. Cracow University of Economics, Department of Real Estate and Investment Economics, Poland, ul. Rakowicka 27, 31-510 Krakow, Poland;2. Agricultural University in Krakow, Department of Forest Management, Poland;1. Beijing Normal University, China;2. National University of Singapore, Singapore;3. Seoul National University, South Korea |
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| Abstract: | Land use regulation has always been regarded as one of the most crucial means of macro-control of urban growth, which can affect a city’s land values directly and further determine related urban economic well-being. Since the New Type Urbanization Strategy proposed by the government in 2014, China’s mode of urban growth has been transformed from addressing “quantity” to “quality" in the urbanization process. In this case, the regulation of land use by the Chinese government plays a more important role in urban growth. With their planned land regulatory scheme, the various instruments employed by Chinese governments have quite different mechanisms influencing land prices. However, there are no rigorous studies focusing on the land use regulation system and its impact on land values to date, particular in China. This study seeks to explore how land use regulation affects urban land values through the systematic lens. We summarize the main land use regulatory instruments based on the analysis of China’s planned land use system and urban land banking system, including the construction land quota, constraints on the allowed floor area ratio (FAR) of each land transaction parcel, and land supply restrictions. A new dataset based on land transaction data from 2007 to 2016 that covers 286 prefectural cities from the country’s coastal, central, and western regions is used in the empirical analysis. The results show that the effects of the floor area ratio (FAR) on land values are significant and positive, with the residential and commercial land supply ratio being a key factor. Moreover, the results imply that the effects of constraints on FAR and commercial land supply vary between regions. These findings indicate that the Chinese land market is considerably distorted by excessive administrative interventions by local governments, in the stage of urban transition guided, the capable regulatory instruments could play an important role in adjusting urban land prices and hence impact on urban growth. |
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| Keywords: | Land use regulation Land prices Land supply Floor area ratio Urban growth |
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