Demand for Urban Quality of Living in China: Evolution in Compensating Land-Rent and Wage-Rate Differentials

Demand for Urban Quality of Living in China: Evolution in Compensating Land-Rent and Wage-Rate... The rapid pace of urbanization and income growth in China in the past decade, spurred in part by the liberalization of the urban housing and labor markets, resulted in considerable growth in urban land rents and wage-rates. The objective of this study is to examine the influence of urban quality of living, comprising social and environmental amenities, on the evolution of cross-city land-rent and wage-rate differentials in China. We employ the household data from the 1998 and 2004 Urban Household Survey (UHS) to compute the intercity land-rent and wage-rate differentials, inferring the rent growth in individual cities from a household housing consumption demand equation as home values were not reported in the earlier UHS. Our findings show a strong increase of urban residents’ willingness to pay for local amenity qualities between 1998 and 2004. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Demand for Urban Quality of Living in China: Evolution in Compensating Land-Rent and Wage-Rate Differentials

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Publisher
Springer Journals
Copyright
Copyright © 2008 by Springer Science+Business Media, LLC
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1007/s11146-008-9152-0
Publisher site
See Article on Publisher Site

Abstract

The rapid pace of urbanization and income growth in China in the past decade, spurred in part by the liberalization of the urban housing and labor markets, resulted in considerable growth in urban land rents and wage-rates. The objective of this study is to examine the influence of urban quality of living, comprising social and environmental amenities, on the evolution of cross-city land-rent and wage-rate differentials in China. We employ the household data from the 1998 and 2004 Urban Household Survey (UHS) to compute the intercity land-rent and wage-rate differentials, inferring the rent growth in individual cities from a household housing consumption demand equation as home values were not reported in the earlier UHS. Our findings show a strong increase of urban residents’ willingness to pay for local amenity qualities between 1998 and 2004.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Nov 26, 2008

References

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