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Suburbs or Skyscrapers? The Effect of China’s Leasing Market on Housing Decentralization

Suburbs or Skyscrapers? The Effect of China’s Leasing Market on Housing Decentralization <p>ABSTRACT:</p><p>A key policy instrument fueling China’s rapid urban growth has been the urban land lease, which generates municipal revenue through the sale of land rights to developers. By linking local infrastructure investment to farmland development, the policy creates the potential for shifts in urban form. This paper examines the impact of China’s leasing policy on housing decentralization from 1990 to 2000, exploiting exogenous variation arising from a pilot phase and addressing potential selection bias with a matched difference-in-differences estimator. I find the land leasing policy resulted in a 19.1% decline in construction in the urban core and a 26.2% increase in peri-urban areas.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Economics University of Wisconsin Press

Suburbs or Skyscrapers? The Effect of China’s Leasing Market on Housing Decentralization

Land Economics , Volume 95 (4) – Oct 14, 2019

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Publisher
University of Wisconsin Press
Copyright
Copyright by the Board of Regents of the University of Wisconsin System.
ISSN
1543-8325

Abstract

<p>ABSTRACT:</p><p>A key policy instrument fueling China’s rapid urban growth has been the urban land lease, which generates municipal revenue through the sale of land rights to developers. By linking local infrastructure investment to farmland development, the policy creates the potential for shifts in urban form. This paper examines the impact of China’s leasing policy on housing decentralization from 1990 to 2000, exploiting exogenous variation arising from a pilot phase and addressing potential selection bias with a matched difference-in-differences estimator. I find the land leasing policy resulted in a 19.1% decline in construction in the urban core and a 26.2% increase in peri-urban areas.</p>

Journal

Land EconomicsUniversity of Wisconsin Press

Published: Oct 14, 2019

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