The Residential Land Price Influence Factors Analysis Of Chengdu

Since the implementation of housing distribution monetization in1998, Chinesereal estate market entered a phase of rapid development. To further enhance themarketization degree, the government reformed the land transfer policy to “bidding,auction and listing” in2002, and implemented nationwide in2004. Since then, Chineseland price continued increasing, which leaded to the rise of house cost. To curd thehousing price rise rapidly, the government made a series of macro-control polices,including polices controlling the land market. However, after a few rounds ofmacro-control, the land price still presents a rise trend, attracting the attention ofgovernment, investors and scholars. While the causes of high land price is one of thefocus points.Based on the analysis of existed literatures, this paper summarizes the impactfactors of urban land price, divides them into several types, and then takes the landtransfer data of Chengdu as the sample, empirically tests the impact of these factors onland price by using the hedonic price model. We hope to offer some references for thegovernment to make macro-polices and the future researches.Firstly, based on the existing foreign and domestic literatures, this papersummarizes the factors that affecting the land price. This paper divides these factors intofour types: location features, neighborhood features, individual features and marketfeatures. The location features are described by distance to the city centre, the trafficsituation, whether the land is near the subway and so on. The neighborhood features aredescribed by the factors such as the education facilities, the daily life facilities, the parkattractions, whether the land is near the university and so on. While the individualfeatures are described by the location of land, land area, land transfer mode, the floorarea ratio, green space ratio, building density and so on.Secondly, based on the hedonic price model, this paper studies the factors thataffecting land price empirically. We find that land location, floor area ratio, green spaceratio, land transfer mode, traffic situation, number of park attractions, whether the landis near the university and the subway all have significant positive effect on the land price, while building density and distance to the city centre have significant negativeeffect on the land price. The market factor also has significant effect on land price.Finally, this paper further calculates the hedonic price of these impact factors, andstudies the effect extent of them on land prices. If we rank these factors according totheir effect extent descending, they are market factor, distance to the city center, floorarea ratio, park attractions, location of land, whether the land is near the subway, trafficsituation, land transfer form, whether the land is near the university, building densityand green space ratio.