Study On Land Price Appraisal Of Urban Underground Space

The economic value of underground space in the city has become increasingly prominent. However, because of unclear property rights and imperfect market, the land price appraisal of underground space is really hard. It is the topic of this paper to study on the price of underground space, especially the attributes of price of underground space and the valuation approach of county-level city.This paper focus on the following three aspects:The first is to discuss the rights of underground space as the precondition of price evaluation. The second is to discuss the attributes of price of underground space, which including the distribution and the cause of price of underground space. The third is to discuss the valuations. At last, this paper applies theory to the valuation of price of underground space in Cixi City, and prove the rationality of the theory.In the discussion of the right of underground space, this paper propose the system of layered establishment of subsurface and surface. Independent right of land use is the basis of the transfer of underground space. On this basis, the paper analyses the cause of price of underground space, predict the distribution of land price in three-dimensional space, and explain the difference of the price of subsurface and surface. These laws of price of underground space is proved by the empirical study. In the study of evaluations, this paper define the shallow underground space as the extent of price evaluation, and propose the principle of evaluation. This paper thoughts the evaluation approach of land price might suggest lessons for the evaluation of subsurface. To choose an evaluation approach, the paper firstly compare some main evaluation approach of land price, and discuss their application in the subsurface price assessment. Through revelation, we thought hedonic pricing method is better for the evaluation of underground space, especially for the county-level city which lacks cases. The paper propose a method to evaluation the price of underground space using hedonic pricing method and learning from standard land-value modified method.We apply theory to the empirical study of Cixi. Firstly we choose the important factors which influence the price of underground space. Then we choose the rent of garage as the object of study, and set up a regression model between important factors and rents. We fit the distribution of price of underground space by semi-logarithmic function. The results show that subsurface price of residential land is about 0.6 times of surface price. We validate the result by experiences of other cities and extend the result to commercial land and industrial land.At last, we analyze the law of the distribution of subsurface land price in Cixi and summarize the result. The conclusion is that the empirical research proves the rationality of the theory, and shows the law of distribution of underground space in county-level city or common cities.