Empirical Analysis On Influencing Factors Of Residential Land Price In Hangzhou

With the continuous development of city development in China and the land market,the real estate industry has become one of the pillar industries of the national economy,the land price has become a hot issue of people,government and real estate development enterprises pay attention to.Beginning in 2004,the national land transfer "trick,shoot,hang" policy,leading to rising land prices.To this end,the government introduced a variety of regulatory measures to intervene in the land market,in order to prevent land prices and housing prices rising too rapidly.As a large city in China,Hangzhou,in recent years,Wang frequency,constantly refresh the land prices in Hangzhou market.In this paper,the influence factors of land price are discussed from two perspectives of macro and micro.Secondly,the hedonic price model is established based on hedonic price theory,and the influencing factors of land price are analyzed from the micro level.This paper takes Hangzhou city as the research object,the relevant information and data transfer in 2004 to 2015 turnover of 347 residential land,hedonic price model,empirical analysis of the influence of all kinds of micro factors on the price of land in Hangzhou city.The First,micro factors have a significant impact on land prices.From the perspective of land function and effectiveness,through summarizing the domestic and foreign research results to the micro factors of land price,combined with the related theoretical analysis,combining the analysis of hedonic price model,the micro factors have significant influence on the price of land,to the West Lake scenic area and the Wu Linguang field distance location factors have a significant impact on the price of land,in addition the land factors,the volume rate,land area,the transfer mode will also be on the land price have a significant impact.The Second,calculate the characteristics of various factors,price elasticity,and the level of homogeneous land prices with time.Based on the analysis and test of the significance,the paper calculates the price elasticity of the influencing factors of land prices.The regression results show that the logarithmic model,after controlling for other variables unchanged,to West Lake and the Wulin Square Distance of influence coefficient is negative,and the distance of each to West Lake martial arts is shortened by 1%,the floor price is increased by approximately 0.559%and 0.152%,the volume effect on the floor price is significantly negative,the volume of each cut 1%,the floor price will rise 0.202%;but the impact on the price per acre is positive significantly,the volume rate of 1%increase per acre price rose 0.798%.The Third,Through the comparison of standardized coefficient,draw all types of characteristic factors influence the floor price of absolute value from large to small order are:the distance to West Lake(0.361),martial arts(0.161),the distance of volume rate(0.078),transfer area(0.018).Among them,the distance from West Lake is the most influential,followed by Wulin distance,which shows that the distribution pattern of the downtown area of Hangzhou still exists,and the people in Hangzhou generally prefer to live in areas closer to the center of the city.