Study On The Influencing Mechanism Of Urban Renewal Projects On Housing Prices Based On Hedonic Price Model

Urban renewal and the real estate market are two indispensable and closely related contents in the process of urbanizatio.As one of the core strategies for the development of major cities today,urban renewal can enhance regional economic,social and environmental benefits,exerts an impact on the regional real estate market from both ends of supply and demand,and has a certain correlation with regional housing prices.Most of studies on the impact of urban renewal on housing prices focused on a relatively macro level,without going into the renewal project itself to analyze which factors of the project will have an impact on regional housing prices.On this basis,this article attempts to take Shenzhen as an example for empirical analysis,where the development of urban renewal is comparatively mature.The study uses the Hedonic Price Model to find if the indicators of urban renewal(such as the number of renewal projects,project distance,project floor area ratio,project land area,the registered capital of the project and project type,etc.)will have a significant effect on surrounding housing prices and analyze the specific effect degree.In this way,the thesis aims to enrich the research results in related fields,provide policy suggestions for the planning and implementation of renewal projects,and promote the sustainable and healthy development of urbanization.Starting from the research background of urban renewal and its impact on housing prices,this paper summarizes the current development and research status of urban renewal and Hedonic Price Model,introduces correlative concepts and basic theories of HPM.Then,after analyze the basic situation of Shenzhen’s urban renewal and residential market,28 characteristic variables(including 6 urban renewal variables)are selected through the literature review.1002 houses in 105 districts within 1000 m of urban renewal projects in Shenzhen from June to July 2019 are taken as research samples.Under the framework of traditional HPM,urban renewal features are introduced into the model for fitting.Finally,22 variables entered the model.Then combining regression results and marginal price,this article discusses the overall impact of Shenzhen’s urban renewal on surrounding housing prices and put forwords relevant countermeasures and suggestions.The main research conclusions are as follows: 1.In Shenzhen,which has abandant renewal projects,urban renewal has a significant value-added effect on surrounding housing prices in the region.The value-added effect increases with the number of projects,floor area ratio and registered capital,while decreasing with the distance of the project.2.From the perspective of the degree of impact,commercial projects>residential projects>industrial projects,and different types of projects have different ways of affecting surrounding housing prices.3.At a significant level of 5%,variables including building area,community greening rate,property management fees,education ratings,landscape facilities,medical distance,cultural and entertainment facilities,number of urban renewal projects,project types,renew project plot ratio and developer’s registered capital affect surrouding housing prices in a positive way.While residential house age,number of bedrooms,residential plot ratio,distance from CBD,subway station and the nearest urban renewal distance have a negative impact on residential prices in Shenzhen.