This paper studies the relationship between accessibility and housing prices in Dalian by using an improved geographically weighted regression model and house prices, traffic, remote sensing images, etc. Multi-source ...This paper studies the relationship between accessibility and housing prices in Dalian by using an improved geographically weighted regression model and house prices, traffic, remote sensing images, etc. Multi-source data improves the accuracy of the spatial differentiation that reflects the impact of traffic accessibility on house prices. The results are as follows: first, the average house price is 12 436 yuan(RMB)/m^2, and reveals a declining trend from coastal areas to inland areas. The exception was Guilin Street, which demonstrates a local peak of house prices that decreases from the center of the street to its periphery. Second, the accessibility value is 33 minutes on average, excluding northern and eastern fringe areas, which was over 50 minutes. Third, the significant spatial correlation coefficient between accessibility and house prices is 0.423, and the coefficient increases in the southeastern direction. The strongest impact of accessibility on house prices is in the southeastern coast, and can be seen in the Lehua, Yingke, and Hushan communities, while the weakest impact is in the northwestern fringe, and can be seen in the Yingchengzi, Xixiaomo, and Daheishi community areas.展开更多
The hedonic price model is widely applied to study the urban housing market because of the heterogeneity of housing products. Literature indicated that the hedonic price theory mainly includes two parts: Lancaster’s ...The hedonic price model is widely applied to study the urban housing market because of the heterogeneity of housing products. Literature indicated that the hedonic price theory mainly includes two parts: Lancaster’s partiality theory and Rosen’s characteristic market equilibrium analysis. This paper chose 18 characteristics as independent variables and set up a linear hedonic price model for Hangzhou City. The model was tested with 2473 housing samples and field survey data of 290 housing commu-nities. This research found that 14 out of 18 characteristics had significant influence on housing price. They were classified into 5 groups according to their impact degree.展开更多
As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market...As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market. This article mainly explores the roles and the acting mechanism of real estate brokerages in the second-hand housing market. The results show that the participation of real estate brokers in the second-hand housing market may have positive and negative influences. On one side, brokers ease the housing transaction process and benefits buyers and sellers by shortening the sale time on the market. On the other side, if brokers are the only participants in the housing transaction, acting as buyer and seller like some firms do, housing prices will increase and this negative effect will become even stronger as the participation of many more brokers increases. Therefore, the regulation and management of the industry is vital for the long and healthy development of the housing market in China.展开更多
Since 1978, China's reform of real estate tax has made great strides with important milestones marked by the resumption of real estate tax collection on Chinese- funded enterprises and Chinese nationals. In the llth ...Since 1978, China's reform of real estate tax has made great strides with important milestones marked by the resumption of real estate tax collection on Chinese- funded enterprises and Chinese nationals. In the llth Five-Year Plan period (2006-2010), the state administration completed the unification of tax rates for domestic and foreign- funded companies. However, the reform of real estate tax still requires many modifications during the 12th Five-Year Plan period (2011-2015). The new plan should strive to streamline the tax system, adjust the tax base and tax rates, and delegate taxing authority.展开更多
The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique charact...The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique characteristics, which include fixed location, heterogeneity and low transaction frequency. Using housing and office market data of some major cities in China, this paper examines the return and risk characteristics in these markets and assesses market efficiency. It finds that a number of instruments, including lagged quarterly and annual excess returns and, to some extent, the measure of the deviation of price from the intrinsic value, predict future returns. Therefore, weak form and semi-strong form efficiency can both be rejected in these real estate markets. These empirical findings suggest that there is slow price adjustment in real estate markets in China, which may be attributed to inefficient information transmission systems and long searching time in the markets.展开更多
This paper applies the residence utility principles to the study of public housing rent and regards that the average utility of a household determines the public housing rent level. It also suggests that the governmen...This paper applies the residence utility principles to the study of public housing rent and regards that the average utility of a household determines the public housing rent level. It also suggests that the government use multi-level public housing rent to substitute for single-level in order to make the policies for public housing rent more just, equitable and effective.展开更多
The purpose of this paper is to investigate the relationships among the variables, and how interest rate, unemployment, stock market, and consumer confidence affect housing market index (HM1) in the U.S.. We constru...The purpose of this paper is to investigate the relationships among the variables, and how interest rate, unemployment, stock market, and consumer confidence affect housing market index (HM1) in the U.S.. We construct vector autoregression (VAR) model with variables such as unemployment rate (UMR), consumer confidence index (CCI), the Dow Jones industrial index (DJI), and interest rate, etc., to forecast the HMI. Our model and analysis show that U.S. HMI very sensitive to unemployment and interest rates. Every 1% moves in unemployment and interest rates will result in HMI to move in the opposite direction by 11.7% and 11.4% respectively. However, changes in CCI and stock mark index have only minor impacts on HMI--0.49% and 0.3%, changes for 1% fluctuation in CCI and DJI. Our research also shows that relationships among these variables associated with housing market are very stable in the long run.展开更多
This paper is concentrated on analyzing the CEE (Central and Eastern European) countries housing and lending market development in 2002-2009. These countries experienced real estate boom and bust phases during that ...This paper is concentrated on analyzing the CEE (Central and Eastern European) countries housing and lending market development in 2002-2009. These countries experienced real estate boom and bust phases during that time and the aim of this paper is to understand which of these countries have the greatest potential for housing market recovery. The study has conducted comparable analysis of these countries and their real estate and lending market. The data was collected from central banks, national statistic offices and real estate companies. The results suggest that countries with higher housing debt had stronger real estate booms and the current bust-cycle has caused much steeper decline in prices. This paper attempts to look at the CEE housing markets from the developer's or investor's point of view and may be useful for banks and other financial institutions which are related to housing market and lending.展开更多
Development zones have been an important spatial approach to opening-up. They have also been major contributors to the processes of promoting economic development since China's reform and China's industrialization a...Development zones have been an important spatial approach to opening-up. They have also been major contributors to the processes of promoting economic development since China's reform and China's industrialization and urbanization. Along with im- provements in the worldwide industrial division of labor and the gradual implementation of China's development zones' Go Global strategy, it is necessary for Africa, a hot spot of global industrialization in recent years, to learn from China's development zone model. By attracting China's capital, technology and enterprises to Africa via Sino-African co-built development zones, a pattern of high com- plementarity and mutual development between China and Africa can be formed which does favor further improvement of the global industrial division of labor. In order to study the applicability and prospect of China's development zone model in Africa as per the above-mentioned international situation, this paper first sorts out the development course of China's development zones and discusses their roles in China's industrialization and urbanization. Subsequently, this paper analyzes the status quo of industrial development in Africa as a whole and the differences in industrial development between China and Africa, aiming to justify the timing of industrial transfer from China to Africa by constructing Sino-African co-built development zones. Lastly, this paper analyzes the current situation of six Sino-African co-built development zones by focusing on their operation modes, industry types and investment promotion models. In the authors' view, Sino-African co-built development zones can function as a new window of China-African cooperation, a new car- rier of African industrialization, and a new engine of global industrial restructuring. China should adhere to the general principles of 'Sino-African Integration, Multi-Cooperation, Mutual Benefit, Scientific Location, Systematic Planning, Cluster Growth and Open De- velopment' in the planning and construction of development zones in Africa, effectively promoting Africa as the very important part of the global industry system.展开更多
This paper analyzes the shortcomings of the current organizational structure of real estate development enterprises in China. Integrating the idea of Business Process Reengineering (BPR) with organizational reformat...This paper analyzes the shortcomings of the current organizational structure of real estate development enterprises in China. Integrating the idea of Business Process Reengineering (BPR) with organizational reformation, the authors bring out a process-orlented organizational structure. A further study on the application of process-oriented organizational structure in real estate development enterprises is carried out in a test case. Using residence-development process as an example, the authors illustrate the composition and operation of the business process system of real estate development enterprises.展开更多
Nowadays the fast economic development has brought about serious conflicts between the limited land resources and the increasing land demand in Chuzhou City. The changes of land use structure also restrict economic de...Nowadays the fast economic development has brought about serious conflicts between the limited land resources and the increasing land demand in Chuzhou City. The changes of land use structure also restrict economic development and society progress in this area. Because different cities have different functional localization, the city area and each county (city) have formed characteristic land utilization structure. It is of great significance to make rational use of land resources and ensure the sustainable use of land resources by analyzing the variation of land use structure in the city area and each county (city) in Chuzhou City. Based on the data of land use modification of Chuzhou City from 1996 to 2005 and adopting the quantitative analysis of landscape ecology, this paper studies quantitatively the temporal division of regional land use structure and its dynamic changes. The results indicate that: (1) this method can reveal the law of the variation; (2) the variation of land use structure in Chuzhou City: increasing diversification, evenness and heterogeneity; (3) the intensity of change in land use from 1996 to 2005 in the city appeared in the sequence: grass land > traffic land > garden land > virgin land > forest land > industrial and residential land > cultivated land > other agricultural land > water facility land; (4) there were remarkable differences between the city area and each county (city) in the relative change and the land use structure change from 1996 to 2005. This paper analyzes the variation of land use structure in Chuzhou City, and finally proposes related countermeasures and suggestions.展开更多
Atrial fibrillation (AF) is an important health problem due to its association with serious complications.Ill Stroke is one of the most serious complications and is the leading cause of death and disabilities in thi...Atrial fibrillation (AF) is an important health problem due to its association with serious complications.Ill Stroke is one of the most serious complications and is the leading cause of death and disabilities in this population. AF in- creases the risk of embolic stroke five times compared to general population. The prevalence of AF varies from 0.5%-15% depending on studied populations such as age,展开更多
This paper raises the comparison method of operational stages of the real estate market. In order to select similar operational stages, we established an analysis model by applying fuzzy grade-of-membership clustering...This paper raises the comparison method of operational stages of the real estate market. In order to select similar operational stages, we established an analysis model by applying fuzzy grade-of-membership clustering in this paper. Firstly, we select the materials information of the real estate market in America, Germany and Japan. Secondly, the real estate markets of America, Germany and Japan are divided into several different stages. Lastly, we apply the method of fuzzy grade-of-membership clustering to select comparable stages. The result of analysis indicates that the real estate market of Japan and Germany (1960-1980) are similar to the market in China.展开更多
At present, part of the local government officials who like to do grandiose things to impress people blindly promote the development of the real estate, resulting in the gap with the population migration, so many ghos...At present, part of the local government officials who like to do grandiose things to impress people blindly promote the development of the real estate, resulting in the gap with the population migration, so many ghost towns are born. In addition, while building the local infrastructure of some of the districts, they also ignore the problem of the rational allocation of their own financial funds. Visibly, the implementation of the coordination between the two will help make China's urbanization level advancing in the health and right directions.展开更多
Real estate is the "barometer" of the national economy, this paper studies the formation of the current domestic real estate prices and the inner mechanism of the influence factors, using the principal component ana...Real estate is the "barometer" of the national economy, this paper studies the formation of the current domestic real estate prices and the inner mechanism of the influence factors, using the principal component analysis to determine the composition of the real estate market development index model, and the BP neural network model is established, with specific data analysis which verifies the correctness and practicability of the model.展开更多
An exploratory study was conducted on the housing pattern and food habit of the Mro tribe in Bandarban region, Bangladesh, highlighting their indigenous knowledge. The study was carried out with respect to three incom...An exploratory study was conducted on the housing pattern and food habit of the Mro tribe in Bandarban region, Bangladesh, highlighting their indigenous knowledge. The study was carried out with respect to three income groups. A total of 36 households (12 from each income groups) were assessed using different participatory appraisals through semi-structured questionnaires. A special type of indigenous knowledge on housing pattern and food habit was explored in the Mro community, which correspond to the severe dependence on forest resources.展开更多
This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain t...This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain taxes,makes good cash flow and maximize profit in real estate finance,the paper included the theory and structure of UPREIT(real estate investment trust),partnership issues,advantage and disadvantage,and created a proforma to demonstrate how UPREIT works.展开更多
In recent years, financialization of real estate in our country has been obvious with the continuous reform of housing system. In order to guarantee better financing, real estate finance has become a pillar of the eco...In recent years, financialization of real estate in our country has been obvious with the continuous reform of housing system. In order to guarantee better financing, real estate finance has become a pillar of the economy in our country. However, the development of real estate finance has also brought out some problems such as lack of financing channels, monitoring and product innovation. In this article, Shanghai is taken as an example, the problems existing in the real estate finance in China are analyzed and corresponding countermeasures are put forward.展开更多
基金Under the auspices of National Natural Science Foundation of China(No.41471140,41771178)Liaoning Province Outstanding Youth Program(No.LJQ2015058)
文摘This paper studies the relationship between accessibility and housing prices in Dalian by using an improved geographically weighted regression model and house prices, traffic, remote sensing images, etc. Multi-source data improves the accuracy of the spatial differentiation that reflects the impact of traffic accessibility on house prices. The results are as follows: first, the average house price is 12 436 yuan(RMB)/m^2, and reveals a declining trend from coastal areas to inland areas. The exception was Guilin Street, which demonstrates a local peak of house prices that decreases from the center of the street to its periphery. Second, the accessibility value is 33 minutes on average, excluding northern and eastern fringe areas, which was over 50 minutes. Third, the significant spatial correlation coefficient between accessibility and house prices is 0.423, and the coefficient increases in the southeastern direction. The strongest impact of accessibility on house prices is in the southeastern coast, and can be seen in the Lehua, Yingke, and Hushan communities, while the weakest impact is in the northwestern fringe, and can be seen in the Yingchengzi, Xixiaomo, and Daheishi community areas.
基金Project supported by the National Social Science Foundation of China (No. 05CJY017), the Philosophy and Social Science Founda-tion of Zhejiang Province, China (No. N04GL06), and ShuguangProject (2004) of Zhejiang University, China
文摘The hedonic price model is widely applied to study the urban housing market because of the heterogeneity of housing products. Literature indicated that the hedonic price theory mainly includes two parts: Lancaster’s partiality theory and Rosen’s characteristic market equilibrium analysis. This paper chose 18 characteristics as independent variables and set up a linear hedonic price model for Hangzhou City. The model was tested with 2473 housing samples and field survey data of 290 housing commu-nities. This research found that 14 out of 18 characteristics had significant influence on housing price. They were classified into 5 groups according to their impact degree.
文摘As China housing reform deepens, the second-hand housing transactions become more and more popular and real estate brokerages, as an intermediary of the transactions, become an undeniable important part of this market. This article mainly explores the roles and the acting mechanism of real estate brokerages in the second-hand housing market. The results show that the participation of real estate brokers in the second-hand housing market may have positive and negative influences. On one side, brokers ease the housing transaction process and benefits buyers and sellers by shortening the sale time on the market. On the other side, if brokers are the only participants in the housing transaction, acting as buyer and seller like some firms do, housing prices will increase and this negative effect will become even stronger as the participation of many more brokers increases. Therefore, the regulation and management of the industry is vital for the long and healthy development of the housing market in China.
文摘Since 1978, China's reform of real estate tax has made great strides with important milestones marked by the resumption of real estate tax collection on Chinese- funded enterprises and Chinese nationals. In the llth Five-Year Plan period (2006-2010), the state administration completed the unification of tax rates for domestic and foreign- funded companies. However, the reform of real estate tax still requires many modifications during the 12th Five-Year Plan period (2011-2015). The new plan should strive to streamline the tax system, adjust the tax base and tax rates, and delegate taxing authority.
文摘The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique characteristics, which include fixed location, heterogeneity and low transaction frequency. Using housing and office market data of some major cities in China, this paper examines the return and risk characteristics in these markets and assesses market efficiency. It finds that a number of instruments, including lagged quarterly and annual excess returns and, to some extent, the measure of the deviation of price from the intrinsic value, predict future returns. Therefore, weak form and semi-strong form efficiency can both be rejected in these real estate markets. These empirical findings suggest that there is slow price adjustment in real estate markets in China, which may be attributed to inefficient information transmission systems and long searching time in the markets.
文摘This paper applies the residence utility principles to the study of public housing rent and regards that the average utility of a household determines the public housing rent level. It also suggests that the government use multi-level public housing rent to substitute for single-level in order to make the policies for public housing rent more just, equitable and effective.
文摘The purpose of this paper is to investigate the relationships among the variables, and how interest rate, unemployment, stock market, and consumer confidence affect housing market index (HM1) in the U.S.. We construct vector autoregression (VAR) model with variables such as unemployment rate (UMR), consumer confidence index (CCI), the Dow Jones industrial index (DJI), and interest rate, etc., to forecast the HMI. Our model and analysis show that U.S. HMI very sensitive to unemployment and interest rates. Every 1% moves in unemployment and interest rates will result in HMI to move in the opposite direction by 11.7% and 11.4% respectively. However, changes in CCI and stock mark index have only minor impacts on HMI--0.49% and 0.3%, changes for 1% fluctuation in CCI and DJI. Our research also shows that relationships among these variables associated with housing market are very stable in the long run.
文摘This paper is concentrated on analyzing the CEE (Central and Eastern European) countries housing and lending market development in 2002-2009. These countries experienced real estate boom and bust phases during that time and the aim of this paper is to understand which of these countries have the greatest potential for housing market recovery. The study has conducted comparable analysis of these countries and their real estate and lending market. The data was collected from central banks, national statistic offices and real estate companies. The results suggest that countries with higher housing debt had stronger real estate booms and the current bust-cycle has caused much steeper decline in prices. This paper attempts to look at the CEE housing markets from the developer's or investor's point of view and may be useful for banks and other financial institutions which are related to housing market and lending.
基金Under the auspices of the Specific Plan for Strategic International Cooperation in Scientific and Technological Innovationthe National Key Research and Development Plan‘Research Cooperation and Exemplary Application in Planning of Overseas Industrial Parks’(No.2016YFE0201000)Project of ‘Drawing the Lessons from the Experience of China’s Development Zones to African Industrialization’(No.15FZZX02YB)
文摘Development zones have been an important spatial approach to opening-up. They have also been major contributors to the processes of promoting economic development since China's reform and China's industrialization and urbanization. Along with im- provements in the worldwide industrial division of labor and the gradual implementation of China's development zones' Go Global strategy, it is necessary for Africa, a hot spot of global industrialization in recent years, to learn from China's development zone model. By attracting China's capital, technology and enterprises to Africa via Sino-African co-built development zones, a pattern of high com- plementarity and mutual development between China and Africa can be formed which does favor further improvement of the global industrial division of labor. In order to study the applicability and prospect of China's development zone model in Africa as per the above-mentioned international situation, this paper first sorts out the development course of China's development zones and discusses their roles in China's industrialization and urbanization. Subsequently, this paper analyzes the status quo of industrial development in Africa as a whole and the differences in industrial development between China and Africa, aiming to justify the timing of industrial transfer from China to Africa by constructing Sino-African co-built development zones. Lastly, this paper analyzes the current situation of six Sino-African co-built development zones by focusing on their operation modes, industry types and investment promotion models. In the authors' view, Sino-African co-built development zones can function as a new window of China-African cooperation, a new car- rier of African industrialization, and a new engine of global industrial restructuring. China should adhere to the general principles of 'Sino-African Integration, Multi-Cooperation, Mutual Benefit, Scientific Location, Systematic Planning, Cluster Growth and Open De- velopment' in the planning and construction of development zones in Africa, effectively promoting Africa as the very important part of the global industry system.
文摘This paper analyzes the shortcomings of the current organizational structure of real estate development enterprises in China. Integrating the idea of Business Process Reengineering (BPR) with organizational reformation, the authors bring out a process-orlented organizational structure. A further study on the application of process-oriented organizational structure in real estate development enterprises is carried out in a test case. Using residence-development process as an example, the authors illustrate the composition and operation of the business process system of real estate development enterprises.
基金This research is supported by National Natural Science Foundation of China (Grant No. 40371106, 70341021).
文摘Nowadays the fast economic development has brought about serious conflicts between the limited land resources and the increasing land demand in Chuzhou City. The changes of land use structure also restrict economic development and society progress in this area. Because different cities have different functional localization, the city area and each county (city) have formed characteristic land utilization structure. It is of great significance to make rational use of land resources and ensure the sustainable use of land resources by analyzing the variation of land use structure in the city area and each county (city) in Chuzhou City. Based on the data of land use modification of Chuzhou City from 1996 to 2005 and adopting the quantitative analysis of landscape ecology, this paper studies quantitatively the temporal division of regional land use structure and its dynamic changes. The results indicate that: (1) this method can reveal the law of the variation; (2) the variation of land use structure in Chuzhou City: increasing diversification, evenness and heterogeneity; (3) the intensity of change in land use from 1996 to 2005 in the city appeared in the sequence: grass land > traffic land > garden land > virgin land > forest land > industrial and residential land > cultivated land > other agricultural land > water facility land; (4) there were remarkable differences between the city area and each county (city) in the relative change and the land use structure change from 1996 to 2005. This paper analyzes the variation of land use structure in Chuzhou City, and finally proposes related countermeasures and suggestions.
文摘Atrial fibrillation (AF) is an important health problem due to its association with serious complications.Ill Stroke is one of the most serious complications and is the leading cause of death and disabilities in this population. AF in- creases the risk of embolic stroke five times compared to general population. The prevalence of AF varies from 0.5%-15% depending on studied populations such as age,
文摘This paper raises the comparison method of operational stages of the real estate market. In order to select similar operational stages, we established an analysis model by applying fuzzy grade-of-membership clustering in this paper. Firstly, we select the materials information of the real estate market in America, Germany and Japan. Secondly, the real estate markets of America, Germany and Japan are divided into several different stages. Lastly, we apply the method of fuzzy grade-of-membership clustering to select comparable stages. The result of analysis indicates that the real estate market of Japan and Germany (1960-1980) are similar to the market in China.
文摘At present, part of the local government officials who like to do grandiose things to impress people blindly promote the development of the real estate, resulting in the gap with the population migration, so many ghost towns are born. In addition, while building the local infrastructure of some of the districts, they also ignore the problem of the rational allocation of their own financial funds. Visibly, the implementation of the coordination between the two will help make China's urbanization level advancing in the health and right directions.
文摘Real estate is the "barometer" of the national economy, this paper studies the formation of the current domestic real estate prices and the inner mechanism of the influence factors, using the principal component analysis to determine the composition of the real estate market development index model, and the BP neural network model is established, with specific data analysis which verifies the correctness and practicability of the model.
文摘An exploratory study was conducted on the housing pattern and food habit of the Mro tribe in Bandarban region, Bangladesh, highlighting their indigenous knowledge. The study was carried out with respect to three income groups. A total of 36 households (12 from each income groups) were assessed using different participatory appraisals through semi-structured questionnaires. A special type of indigenous knowledge on housing pattern and food habit was explored in the Mro community, which correspond to the severe dependence on forest resources.
文摘This paper gave an overview introduction about umbrella partnership real estate investment trust (UPREIT) to the readers who are not related to real estate and accounting major. To show how UPREIT defer capital gain taxes,makes good cash flow and maximize profit in real estate finance,the paper included the theory and structure of UPREIT(real estate investment trust),partnership issues,advantage and disadvantage,and created a proforma to demonstrate how UPREIT works.
基金This research work was financially supported by Youth Teacher Fund Project of Shanghai University (Z20001-17-19 (AAYQ 17018)), the Shanghai Board of Education (2016-SHNGE-03ZD) , China Postdoctoral Science Foundation funded project(2013M531157), and The Ministry of Education of Youth Fund Project of Humanities and Social Sciences Research (14YJC790152)
文摘In recent years, financialization of real estate in our country has been obvious with the continuous reform of housing system. In order to guarantee better financing, real estate finance has become a pillar of the economy in our country. However, the development of real estate finance has also brought out some problems such as lack of financing channels, monitoring and product innovation. In this article, Shanghai is taken as an example, the problems existing in the real estate finance in China are analyzed and corresponding countermeasures are put forward.