Spatial Dynamics of the Chinese High Speed Rail: Impact Assessment on Real Estate Price

23 Pages Posted: 3 Dec 2014

See all articles by Zhenhua Chen

Zhenhua Chen

The Ohio State University-City and Regional Planning

Kingsley E. Haynes

Schar School of Policy and Government, George Mason University

Date Written: December 1, 2014

Abstract

This study investigates the ex post impact of the Beijing-Shanghai high speed rail (BJHSR) on housing values. A dataset including 1,016 housing communities from the 22 cities along the BJHSR line are analyzed in the tradition of the hedonic pricing model using three estimation procedures: a robust ordinary-least square regression, a Box-Cox transformation technique and a spatial econometric model. After controlling for physical characteristics of housing property, neighboring environment and locational accessibility, the study finds that the establishment of the BJHSR service has a considerable regional impact (including local effects and spillover effects) on housing values in medium and small cities but a negligible impact in larger capital cities. This may be the results of the competitive nature of housing market in Chinese capital cities.

Keywords: High speed rail; China; Hedonic pricing model; Box-Cox transformation; Spatial econometrics

Suggested Citation

Chen, Zhenhua and Haynes, Kingsley E., Spatial Dynamics of the Chinese High Speed Rail: Impact Assessment on Real Estate Price (December 1, 2014). GMU School of Public Policy Research Paper No. 15-10, Available at SSRN: https://ssrn.com/abstract=2532626 or http://dx.doi.org/10.2139/ssrn.2532626

Zhenhua Chen (Contact Author)

The Ohio State University-City and Regional Planning ( email )

275 West Woodruff Avenue
Columbus, OH 43210-1138
United States

HOME PAGE: http://u.osu.edu/chen.7172/

Kingsley E. Haynes

Schar School of Policy and Government, George Mason University ( email )

Founders Hall
3351 Fairfax Dr.
Arlington, VA 22201
United States

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