A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Time-varying and land use-induced spillover effects of urban redevelopment: Evidence from Hong Kong
Abstract This paper investigates the time-varying and land use-induced spillover effects of urban redevelopment, providing a lens through which to understand the welfare implications of both the temporal dynamics and the land use changes that occur through urban transformation. By analysing redevelopment project and housing transaction data from Hong Kong between 2005 and 2020, we find significant, positive spillover effects of urban redevelopment on local housing prices following the redevelopment announcement, with diminishing magnitudes as the redevelopment project proceeds. We also find heterogeneous spillover effects associated with different functional land use changes in redevelopment projects. The direction and extent of these externalities depend on the trade-off between the changes in local amenities and the changes in the level of competitiveness in the local housing market.
Highlights Redevelopment has time-varying and land use-induced spillover effects. In general, spillover effects show a diminishing magnitude as the project proceeds. The time-varying spillover patterns depend on the specific changes in land uses. Redevelopments pose negative spillovers through the competitiveness channel. Redevelopments pose positive spillovers through the amenity channel.
Time-varying and land use-induced spillover effects of urban redevelopment: Evidence from Hong Kong
Abstract This paper investigates the time-varying and land use-induced spillover effects of urban redevelopment, providing a lens through which to understand the welfare implications of both the temporal dynamics and the land use changes that occur through urban transformation. By analysing redevelopment project and housing transaction data from Hong Kong between 2005 and 2020, we find significant, positive spillover effects of urban redevelopment on local housing prices following the redevelopment announcement, with diminishing magnitudes as the redevelopment project proceeds. We also find heterogeneous spillover effects associated with different functional land use changes in redevelopment projects. The direction and extent of these externalities depend on the trade-off between the changes in local amenities and the changes in the level of competitiveness in the local housing market.
Highlights Redevelopment has time-varying and land use-induced spillover effects. In general, spillover effects show a diminishing magnitude as the project proceeds. The time-varying spillover patterns depend on the specific changes in land uses. Redevelopments pose negative spillovers through the competitiveness channel. Redevelopments pose positive spillovers through the amenity channel.
Time-varying and land use-induced spillover effects of urban redevelopment: Evidence from Hong Kong
Fan, Ying (author) / Fu, Yuqi (author) / Qian, Zonghe (author)
Cities ; 146
2023-12-16
Article (Journal)
Electronic Resource
English
| DSpace@MIT | 2001
Explaining Redevelopment in Hong Kong
| British Library Conference Proceedings | 1998
Urban Redevelopment in Hong Kong: An Examination of the Land Development Corporation (LDC) Approach
| Online Contents | 2002