Influencing Factors and Regional Heterogeneity of the Price Premium of High-Star Grade Green Residential Buildings in China: An Empirical Research Based on the Hedonic Model

doi:10.16382/j.cnki.1000-5579.2020.02.017

Abstract

Abstract: In recent years, China's green buildings have been developing in an all-round way, and the green price premium has attracted widespread attention. Taking the new perspective of the price premium of second-hand high-grade green residential buildings(two-star grade and three-star grade), using the Hedonic method and the theory of regional heterogeneity, and collecting 737 sets of data from Q3 quarter of 2015 to Q4 quarter of 2017 in 10 consecutive quarters of 8 leading cities in China, this paper examines the influence of location, green grade, project quality, building age, time fluctuation and macro factors on price premium ability. The results show that the price premium is significant; it increases with higher star grade, better community quality, the rising of average sale price, the more inflow of population, and the rising of the per capita GDP; and it decreases with more remote project location, higher building age, the rising of land price, and more supply area for sales. Further research finds that the impact of green star grade, project quality and housing age on green price premium has regional heterogeneity. "Overheating" exists in some cities. Therefore, the departments should carry out precise policy guidance and market supervision with the principle of "One city, One policy".

Key words: green building, residential building, price premium, regional heterogeneity, Hedonic model

YANG Mu-wang, HOU Pan-long, YE Yu-chen. Influencing Factors and Regional Heterogeneity of the Price Premium of High-Star Grade Green Residential Buildings in China: An Empirical Research Based on the Hedonic Model[J]. Journal of East China Normal University (Philosophy and Social Sciences), 2020, 52(2): 181-192.

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