Dr. Zheng Chang
Department of Architecture and Civil Engineering
City University of Hong Kong
Global concerns over environmental and socioeconomic problems arising from suburban sprawl have called for scientific research on land management, infrastructure, and human settlements in emerging economies, including China. From the worldwide considerations, this research empirically examines the nexus between leasehold administration and transportation investment using data on residential land transactions for general and compensational housing with new metros and highways for the period 2004-2016 in Shanghai – one of the world’s fastest growing megacities. Results of our spatial economistic regressions show that the accessibility benefits of metro extensions are considerably capitalized into both the ask and transaction prices of land for general housing developments in the suburbs, whereas those of highway constructions are insignificant. A series of spatiotemporal regressions also demonstrate that the accessibility premiums bit by private developers appear to be much higher than those asked by the local governments during the pre-metro years, due in part to expected returns or speculative investments in Shanghai’s upward suburban housing market. This empirical study further reveal that the land assessment prices for compensation housing do not reflect any economic externalities attributable to metro stations, highway interchanges, and other local public goods, relevant to the social fairness of redistributing property rights, accessibility, and economic opportunities among relocated farmers around the city-fringe areas. We conclude that the intermediate transactions of long-term land use rights between local governments and private developers should be keenly analyzed and strategically reformed as a critical path toward sustainable suburbanization in emerging megacities under state leasehold systems.
About the Speaker:
Dr. Chang is currently an assistant professor and associate program leader of the real estate management in the City University of Hong Kong. His research focuses on urban economics, real estate, housing studies and social network analysis. Dr. Chang got his doctor degree in urban planning and public policy from Harvard University in 2012. Previously, he received a master degree in urban planning from Harvard, a master in architecture from Tsinghua University, a minor in economics from Peking University and a Bachelor in architecture in Tianjin University. Professionally, he ever worked as a consultant in the CITIC real estate and the World Bank Group, a project manager in Vanke.Co, and an architect in the Beijing Institute of Architecture Design.
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