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Article: Assessing externality: successive event studies on market impacts of new housing development on an old neighbourhood

TitleAssessing externality: successive event studies on market impacts of new housing development on an old neighbourhood
Authors
Issue Date2020
PublisherSage Publications Ltd. The Journal's web site is located at http://journals.sagepub.com/home/epb
Citation
Environment and Planning B: Urban Analytics and City Science, 2020, v. 47 n. 1, p. 156-173 How to Cite?
AbstractThis study assesses the externality of three new master-planned housing estate development projects on an old residential area in Hong Kong. Replicating the methodology of an event study, this paper presents the changes to the market values and the turnover of property transactions of the apartments in the existing neighbourhood before and after the successive completion of these three new projects over a period of 10 years. Our findings have identified a diverse picture about the impacts of these new housing estates on the neighbourhood. Positive externalities occur under specific circumstances related to the facility provision, spatial design and interfacing with the neighbourhood and background of the new projects. Housing externality does not depend only on the degree of geographical proximity. The policy implication is that urban planning can expand the positive spillover of infill redevelopment not only by replacing the urban dis-amenities by new buildings, but also through a responsive and beneficial integration of the new development with the existing neighbourhood.
Persistent Identifierhttp://hdl.handle.net/10722/261147
ISSN
2017 Impact Factor: 2.046

 

DC FieldValueLanguage
dc.contributor.authorTang, BS-
dc.contributor.authorWong, KT-
dc.date.accessioned2018-09-14T08:53:16Z-
dc.date.available2018-09-14T08:53:16Z-
dc.date.issued2020-
dc.identifier.citationEnvironment and Planning B: Urban Analytics and City Science, 2020, v. 47 n. 1, p. 156-173-
dc.identifier.issn2399-8083-
dc.identifier.urihttp://hdl.handle.net/10722/261147-
dc.description.abstractThis study assesses the externality of three new master-planned housing estate development projects on an old residential area in Hong Kong. Replicating the methodology of an event study, this paper presents the changes to the market values and the turnover of property transactions of the apartments in the existing neighbourhood before and after the successive completion of these three new projects over a period of 10 years. Our findings have identified a diverse picture about the impacts of these new housing estates on the neighbourhood. Positive externalities occur under specific circumstances related to the facility provision, spatial design and interfacing with the neighbourhood and background of the new projects. Housing externality does not depend only on the degree of geographical proximity. The policy implication is that urban planning can expand the positive spillover of infill redevelopment not only by replacing the urban dis-amenities by new buildings, but also through a responsive and beneficial integration of the new development with the existing neighbourhood.-
dc.languageeng-
dc.publisherSage Publications Ltd. The Journal's web site is located at http://journals.sagepub.com/home/epb-
dc.relation.ispartofEnvironment and Planning B: Urban Analytics and City Science-
dc.rightsEnvironment and Planning B: Urban Analytics and City Science. Copyright © Sage Publications Ltd.-
dc.titleAssessing externality: successive event studies on market impacts of new housing development on an old neighbourhood-
dc.typeArticle-
dc.identifier.emailTang, BS: bsbstang@hku.hk-
dc.identifier.emailWong, KT: kwanto@hku.hk-
dc.identifier.authorityTang, BS=rp01646-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1177/2399808318774333-
dc.identifier.scopuseid_2-s2.0-85046757311-
dc.identifier.hkuros291237-
dc.identifier.volume47-
dc.identifier.issue1-
dc.identifier.spage156-
dc.identifier.epage173-
dc.publisher.placeUnited Kingdom-

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