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- Publisher Website: 10.1080/15623599.2019.1604113
- Scopus: eid_2-s2.0-85064750047
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Article: The Negative Impact of Public Sector-led Redevelopment Projects on the Prices of Old and New Housing Units in High Density Urban Areas
Title | The Negative Impact of Public Sector-led Redevelopment Projects on the Prices of Old and New Housing Units in High Density Urban Areas |
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Authors | |
Keywords | Externality High density city Hong Kong Real option Transaction cost Unintended policy consequence Urban renewal |
Issue Date | 2019 |
Publisher | Taylor & Francis, co-published with the Chinese Research Institute of Construction Management. The Journal's web site is located at http://www.tandfonline.com/loi/tjcm20#.Vi7q2X4rIdU |
Citation | International Journal of Construction Management, 2019 How to Cite? |
Abstract | Besides the well-known positive impacts of public sector-led urban redevelopment projects on housing prices in their vicinity, we found that there were less noticeable negative impacts on the prices of very new and old housing units nearby, especially in high density urban areas where housing is mainly in the form of multiple-owned high-rise apartment units. First, the prices of older housing units declined faster after the announcement of a nearby public sector-led development. We explain this by decomposing the value of the property into existing use value and real redevelopment option value. The latter component was significantly reduced by a nearby public sector-led redevelopment. Second, for the very new nearby housing units, their prices also declined when there was nearby redevelopment due to an expected increase in the supply of new housing units. Based on second-hand housing transaction records in the vicinity of public sector-led redevelopment projects over a 12-year period, we were able to isolate the above negative impacts from other external effects. The empirical results support the existence of both negative impacts of public sector-led urban redevelopment projects. |
Persistent Identifier | http://hdl.handle.net/10722/272328 |
ISSN | 2023 Impact Factor: 3.4 2023 SCImago Journal Rankings: 1.085 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Chau, KW | - |
dc.contributor.author | Lai, LWC | - |
dc.contributor.author | Liang, J | - |
dc.contributor.author | Ng, FF | - |
dc.contributor.author | Wong, KT | - |
dc.date.accessioned | 2019-07-20T10:40:09Z | - |
dc.date.available | 2019-07-20T10:40:09Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | International Journal of Construction Management, 2019 | - |
dc.identifier.issn | 1562-3599 | - |
dc.identifier.uri | http://hdl.handle.net/10722/272328 | - |
dc.description.abstract | Besides the well-known positive impacts of public sector-led urban redevelopment projects on housing prices in their vicinity, we found that there were less noticeable negative impacts on the prices of very new and old housing units nearby, especially in high density urban areas where housing is mainly in the form of multiple-owned high-rise apartment units. First, the prices of older housing units declined faster after the announcement of a nearby public sector-led development. We explain this by decomposing the value of the property into existing use value and real redevelopment option value. The latter component was significantly reduced by a nearby public sector-led redevelopment. Second, for the very new nearby housing units, their prices also declined when there was nearby redevelopment due to an expected increase in the supply of new housing units. Based on second-hand housing transaction records in the vicinity of public sector-led redevelopment projects over a 12-year period, we were able to isolate the above negative impacts from other external effects. The empirical results support the existence of both negative impacts of public sector-led urban redevelopment projects. | - |
dc.language | eng | - |
dc.publisher | Taylor & Francis, co-published with the Chinese Research Institute of Construction Management. The Journal's web site is located at http://www.tandfonline.com/loi/tjcm20#.Vi7q2X4rIdU | - |
dc.relation.ispartof | International Journal of Construction Management | - |
dc.subject | Externality | - |
dc.subject | High density city | - |
dc.subject | Hong Kong | - |
dc.subject | Real option | - |
dc.subject | Transaction cost | - |
dc.subject | Unintended policy consequence | - |
dc.subject | Urban renewal | - |
dc.title | The Negative Impact of Public Sector-led Redevelopment Projects on the Prices of Old and New Housing Units in High Density Urban Areas | - |
dc.type | Article | - |
dc.identifier.email | Chau, KW: hrrbckw@hku.hk | - |
dc.identifier.email | Lai, LWC: wclai@hku.hk | - |
dc.identifier.email | Liang, J: joliang@hku.hk | - |
dc.identifier.email | Ng, FF: hrrbnff@hku.hk | - |
dc.identifier.email | Wong, KT: kwanto@hku.hk | - |
dc.identifier.authority | Chau, KW=rp00993 | - |
dc.identifier.authority | Lai, LWC=rp01004 | - |
dc.identifier.authority | Ng, FF=rp01014 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1080/15623599.2019.1604113 | - |
dc.identifier.scopus | eid_2-s2.0-85064750047 | - |
dc.identifier.hkuros | 298930 | - |
dc.identifier.isi | WOS:000470568300001 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.issnl | 1562-3599 | - |