| In the early 2004, the Wuhan municipality started up the developing object of Wuhan New Area. It's a precondition to know and master the factors influencing the land price to Wuhan New Area's rational planning. This paper starts at the view that the prospective income of land decides the land remising cost, selecting the factors influencing the price of land used in housing as researching object, trying to find the hedonic housing price model for Wuhan, and on the basis of model, analyzing the factors influencing the land price quantitatively.In the second part of the paper, through reviewing the hedonic theory and its application, it brings forward potential questions that may exist in the application and their resolvent.The third part is data description including selecting and defining the hedonic variables, as well as confirming the source of data. On the basis of the third, the fourth part selects factor analysis and weighted techniques to repair the data.The fifth and sixth parts set up the hedonic housing price model for Wuhan, and make a prediction on certain lands' returning.The major innovations of the research is designing the location general evaluation model on the basis of factor analysis, founding the hedonic housing price model for Wuhan, calculating the influent radius of lakes to the value of land, and knowing the relationship among location, environment and housing price in quantitative.The methods and conclusions of the research afford valuable suggestions and decision support to the developing of Wuhan New Area, at the same time, providing consumers a kind of evaluation tool.Using hedonic price model to make demonstration research is just on the way in China. On a certain meaning it is just a research. The reliability and application of the conclusions still need to check in practice. In the future, the further demonstration research could be made on the hedonic variable's selection, the model equation's form selection, and market segmentation. |
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