| Hedonic pricing model is a tool frequently used in the analysis of housing market in western developed countries, it has a high degree of pertinence and real-time, and is a scientific method to measure externality. In the transforming context of house commercialization, it is feasible to research on the housing market from the angle of housing demand, and with the launch of property tax in China, proper measure in the monetary value of externality from the public service is of great meaning to setting a scientific fiscal plan for the government.This paper establishes a hedonic pricing model of Guangzhou housing market utilizing the database of housing clusters from 2005 to 2007, and explores the impact of floor ratio, area, distance from CBD, distance from the shopping center, rail accessibility, water view, park accessibility, primary school, secondary school, prestigious primary school, prestigious secondary school and campus on the housing price.The main findings are: residential space expansion of Guangzhou is still in a preliminary stage of single-center annulus expansion, the housing price displays a pattern of gradient drop from CBD outward, yet the extent of the drop is getting milder. The area of housing clusters, distance from CBD, rail accessibility and water view are having a lasting and remarkable influence on the housing price. Moreover, the impact of park on housing price is getting less remarkable because of the limits to accessibility and the area increase of housing clusters in Guangzhou, and the quality and reputation of primary and secondary schools plays a key role in exerting a positive externality on nearby housing clusters. This paper examines the feasibility of hedonic pricing model in China housing market, further expands the application study of the model in China and provides scientific guidelines and suggestions to government on land development management and public investment with our quantitative empirical results. |
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