The Valuation Of Wuhan’s Open Spaces Based On HPM

The value of open space is emerging in the process of urbanization and urban sprawl.As a multi-level, multi-significance and multi-function symbiotic system, open spaceintegrates functions of ecology, culture, education and social life. It plays an important rolein urban planning, environment sustentation and protection, and people’s daily life. Themost important type of open spaces in Wuhan includes lakes and wet lands. Nevertheless,effective measures were barely conducted to monetize the internal non-use value of thoselakes and wet lands in the past decades. This leads to the ignorance of reasonable usage andprotection of open space when constructors and the public are pursuing economical profits.Together with a lack of internal benefit-based motivation to plan the lakes and wet landseffectively, the sustainable development of lakes and wet lands in Wuhan is severelyaffected. Therefore, the urgent problem in the protection, planning and development of cityopen space is to pursue effective methods to quantitatively evaluate the value of lakes andwet lands.Against this background, the present study chooses the Hedonic Price Method (HPM)as the main measure to value the fifteen lakes and wet lands in Wuhan. The conclusionshows that the lakes and wetlands are the main types of open spaces in Wuhan. There ishuge potential value in these open spaces, mainly of ecology value, selection value,heritage value and existence value. HPM is a reliable method to quantify the value. Afterdata analysis and model specification, the log-linear form equation is discovered to be thehighest goodness of fitting. The lakes and wet lands in Wuhan city are worth52104.62Yuanper square meter. In choosing characteristic factors, the features of neighborhood,environment, division and architecture are of greater influence. The most conspicuouscharacteristic factors are floor area, floor, the number of university, the number of hospital,green rate, plot ratio, the number of bus, rough house, slab-type and distance to the openspace.It is suggested that in the future Wuhan planning, the city should centralize policyadvantages to protect and plan open spaces efficiently to fully utilize them. The ecologicalvalue should be considered in land supply, land and house property evaluation, cityconstruction and land use planning. Public service system can also stand upon this tocollect property tax to improve its service.