On ‘Land Finance’ in urban China: Theory and practice

Huang, Dingxi; Chan, Roger C.K.

doi:10.1016/j.habitatint.2018.03.002

Cited by 94 publications

(53 citation statements)

References 17 publications

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“…In rural areas, collective-owned construction land has been permitted to enter market and have equal rights and prices with urban state-owned land [50]. In urban area, land banking system and land bid invitation, auction and listing system are implemented [51,52]. These land systems have changed the capital investment environment both in rural and urban areas, improving the market mechanism in resource allocation and raising land values.…”

Section: Theoretical Framework Analysismentioning

confidence: 99%

Does Urban Industrial Agglomeration Lead to the Improvement of Land Use Efficiency in China? An Empirical Study from a Spatial Perspective

et al. 2019

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Industrial agglomeration is an important economic phenomenon in urban areas and has significant effects on land use efficiency (LUE) due to external economies of scale. A bourgeoning body of literature has investigated the effects of industrial agglomeration. However, the relationship between industrial agglomeration and land use efficiency has rarely been discussed in China. To fill this gap, this study aims to explore the effects of industrial agglomeration on LUE and the characteristics of its spatial distribution. In this study, the spatial effects of industrial agglomeration of 12 detailed sectors on LUE are estimated through the geographical weighted regression model. Socioeconomic data of 289 prefecture-level cities in China are utilized for the analysis. Results show several important findings. First, spatial effects of industrial agglomerations on LUE are evident in three grand city clusters, i.e. the Beijing–Tianjin–Hebei Region, the Yangtze River Delta, and the Pearl River Delta. Second, spatial patterns and distributions of industrial agglomeration effects on LUE vary across regions. Third, the significance of industrial agglomeration effects on LUE between 2-digit industrial sectors is different. The merits of this study lie in three aspects: First, a theoretical framework is explored to analyze the impacts of industrial agglomeration on LUE based on the expanded Cobb–Douglas production function; Second, the impacts of industrial sectors on LUE are estimated from a spatial perspective; Third, some policy implications for a more economically efficient urban spatial development are suggested.

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Section: Theoretical Framework Analysismentioning

confidence: 99%

Does Urban Industrial Agglomeration Lead to the Improvement of Land Use Efficiency in China? An Empirical Study from a Spatial Perspective

et al. 2019

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“…Compared with the central state, local states in China favor leasing more land since spending on agricultural-related and food supply programs are less of a local responsibility [8]. As the de facto owners of urban land that possess monopolistic power over land development, China's local states have strong financial (i.e., land leasing fees as a means to promote local fiscal revenue and economic development) and political (i.e., local leader's career advancement through impressive economic growth) incentives to promote land supply and real estate development, which gives rise to the "Chinese land-driven growth machine" [37] and the regime of "land finance" [41][42][43]. Similar notions of "state entrepreneurialism" [39], "local developmental state" [44], and "state-led urbanization" [45] have highlighted the pro-growth nature and active role of China's local states in promoting land development and urbanization.…”

Section: State Intervention In Land Supply and Its Impact On Real Estmentioning

confidence: 99%

State Intervention in Land Supply and Its Impact on Real Estate Investment in China: Evidence from Prefecture-Level Cities

Su¹,

Qian²

2020

Sustainability

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State intervention in land supply can be a powerful tool in shaping real estate investment. Yet, few studies have examined the effect of central state intervention on land supply at the municipal level and the impact of land supply on real estate investment with respect to different tiers of prefecture-level cities in China. Varying central–local dynamics of land supply in different tiers of cities, and the often taken-for-granted relationship between land supply and real estate investment, warrant further investigation. This study aims to fill these gaps. It is found that the multi-purposed central land policy and the varying land leasing strategies adopted by different tiers of cities contribute to the varying land supply trajectories, calling for more nuanced and better-tailored central land policies that focus on the socioeconomic conditions of cities. The general significant and positive correlation between land supply and real estate investment, revealed by a panel regression analysis incorporating 280 prefecture-level Chinese cities, suggests that land supply control can function as a critical tool in governing real estate investment in China, which also sheds light on the governance and promotion of sustainable real estate markets in other parts of the world. This study also reveals a higher possibility of land speculation in first- and second-tier cities than that of low-tier cities. The nuanced correlations between land supply and real estate investment and the varying land development strategies employed in different tiers of Chinese cities imply that the effectiveness of land supply intervention in shaping healthy real estate investment may depend on local contingencies, calling for meticulous and tailored governance on land supply and real estate investment behaviors.

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“…The quantity and structure of land are key factors in urban development. The effect of low‐priced land policies on industrial growth is weakened in the industrialization process, and land bank and supply system must introduce more marketization mechanisms in new‐type urbanization (Du & Peiser, ; Huang & Chan, ). Integrated frames of labor and land markets must be built to test precisely the causality of the above relationships, while the endogenous problem can be solved using tool variables.…”

Section: Literature Reviewmentioning

confidence: 99%

Land supply and urbanization strategy in the Yangtze River Delta region, China

Zhang

Zhao

et al. 2019

Growth and Change

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China's urbanization rate is increasing beyond sustainable levels because it has increased by approximately 1% every year in the last 30 years. As an important part of urban development, the selection of an urbanization strategy has been the focus of local governments. As such, local governments play an important role in urbanization processes by coordinating land supply and population growth. Using the 2009–2013 panel data of 41 cities in the Yangtze River Delta (YRD) region, this research tests the relationship between land supply and population growth to explore the urbanization strategy adopted by local governments. Simultaneous equation models for land supply and population growth are developed in this research. Empirical results identify land supply as the cause and population growth as the effect. Findings suggest that local governments in the YRD choose an aggressive strategy in urbanization which treats land as a tool for accelerating the urbanization.

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On ‘Land Finance’ in urban China: Theory and practice

Cited by 94 publications

References 17 publications

Does Urban Industrial Agglomeration Lead to the Improvement of Land Use Efficiency in China? An Empirical Study from a Spatial Perspective

Does Urban Industrial Agglomeration Lead to the Improvement of Land Use Efficiency in China? An Empirical Study from a Spatial Perspective

State Intervention in Land Supply and Its Impact on Real Estate Investment in China: Evidence from Prefecture-Level Cities

Land supply and urbanization strategy in the Yangtze River Delta region, China

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