Research on Land Transfer Decision-making from the Perspective of Macro-policy: A case from Hangzhou
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DOI: 10.23977/gefhr.2019.023
Author(s)
Ling Zhang, Zheyan Zhang
Corresponding Author
Zheyan Zhang
ABSTRACT
Based on the historical data of residential land transfer in Hangzhou from 2006 to 2016, this paper uses the Hedonic model and the survival analysis cox regression model to study the impact of market volatility on land transfer prices and the possibility of transfer in different policy environments. The conclusions of the study show that there is an option value in the land transfer price under the loose policy background, but the value is not reflected in the tightening environment. At the same time, house price volatility and housing transaction volume volatility have different effects on the possibility of transfer in different policy environments.
KEYWORDS
Volatility, Policy, Options