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To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jue.2006.05.003 Byline: Siqi Zheng (a), Yuming Fu (b), Hongyu Liu (a) Keywords: Bid-rent gradient; Urban spatial structure; Location choice; Housing markets; Transition economies Abstract: In a monocentric city with a well-functioning residential market, Pareto-efficient spatial equilibrium entails the sorting of residents according to their bid-rent gradient in descending order away from city center. Violation of this sorting condition creates opportunities for Pareto-improving trading of locations and can be sustained only if the market is hindered. We propose a simple ordered-location-choice model using matched location and location-preference data of individual households to examine violations of the Pareto-efficient spatial sorting condition. In so doing we are able to identify population groups facing housing-choice hindrances. We find in a sample of Chinese cities undergoing housing market liberalization that poor marketability of the previously state-provided homes, inadequate provision of housing finance, and spatial mismatch between job-market and housing-market opportunities contribute to a Pareto-inefficient spatial structure. Author Affiliation: (a) Institute of Real Estate Studies, Tsinghua University, Beijing 100084, China (b) Department of Real Estate, National University of Singapore, 4 Architecture Drive, Singapore, 117566 Article History: Received 13 March 2005; Revised 8 May 2006

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This article evaluates how restrictions on the density of development sites effects land use regulations, by presenting a model which identifies the ratio of building space to lot area. The affects of land prices on redevelopment sites in Shanghai, China's emerging real estate market are measured., This article evaluates how restrictions on the density of development sites effects land use regulations, by presenting a model which identifies the ratio of building space to lot area. The affects of land prices on redevelopment sites in Shanghai, China's emerging real estate market are measured.

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Yuming Fu [*] Lilian K. Ng [**] This paper develops a methodology to identify asset price response to news in the framework of the Campbell--Shiller log-linear present-value equation. We further [...]