Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis

Xun Li (), Qingyu He, Wenwen Huang, Siu-Tai Tsim and Jian-Wen Qiu
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Xun Li: Guangdong Provincial/Zhuhai Key Laboratory of Interdisciplinary Research and Application for Data Science, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China
Qingyu He: Department of Life Sciences, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China
Wenwen Huang: Department of Life Sciences, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China
Siu-Tai Tsim: Guangdong Provincial/Zhuhai Key Laboratory of Interdisciplinary Research and Application for Data Science, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China
Jian-Wen Qiu: Department of Biology, Hong Kong Baptist University, Kowloon, Hong Kong, China

Land, 2025, vol. 14, issue 1, 1-15

Abstract: Urban parks play a pivotal role in fostering ecologically advanced cities in China, contributing significantly to enhancing urban environments and the overall quality of life for residents. However, their value is often hard to quantify by urban planners due to the absence of a clear market price. Using the hedonic price method, this study delves into the distinct impacts of different types of urban parks (community parks, city parks, country parks) on housing prices under the three-level park system in Shenzhen. The outcomes reveal that owning a view of both city parks and country parks from the apartment has significant positive influence on housing prices, with a premium of 14.8916% (RMB 920,396.73) and 30.7299% (RMB 1,899,309.15), respectively. Regarding accessibility, shortening walking distance by 100 m to the nearest community park and city park can attach a premium to the housing price by 0.3269% (RMB 20,203.55) and 0.6130% value gain (RMB 37,889.53), respectively. The results drawn from distinctive park types are expected to give insights to urban planners in formulating strategies for ecological civilization construction, with an emphasis on prioritizing visible and accessible greenspaces to cater to citizens’ preferences and foster sustainable urban growth.

Keywords: urban park; hedonic price model; 3-D spatial model; multilevel model (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2025
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