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Economic Impact of the High-Speed Railway on Housing Prices in China

Yuxiang Wang (), Xueli Liu () and Feng Wang ()
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Yuxiang Wang: School of Economics and Business Administration, Chongqing University, Chongqing 400044, China
Xueli Liu: Faculty of Architecture and Urban Planning, Chongqing University, Chongqing 400030, China
Feng Wang: School of Economics and Business Administration, Chongqing University, Chongqing 400044, China

Sustainability, 2018, vol. 10, issue 12, 1-21

Abstract: This study investigated whether and to what extent does the High-Speed Railway (HSR) affect city-level housing prices. With the data of HSR operation and housing prices from 285 cities from 2009 to 2017, the paper aimed to estimate the quantitative relationship between HSR and city-level housing prices and exploited city and regional dummy variables to assess the disparities between regions, followed by the economic effects between typical city pairs. Our findings were as follows: (1) The introduction of HSR leads to a 13.9% increase in city-level housing prices, and the figures for national central cities and regional central cities were 31.7% and 19.6%, respectively; (2) regional imbalance was mitigated with the development of the HSR, and some central cities in underdeveloped regions were stimulated with regard to housing price growth; (3) siphon effects and diffusion effects were observed in megacity–small city pairs, while synergistic effects often lay in megacity–megacity pairs, and such effects all tended to be more significant with increases in the number of HSR lines and a drop in the travel time.

Keywords: high-speed rail; housing prices; sustainable economic development; disparity and unbalance (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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