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- Title
Pricing Relocation-Redevelopment Projects for City Expansion: The Case in China.
- Authors
Chen, Jiajin; Lai, Rose N.
- Abstract
A solution to city expansion under limited land availability is relocation of existing habitants, demolition of existing buildings and redevelopment of new buildings. In the case of Chinese cities, however, such strategies have become a channel for municipalities to increase their revenue from sale of land and productivity from increased development, at the expense of low compensation to former occupants and vacant housing after development. We utilize a sequential real options pricing approach to find conditions when relocation/demolition and redevelopment in a finite time horizon are optimal and also to show what factors the governments can influence to delay or speed up redevelopment.
- Subjects
CHINA; INVOLUNTARY relocation; PRICING; URBAN planning; CITIES &; towns; GOVERNMENT revenue
- Publication
Real Estate Economics, 2013, Vol 41, Issue 4, p925
- ISSN
1080-8620
- Publication type
Article
- DOI
10.1111/reec.12017