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Pricing Relocation-Redevelopment Projects for City Expansion: The Case in China
Chen, J.1; Lai, R.N.2
2013
Source PublicationREAL ESTATE ECONOMICS
ISSN1080-8620
Volume41Issue:4Pages:925-957
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.

DOIhttps://doi.org/10.1111/reec.12017
Indexed BySSCI
Language英语
WOS Research AreaBusiness & Economics ; Urban Studies
WOS SubjectBusiness, Finance ; Economics ; Urban Studies
WOS IDWOS:000328549000007
PublisherWILEY-BLACKWELL
Fulltext Access
Citation statistics
Cited Times [WOS]:6   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionFaculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorChen, J.; Lai, R.N.
Affiliation1.Baruch College, City University of New York, New York, NY 10010, United States
2.Department of Finance and Business Economics, University of Macau, Macau, Macau
Corresponding Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
Chen, J.,Lai, R.N.. Pricing Relocation-Redevelopment Projects for City Expansion: The Case in China[J]. REAL ESTATE ECONOMICS,2013,41(4):925-957.
APA Chen, J.,&Lai, R.N..(2013).Pricing Relocation-Redevelopment Projects for City Expansion: The Case in China.REAL ESTATE ECONOMICS,41(4),925-957.
MLA Chen, J.,et al."Pricing Relocation-Redevelopment Projects for City Expansion: The Case in China".REAL ESTATE ECONOMICS 41.4(2013):925-957.
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