Qu, W., X. Liu, K. Wang——Journal of Real Estate Research: Assessing the Performance of Chinese Land Lease Auctions: Evidence from Beijing
时间:2012-07-22
This paper investigates the pricing impact of the Chinese land lease auction method when compared to non-auction methods. Using land lease transactions in Beijing from 2003 to 2010, we show that, after controlling for land characteristics, the selling mechanism matters and that the auction method yields a higher land lease transaction price than non-auction selling mechanisms. More importantly, bidder type significantly affects the auction premium. This evidence seems to indicate that the result