Buyer’s willingness to pay for dwellings with different orientations
Abstract
This paper applies spatial hedonic econometric models to estimate the willingness of buyers to pay for dwellings with different orientations based on a data set comprising 63 306 transactions of secondhand apartment sales in 10 districts in Beijing from October 2011 to September 2014. Our results indicate that apartments with South orientation are sold at a 7.8% premium compared with those with West orientation, and that apartments in ancient city areas are more sensitive to orientation. The obtained results can help architects and developers to maximize the value of development projects by optimizing the layout of apartment units on each floor.
Keyword : residential market, Beijing, spatial Durbin model, orientations, hedonic regression
How to Cite
Song, H.-S., Wilhelmsson, M., & Zheng, M. (2019). Buyer’s willingness to pay for dwellings with different orientations. International Journal of Strategic Property Management, 23(6), 450-466. https://doi.org/10.3846/ijspm.2019.10430
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Andersen, P. H., Cook, N., & Marceau, J. (2004). Dynamic innovation strategies and stable networks in the construction industry: implanting solar energy projects in the Sydney Olympic Village. Journal of Business Research, 57(4), 351-360. https://doi.org/10.1016/S0148-2963(02)00391-0
Andersson, D. E., Shyr, O. F., & Fu, J. (2010). Does high-speed rail accessibility influence residential property prices? Hedonic estimates from southern Taiwan. Journal of Transport Geography, 18(1), 166-174. https://doi.org/10.1016/j.jtrangeo.2008.10.012
Anselin, L. (1988). Lagrange multiplier test diagnostics for spatial dependence and spatial heterogeneity. Geographical Analysis, 20(1), 1-17. https://doi.org/10.1111/j.1538-4632.1988.tb00159.x
Beijing Municipal Commission of the Housing and Urban-rural Development. (2013). Guanyu 《Beijingshi zizhuxing shangpinfang xiaoshou guanli zanxing guiding (zhengqiu yijiangao)》gongkai zhengqiu yijian de tongzhi [Circular on seeking public opinions on the rules on provisional regulations on the administration of sales of owner-occupied commodity housing in Beijing]. Retrieved from http://www.bjjs.gov.cn/bjjs/xxgk/yjzj/318757/index.shtml
Beijing Municipal Commission of the Housing and Urban-rural Development. (2014). Beijingshi zhuangfang he chengxiang jianshe weiyuanhui yuanyu yinfa 《Beijingshi zizhuxing shangpin zhufang xiaoshou guanli zanxing guiding》de tongzhi [Circular on printing and distributing “The Interim provisions on the administration of sales of owner-occupied commodity housing in Beijing”]. Retrieved from http://www.bjjs.gov.cn/bjjs/xxgk/gfxwj/zfcxjswwj/315355/index.shtml
Benson, E. D., Hansen, J. L., Schwartz, A. L., & Smersh, G. T. (1998). Pricing residential amenities: the value of a view. The Journal of Real Estate Finance and Economics, 16(1), 55-73. https://doi.org/10.1023/A:1007785315925
Black, S. E. (1999). Do better schools matter? Parental valuation of elementary education. Quarterly Journal of Economics, 577-599. https://doi.org/10.1162/003355399556070
Bouillot, J. (2008). Climatic design of vernacular housing in different provinces of China. Journal of Environmental Management, 87(2), 287-299. https://doi.org/10.1016/j.jenvman.2006.10.029
Chin, T.-L., Chau, K. W., & Ng, F. F. (2004). The Impact of the Asian financial crisis on the pricing of condominiums in Malaysia. Journal of Real Estate Literature, 12(1), 33-49. https://doi.org/10.5555/reli.12.1.j884n3j560n601qu
Clark, D. E., & Cosgrove, J. C. (1990). Hedonic prices, identification, and the demand for public safety. Journal of Regional Science, 30(1), 105-121. https://doi.org/10.1111/j.1467-9787.1990.tb00083.x
Colwell, P. F., & Dilmore, G. (1999). Who was first? An examination of an early hedonic study. Land Economics, 620-626. https://doi.org/10.2307/3147070
Court, A. T. (1939). Hedonic price indexes with automotive examples. In The dynamics of automotive demand (pp. 99-117). New York: General Motors.
Di, M., & Xiao, Y. (1987). Jingshen wenming jianshe zhong de Xicheng qu [The social construction of spiritual civilization in Xicheng District]. Xuexi yu yanjiu, 6, 31.
EBeijing, the Official Website of the Beijing Government. (2012). Best pay in Beijing Xicheng district, Beijing News update, Beijing Information. Retrieved from http://www.ebeijing.gov.cn/BeijingInformation/BeijingNewsUpdate/t1237763.htm
Elhorst, J. P. (2010). Applied spatial econometrics: raising the bar. Spatial Economic Analysis, 5(1), 9-28. https://doi.org/10.1080/17421770903541772
Fadaei, S., Iulo, L. D., & Yoshida, J. (2015). The effects of orientation and elongation on the price of the homes in Central Pennsylvania. EEHR, IAH, Penn State University, Dept. of Architecture. Retrieved from http://www.personal.psu.edu/juy18/index_files/Full_Paper_ICCCBE2016_16Dec2015.pdf
Fischer, M. M., & Stirböck, C. (2006). Pan-European regional income growth and club-convergence: insights from a spatial econometric perspective. Annals of Regional Science, 40(4), 693-721. https://doi.org/10.1007/s00168-005-0042-6
Follain, J. R., & Jimenez, E. (1985). Estimating the demand for housing characteristics: a survey and critique. Regional Science and Urban Economics, 15(1), 77-107. https://doi.org/10.1016/0166-0462(85)90033-X
Gao, X., & Asami, Y. (2011). Preferential size of housing in Beijing. Habitat International, 35(2), 206-213. https://doi.org/10.1016/j.habitatint.2010.09.002
Griliches, Z. (1958). The demand for fertilizer: an economic interpretation of a technical change. Journal of Farm Economics, 40(3), 591-606. https://doi.org/10.2307/1235370
Griliches, Z. (1961). Hedonic price indexes for automobiles: an econometric of quality change. In The price statistics of the federal government (pp. 173-196). NBER.
Gu, H., & Ryan, C. (2008). Place attachment, identity and community impacts of tourism – the case of a Beijing hutong. Tourism Management, 29(4), 637-647. https://doi.org/10.1016/j.tourman.2007.06.006
Guo, Q., & Guo, Q. (2001). The formation and early development of architecture in Northern China. Construction History, 17(1), 3-16. Retrieved from http://www.jstor.org/stable/41613827
Guo, F., & Wang, S. (2008). Shanghai gaoceng zhuzhai ziran tongfeng jieneng sheji yanjiu [The usage of natural ventilation in the energy-saving design of high-rise buildings in Shanghai]. Jianzhu xuebao, 11, 47-49.
Haas, G. C. (1922). Sale prices as a basis for farm land appraisal. Technical Bulletin 9. St. Paul: The University of Minnesota Agricultural Experiment Station.
Halvorsen, R., & Palmquist, R. (1980). The interpretation of dummy variables in semilogarithmic equations. American Economic Review, 70(3), 474-475. Retrieved from http://www.jstor.org/stable/1805237
Harrison Jr, D., & Rubinfeld, D. L. (1978). Hedonic housing prices and the demand for clean air. Journal of Environmental Economics and Management, 5(1), 81-102. https://doi.org/10.1016/0095-0696(78)90006-2
Hite, D., Chern, W., Hitzhusen, F., & Randall, A. (2001). Property-value impacts of an environmental disamenity: the case of landfills. Journal of Real Estate Finance and Economics, 22(2-3), 185-202. https://doi.org/10.1023/A:1007839413324
Jin, M. (1981). Kexue pingjia rizhao, gaijin dongxi xiang zhuzhai sheji [Scientific evaluation of sunshine and the improvement of design of East-West oriented residential apartments]. Jianzhu xuebao, 6, 6.
Kain, J. F., & Quigley, J. M. (1970). Measuring the value of house quality. Journal of the American Statistical Association, 65(330), 532-548. https://doi.org/10.1080/01621459.1970.10481102
Kim, D. K. (2006). The natural environment control system of Korean traditional architecture: comparison with Korean contemporary architecture. Building and Environment, 41(12), 1905-1912. https://doi.org/10.1016/j.buildenv.2005.07.007
Lancaster, K. J. (1966). A new approach to consumer theory. Journal of Political Economy, 74(2), 132-157. https://doi.org/10.1086/259131
LeSage, J. (2015). Spatial econometrics. In C. Karlsson, M. Andersson, & T. Norman (Eds.), Handbook of research methods and applications in economic geography. Edward Elgar. https://doi.org/10.4337/9780857932679.00007
LeSage, J. P., & Pace, R. K. (2010). Spatial econometric models. In M. M. Fischer, & A. Getis (Eds.), Handbook of applied spatial analysis: software tools, methods and applications. Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-03647-7_18
Li, W. (2016). Fengshuixue yingxiang xia de gudian yuanlin sheji yanjiu [The influence of Feng-Shui on classical Chinese garden designs]. Lvse keji, 5.
Li, Z., & Jiang, Y. (2006). Beijingshi zhuzhai kongtiao fuhe he haoneng texing yanjiu [Study the characteristics of air conditioning’s load and energy consumption of residential apartments in Beijing]. Nuantong kongtiao, 8(15).
Liu, H. (1964). Dui jiejue chengshi zhuzhai xishai wenti de tanjiu [Discussion on solving the west sun problem in the urban residential apartments]. Jianzhu Xuebao, 1(31).
Liu, M., Ren, J., & Lian, C.(2018). Hanleng diqu ji you zhuzhai shinei re huanjing yanjiu [Study on indoor thermal environment of existing residential buildings in cold area]. Diwen jianzhu jishu, 40(6), 144-151.
Liu, P. (1996). Fengshui moshi de dilixue pingjia [The evaluation of Feng-Shui model in geography]. Renwen Dili, 11(1), 36-39.
Lu, J. (2018). The value of a south-facing orientation: a hedonic pricing analysis of the Shanghai housing market. Habitat International, 81, 24-32. https://doi.org/10.1016/j.habitatint.2018.09.002
Lu, S. J., & Jones, P. B. (2000). House design by surname in Feng Shui. Journal of Architecture, 5(4), 355-367. https://doi.org/10.1080/13602360050214386
Mak, M. Y., & Ng, S. T. (2005). The art and science of Feng Shui – a study on architects’ perception. Building and Environment, 40(3), 427-434. https://doi.org/10.1016/j.buildenv.2004.07.016
Malpezzi, S. (2003). Hedonic pricing models: a selective and applied review. In T. O’Sullivan, & K. Gibb (Eds.), Housing economics and public policy: essays in honor of Duncan Maclennan. Oxford: Blackwell Science.
Metzner, S., & Kindt, A. (2018). Determination of the parameters of automated valuation models for the hedonic property valuation of residential properties: a literature-based approach. International Journal of Housing Markets and Analysis, 11(1), 73-100. https://doi.org/10.1108/IJHMA-02-2017-0018
Meng, M. (1985). Dongxi xiang zhuzhai kequxing tantao [Discussion on the desirability of East-West oriented residential apartments]. Zhuzhai keji, 5, 1.
Meyer, J. F. (1978). “Feng-Shui” of the Chinese city. History of Religions, 18(2), 138-155. https://doi.org/10.1086/462811
Nelson, J. P. (2008). Hedonic property value studies of transportation noise: aircraft and road traffic. In Hedonic methods in housing markets (pp. 57-82). New York, NY: Springer. https://doi.org/10.1007/978-0-387-76815-1_4
Oates, W. E. (1969). The effects of property taxes and local public spending on property values: an empirical study of tax capitalization and the Tiebout hypothesis. Journal of Political Economy, 77(6), 957-971. https://doi.org/10.1086/259584
Osland, L. (2010). An application of spatial econometrics in relation to hedonic house price modeling. Journal of Real Estate Research, 32(3), 289-320. https://doi.org/10.5555/rees.32.3.d4713v80614728x1
Ottensmann, J. R., Payton, S., & Man, J. (2008). Urban location and housing prices within a hedonic model. Journal of Regional Analysis and Policy, 38, 19-35. Retrieved from https://ideas.repec.org/a/ags/jrapmc/132338.html
Ren, Z., Foliente, G., Chan, W., Chen, D., & Syme, M. (2011, November). AusZEH design: software for low-emission and zero-emission house design in Australia. In Proceeding of Building Simulation. Retrieved from http://ibpsa.org/proceedings/BS2011/P_1121.pdf
Ridker, R. G., & Henning, J. A. (1967). The determinants of residential property values with special reference to air pollution. The Review of Economics and Statistics, 49(2), 246-257. https://doi.org/10.2307/1928231
Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34-55. https://doi.org/10.1086/260169
Sheppard, S. (1999). Hedonic analysis of housing markets. In P. Cheshire, & E. S. Mills (eds.), Handbook of regional and urban economics: Vol. 3. Applied urban economics. Place: NorthHolland. https://doi.org/10.1016/S1574-0080(99)80010-8
Sidi, N. S. S. (2010). Quality affordable housing: a theoretical framework for planning and design of quality housing. Journal of Techno Social, 2(1). Retrieved from http://penerbit.uthm.edu.my/ojs/index.php/JTS/article/view/314/193
Sui,Q., Wang, C., & He, W. (2014). Zhuzhai xixiang fangjian kaichuang dui ziran caiguang de yingxiang yanjiu [The study on the influence of nature lighting in residential west room by window design]. Huazhong jianzhu, 5.
Tan, T. H. (2012). Meeting first-time buyers’ housing needs and preferences in greater Kuala Lumpur. Cities, 29(6), 389-396. https://doi.org/10.1016/j.cities.2011.11.016
The Central People’s Government of the People’s Republic of China. (2011). Beijingshi 2012 nian shangpinfang touzi jihua youxian tuijin baozhangfang jianshe [Beijing’s 2012 residential housing investment plan will give priority to the construction of affordable housing]. Retrieved from http://www.gov.cn/jrzg/2011-11/11/content_1990885.htm
Thongkamsamut, C., & Buranakarn, V. (2007). Form follows Feng Shui. Nakhara: Journal of Environmental Design and Planning, 2, 37-54. Retrieved from http://www.aj.arch.chula.ac.th/nakhara/files/article/155-351-1-PB.pdf
Tobler, W. R. (1970). A computer movie simulating urban growth in the Detroit region. Economic Geography, 46, 234-240. https://doi.org/10.2307/143141
Wallace, H. A. (1926). Comparative farm-land values in Iowa. The Journal of Land & Public Utility Economics, 2(4), 385-392. https://doi.org/10.2307/3138610
Wang, D., & Li, S. M. (2004). Housing preferences in a transitional housing system: the case of Beijing, China. Environment and Planning A, 36(1), 69-87. https://doi.org/10.1068/a35263
Wang, D., & Li, S. M. (2006). Socio-economic differentials and stated housing preferences in Guangzhou, China. Habitat International, 30(2), 305-326. https://doi.org/10.1016/j.habitatint.2004.02.009
Waugh, F. V. (1929). Quality as a determinant of vegetable prices: a statistical study of quality factors influencing vegetable prices in the Boston wholesale market (No. 312). New York: Columbia University Press; London: PS King & son, Limited. https://doi.org/10.7312/waug92494
Wei, X., (2007). Ruhe jiejue dongxi chaoxiang zhuzhai de xishai wenti [How to solve the west sun problem for East-West oriented apartments]. Zhongwai Jianzhu, 9.
Wen, H., Bu, X., & Qin, Z. (2014). Spatial effect of lake landscape on housing price: a case study of the West Lake in Hangzhou, China. Habitat International, 44, 31-40. https://doi.org/10.1016/j.habitatint.2014.05.001
Weng, Y. (2008). Shanghai Anting xinzhen guihua jianshe de jingyan jiejian he wenti sikao [The experiences and considerations of Shanghai Anting New Town’s planning and construction]. Shanghai chengshi guihua, 2, 33-38.
Xiao, Y. (2017). Hedonic housing price theory review. In Urban morphology and housing market (pp. 11-40). Singapore: Springer. https://doi.org/10.1007/978-981-10-2762-8_2
Xu, P. (1997). Feng-shui as clue: identifying prehistoric landscape setting patterns in the American Southwest. Landscape Journal, 16(2), 174-190. https://doi.org/10.3368/lj.16.2.174
Xu, P. (1998). “Feng-Shui” models structured traditional Beijing courtyard houses. Journal of Architectural and Planning Research, 15(4), 271-282. Retrieved from https://www.jstor.org/stable/43030469
Xu, X. (2009). Qianlun jianzhu fengshui wenhua de neihan yu shiyong gongneng [A brief discussion of cultural and practical functions on the Feng-Shui architecture design]. Zhongwai jianzhu, 9, 95-96.
Zeng, Z., & Ping, R. (2007). Zhuzhai dongxixiang de sheji tantao [Discussion on the architectural design of East-West oriented residential apartments]. Jiangxi jiancai, 1, 32-33.
Zhang, D. (2016). Juer Hutong new courtyard housing in Beijing: a review from the residents’ perspective. International Journal of Architectural Research, 10(2). https://doi.org/10.26687/archnet-ijar.v10i2.963
Zhang, X. (2006). “Nan” zi suyuan ji qi wenhua yiyun [The traceability of character ‘South’ and its cultural implication]. Shehui kexuejia, 2, 206-208.
Zhang, Y. (1990). Wei dongxi chaoxiang duoceng zhuzhai zheng yixizhidi [Arguing the suitability of East-West oriented apartments in a multi-storey residential building]. Zhuzhai keji, 2, 19.
Andersson, D. E., Shyr, O. F., & Fu, J. (2010). Does high-speed rail accessibility influence residential property prices? Hedonic estimates from southern Taiwan. Journal of Transport Geography, 18(1), 166-174. https://doi.org/10.1016/j.jtrangeo.2008.10.012
Anselin, L. (1988). Lagrange multiplier test diagnostics for spatial dependence and spatial heterogeneity. Geographical Analysis, 20(1), 1-17. https://doi.org/10.1111/j.1538-4632.1988.tb00159.x
Beijing Municipal Commission of the Housing and Urban-rural Development. (2013). Guanyu 《Beijingshi zizhuxing shangpinfang xiaoshou guanli zanxing guiding (zhengqiu yijiangao)》gongkai zhengqiu yijian de tongzhi [Circular on seeking public opinions on the rules on provisional regulations on the administration of sales of owner-occupied commodity housing in Beijing]. Retrieved from http://www.bjjs.gov.cn/bjjs/xxgk/yjzj/318757/index.shtml
Beijing Municipal Commission of the Housing and Urban-rural Development. (2014). Beijingshi zhuangfang he chengxiang jianshe weiyuanhui yuanyu yinfa 《Beijingshi zizhuxing shangpin zhufang xiaoshou guanli zanxing guiding》de tongzhi [Circular on printing and distributing “The Interim provisions on the administration of sales of owner-occupied commodity housing in Beijing”]. Retrieved from http://www.bjjs.gov.cn/bjjs/xxgk/gfxwj/zfcxjswwj/315355/index.shtml
Benson, E. D., Hansen, J. L., Schwartz, A. L., & Smersh, G. T. (1998). Pricing residential amenities: the value of a view. The Journal of Real Estate Finance and Economics, 16(1), 55-73. https://doi.org/10.1023/A:1007785315925
Black, S. E. (1999). Do better schools matter? Parental valuation of elementary education. Quarterly Journal of Economics, 577-599. https://doi.org/10.1162/003355399556070
Bouillot, J. (2008). Climatic design of vernacular housing in different provinces of China. Journal of Environmental Management, 87(2), 287-299. https://doi.org/10.1016/j.jenvman.2006.10.029
Chin, T.-L., Chau, K. W., & Ng, F. F. (2004). The Impact of the Asian financial crisis on the pricing of condominiums in Malaysia. Journal of Real Estate Literature, 12(1), 33-49. https://doi.org/10.5555/reli.12.1.j884n3j560n601qu
Clark, D. E., & Cosgrove, J. C. (1990). Hedonic prices, identification, and the demand for public safety. Journal of Regional Science, 30(1), 105-121. https://doi.org/10.1111/j.1467-9787.1990.tb00083.x
Colwell, P. F., & Dilmore, G. (1999). Who was first? An examination of an early hedonic study. Land Economics, 620-626. https://doi.org/10.2307/3147070
Court, A. T. (1939). Hedonic price indexes with automotive examples. In The dynamics of automotive demand (pp. 99-117). New York: General Motors.
Di, M., & Xiao, Y. (1987). Jingshen wenming jianshe zhong de Xicheng qu [The social construction of spiritual civilization in Xicheng District]. Xuexi yu yanjiu, 6, 31.
EBeijing, the Official Website of the Beijing Government. (2012). Best pay in Beijing Xicheng district, Beijing News update, Beijing Information. Retrieved from http://www.ebeijing.gov.cn/BeijingInformation/BeijingNewsUpdate/t1237763.htm
Elhorst, J. P. (2010). Applied spatial econometrics: raising the bar. Spatial Economic Analysis, 5(1), 9-28. https://doi.org/10.1080/17421770903541772
Fadaei, S., Iulo, L. D., & Yoshida, J. (2015). The effects of orientation and elongation on the price of the homes in Central Pennsylvania. EEHR, IAH, Penn State University, Dept. of Architecture. Retrieved from http://www.personal.psu.edu/juy18/index_files/Full_Paper_ICCCBE2016_16Dec2015.pdf
Fischer, M. M., & Stirböck, C. (2006). Pan-European regional income growth and club-convergence: insights from a spatial econometric perspective. Annals of Regional Science, 40(4), 693-721. https://doi.org/10.1007/s00168-005-0042-6
Follain, J. R., & Jimenez, E. (1985). Estimating the demand for housing characteristics: a survey and critique. Regional Science and Urban Economics, 15(1), 77-107. https://doi.org/10.1016/0166-0462(85)90033-X
Gao, X., & Asami, Y. (2011). Preferential size of housing in Beijing. Habitat International, 35(2), 206-213. https://doi.org/10.1016/j.habitatint.2010.09.002
Griliches, Z. (1958). The demand for fertilizer: an economic interpretation of a technical change. Journal of Farm Economics, 40(3), 591-606. https://doi.org/10.2307/1235370
Griliches, Z. (1961). Hedonic price indexes for automobiles: an econometric of quality change. In The price statistics of the federal government (pp. 173-196). NBER.
Gu, H., & Ryan, C. (2008). Place attachment, identity and community impacts of tourism – the case of a Beijing hutong. Tourism Management, 29(4), 637-647. https://doi.org/10.1016/j.tourman.2007.06.006
Guo, Q., & Guo, Q. (2001). The formation and early development of architecture in Northern China. Construction History, 17(1), 3-16. Retrieved from http://www.jstor.org/stable/41613827
Guo, F., & Wang, S. (2008). Shanghai gaoceng zhuzhai ziran tongfeng jieneng sheji yanjiu [The usage of natural ventilation in the energy-saving design of high-rise buildings in Shanghai]. Jianzhu xuebao, 11, 47-49.
Haas, G. C. (1922). Sale prices as a basis for farm land appraisal. Technical Bulletin 9. St. Paul: The University of Minnesota Agricultural Experiment Station.
Halvorsen, R., & Palmquist, R. (1980). The interpretation of dummy variables in semilogarithmic equations. American Economic Review, 70(3), 474-475. Retrieved from http://www.jstor.org/stable/1805237
Harrison Jr, D., & Rubinfeld, D. L. (1978). Hedonic housing prices and the demand for clean air. Journal of Environmental Economics and Management, 5(1), 81-102. https://doi.org/10.1016/0095-0696(78)90006-2
Hite, D., Chern, W., Hitzhusen, F., & Randall, A. (2001). Property-value impacts of an environmental disamenity: the case of landfills. Journal of Real Estate Finance and Economics, 22(2-3), 185-202. https://doi.org/10.1023/A:1007839413324
Jin, M. (1981). Kexue pingjia rizhao, gaijin dongxi xiang zhuzhai sheji [Scientific evaluation of sunshine and the improvement of design of East-West oriented residential apartments]. Jianzhu xuebao, 6, 6.
Kain, J. F., & Quigley, J. M. (1970). Measuring the value of house quality. Journal of the American Statistical Association, 65(330), 532-548. https://doi.org/10.1080/01621459.1970.10481102
Kim, D. K. (2006). The natural environment control system of Korean traditional architecture: comparison with Korean contemporary architecture. Building and Environment, 41(12), 1905-1912. https://doi.org/10.1016/j.buildenv.2005.07.007
Lancaster, K. J. (1966). A new approach to consumer theory. Journal of Political Economy, 74(2), 132-157. https://doi.org/10.1086/259131
LeSage, J. (2015). Spatial econometrics. In C. Karlsson, M. Andersson, & T. Norman (Eds.), Handbook of research methods and applications in economic geography. Edward Elgar. https://doi.org/10.4337/9780857932679.00007
LeSage, J. P., & Pace, R. K. (2010). Spatial econometric models. In M. M. Fischer, & A. Getis (Eds.), Handbook of applied spatial analysis: software tools, methods and applications. Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-03647-7_18
Li, W. (2016). Fengshuixue yingxiang xia de gudian yuanlin sheji yanjiu [The influence of Feng-Shui on classical Chinese garden designs]. Lvse keji, 5.
Li, Z., & Jiang, Y. (2006). Beijingshi zhuzhai kongtiao fuhe he haoneng texing yanjiu [Study the characteristics of air conditioning’s load and energy consumption of residential apartments in Beijing]. Nuantong kongtiao, 8(15).
Liu, H. (1964). Dui jiejue chengshi zhuzhai xishai wenti de tanjiu [Discussion on solving the west sun problem in the urban residential apartments]. Jianzhu Xuebao, 1(31).
Liu, M., Ren, J., & Lian, C.(2018). Hanleng diqu ji you zhuzhai shinei re huanjing yanjiu [Study on indoor thermal environment of existing residential buildings in cold area]. Diwen jianzhu jishu, 40(6), 144-151.
Liu, P. (1996). Fengshui moshi de dilixue pingjia [The evaluation of Feng-Shui model in geography]. Renwen Dili, 11(1), 36-39.
Lu, J. (2018). The value of a south-facing orientation: a hedonic pricing analysis of the Shanghai housing market. Habitat International, 81, 24-32. https://doi.org/10.1016/j.habitatint.2018.09.002
Lu, S. J., & Jones, P. B. (2000). House design by surname in Feng Shui. Journal of Architecture, 5(4), 355-367. https://doi.org/10.1080/13602360050214386
Mak, M. Y., & Ng, S. T. (2005). The art and science of Feng Shui – a study on architects’ perception. Building and Environment, 40(3), 427-434. https://doi.org/10.1016/j.buildenv.2004.07.016
Malpezzi, S. (2003). Hedonic pricing models: a selective and applied review. In T. O’Sullivan, & K. Gibb (Eds.), Housing economics and public policy: essays in honor of Duncan Maclennan. Oxford: Blackwell Science.
Metzner, S., & Kindt, A. (2018). Determination of the parameters of automated valuation models for the hedonic property valuation of residential properties: a literature-based approach. International Journal of Housing Markets and Analysis, 11(1), 73-100. https://doi.org/10.1108/IJHMA-02-2017-0018
Meng, M. (1985). Dongxi xiang zhuzhai kequxing tantao [Discussion on the desirability of East-West oriented residential apartments]. Zhuzhai keji, 5, 1.
Meyer, J. F. (1978). “Feng-Shui” of the Chinese city. History of Religions, 18(2), 138-155. https://doi.org/10.1086/462811
Nelson, J. P. (2008). Hedonic property value studies of transportation noise: aircraft and road traffic. In Hedonic methods in housing markets (pp. 57-82). New York, NY: Springer. https://doi.org/10.1007/978-0-387-76815-1_4
Oates, W. E. (1969). The effects of property taxes and local public spending on property values: an empirical study of tax capitalization and the Tiebout hypothesis. Journal of Political Economy, 77(6), 957-971. https://doi.org/10.1086/259584
Osland, L. (2010). An application of spatial econometrics in relation to hedonic house price modeling. Journal of Real Estate Research, 32(3), 289-320. https://doi.org/10.5555/rees.32.3.d4713v80614728x1
Ottensmann, J. R., Payton, S., & Man, J. (2008). Urban location and housing prices within a hedonic model. Journal of Regional Analysis and Policy, 38, 19-35. Retrieved from https://ideas.repec.org/a/ags/jrapmc/132338.html
Ren, Z., Foliente, G., Chan, W., Chen, D., & Syme, M. (2011, November). AusZEH design: software for low-emission and zero-emission house design in Australia. In Proceeding of Building Simulation. Retrieved from http://ibpsa.org/proceedings/BS2011/P_1121.pdf
Ridker, R. G., & Henning, J. A. (1967). The determinants of residential property values with special reference to air pollution. The Review of Economics and Statistics, 49(2), 246-257. https://doi.org/10.2307/1928231
Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34-55. https://doi.org/10.1086/260169
Sheppard, S. (1999). Hedonic analysis of housing markets. In P. Cheshire, & E. S. Mills (eds.), Handbook of regional and urban economics: Vol. 3. Applied urban economics. Place: NorthHolland. https://doi.org/10.1016/S1574-0080(99)80010-8
Sidi, N. S. S. (2010). Quality affordable housing: a theoretical framework for planning and design of quality housing. Journal of Techno Social, 2(1). Retrieved from http://penerbit.uthm.edu.my/ojs/index.php/JTS/article/view/314/193
Sui,Q., Wang, C., & He, W. (2014). Zhuzhai xixiang fangjian kaichuang dui ziran caiguang de yingxiang yanjiu [The study on the influence of nature lighting in residential west room by window design]. Huazhong jianzhu, 5.
Tan, T. H. (2012). Meeting first-time buyers’ housing needs and preferences in greater Kuala Lumpur. Cities, 29(6), 389-396. https://doi.org/10.1016/j.cities.2011.11.016
The Central People’s Government of the People’s Republic of China. (2011). Beijingshi 2012 nian shangpinfang touzi jihua youxian tuijin baozhangfang jianshe [Beijing’s 2012 residential housing investment plan will give priority to the construction of affordable housing]. Retrieved from http://www.gov.cn/jrzg/2011-11/11/content_1990885.htm
Thongkamsamut, C., & Buranakarn, V. (2007). Form follows Feng Shui. Nakhara: Journal of Environmental Design and Planning, 2, 37-54. Retrieved from http://www.aj.arch.chula.ac.th/nakhara/files/article/155-351-1-PB.pdf
Tobler, W. R. (1970). A computer movie simulating urban growth in the Detroit region. Economic Geography, 46, 234-240. https://doi.org/10.2307/143141
Wallace, H. A. (1926). Comparative farm-land values in Iowa. The Journal of Land & Public Utility Economics, 2(4), 385-392. https://doi.org/10.2307/3138610
Wang, D., & Li, S. M. (2004). Housing preferences in a transitional housing system: the case of Beijing, China. Environment and Planning A, 36(1), 69-87. https://doi.org/10.1068/a35263
Wang, D., & Li, S. M. (2006). Socio-economic differentials and stated housing preferences in Guangzhou, China. Habitat International, 30(2), 305-326. https://doi.org/10.1016/j.habitatint.2004.02.009
Waugh, F. V. (1929). Quality as a determinant of vegetable prices: a statistical study of quality factors influencing vegetable prices in the Boston wholesale market (No. 312). New York: Columbia University Press; London: PS King & son, Limited. https://doi.org/10.7312/waug92494
Wei, X., (2007). Ruhe jiejue dongxi chaoxiang zhuzhai de xishai wenti [How to solve the west sun problem for East-West oriented apartments]. Zhongwai Jianzhu, 9.
Wen, H., Bu, X., & Qin, Z. (2014). Spatial effect of lake landscape on housing price: a case study of the West Lake in Hangzhou, China. Habitat International, 44, 31-40. https://doi.org/10.1016/j.habitatint.2014.05.001
Weng, Y. (2008). Shanghai Anting xinzhen guihua jianshe de jingyan jiejian he wenti sikao [The experiences and considerations of Shanghai Anting New Town’s planning and construction]. Shanghai chengshi guihua, 2, 33-38.
Xiao, Y. (2017). Hedonic housing price theory review. In Urban morphology and housing market (pp. 11-40). Singapore: Springer. https://doi.org/10.1007/978-981-10-2762-8_2
Xu, P. (1997). Feng-shui as clue: identifying prehistoric landscape setting patterns in the American Southwest. Landscape Journal, 16(2), 174-190. https://doi.org/10.3368/lj.16.2.174
Xu, P. (1998). “Feng-Shui” models structured traditional Beijing courtyard houses. Journal of Architectural and Planning Research, 15(4), 271-282. Retrieved from https://www.jstor.org/stable/43030469
Xu, X. (2009). Qianlun jianzhu fengshui wenhua de neihan yu shiyong gongneng [A brief discussion of cultural and practical functions on the Feng-Shui architecture design]. Zhongwai jianzhu, 9, 95-96.
Zeng, Z., & Ping, R. (2007). Zhuzhai dongxixiang de sheji tantao [Discussion on the architectural design of East-West oriented residential apartments]. Jiangxi jiancai, 1, 32-33.
Zhang, D. (2016). Juer Hutong new courtyard housing in Beijing: a review from the residents’ perspective. International Journal of Architectural Research, 10(2). https://doi.org/10.26687/archnet-ijar.v10i2.963
Zhang, X. (2006). “Nan” zi suyuan ji qi wenhua yiyun [The traceability of character ‘South’ and its cultural implication]. Shehui kexuejia, 2, 206-208.
Zhang, Y. (1990). Wei dongxi chaoxiang duoceng zhuzhai zheng yixizhidi [Arguing the suitability of East-West oriented apartments in a multi-storey residential building]. Zhuzhai keji, 2, 19.