The Impact of High-Speed Railway on Urban Housing Prices in China: A Network Accessibility Perspective

Xueli  Liu; Chunxia Jiang; Feng Wang; Shujie Yao

doi:10.1016/j.tra.2021.08.006

The Impact of High-Speed Railway on Urban Housing Prices in China: A Network Accessibility Perspective

Xueli Liu, Chunxia Jiang, Feng Wang^* (Corresponding Author), Shujie Yao

^*Corresponding author for this work

Accountancy & Finance, Finance

Research output: Contribution to journal › Article › peer-review

10 Citations (Scopus)

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Abstract

Applying the social network analysis (SNA) approach, this paper investigates the impact of high-speed rail (HSR) on urban housing prices from the perspective of network accessibility. Based on a sample of 285 cities in China over 2009-2017, we find a positive effect of HSR network accessibility on urban housing prices. An increase in HSR network accessibility (i.e., degree point or closeness centrality) by one standard deviation causes about a 10.3% increase in average housing prices. Evidence also suggests that this effect varies across regions and housing types. Our results are robust to different model specifications and alternative measures of HSR accessibility. The findings offer insights into the space-time economic laws with important policy implications regarding spatial disparities and regional economic convergence in China.

Original language	English
Pages (from-to)	84-99
Number of pages	16
Journal	Transportation Research. Part A, Policy and Practice
Volume	152
Early online date	19 Aug 2021
DOIs	https://doi.org/10.1016/j.tra.2021.08.006
Publication status	Published - 31 Oct 2021

Keywords

Network accessibility
High-speed railway
Urban housing price
Social network analysis

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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title = "The Impact of High-Speed Railway on Urban Housing Prices in China: A Network Accessibility Perspective",

abstract = "Applying the social network analysis (SNA) approach, this paper investigates the impact of high-speed rail (HSR) on urban housing prices from the perspective of network accessibility. Based on a sample of 285 cities in China over 2009-2017, we find a positive effect of HSR network accessibility on urban housing prices. An increase in HSR network accessibility (i.e., degree point or closeness centrality) by one standard deviation causes about a 10.3% increase in average housing prices. Evidence also suggests that this effect varies across regions and housing types. Our results are robust to different model specifications and alternative measures of HSR accessibility. The findings offer insights into the space-time economic laws with important policy implications regarding spatial disparities and regional economic convergence in China.",

keywords = "Network accessibility, High-speed railway, Urban housing price, Social network analysis",

author = "Xueli Liu and Chunxia Jiang and Feng Wang and Shujie Yao",

note = "This research is financially supported by the Natural Science Foundation of China (71973019, 71673033, 71973148), the Social Science Foundation of China (18ZDA005, 19ZDA082), Chongqing Social Science Planning Project (2017YBJJ024), and Fundamental Research Funds for the Central Universities (NO.2020CDJSK02PT26, NO.2019CDSKXYJG0037). The authors are solely responsible for any error or omission herein.",

year = "2021",

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doi = "10.1016/j.tra.2021.08.006",

language = "English",

volume = "152",

pages = "84--99",

journal = "Transportation Research. Part A, Policy and Practice",

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T1 - The Impact of High-Speed Railway on Urban Housing Prices in China

T2 - A Network Accessibility Perspective

AU - Liu, Xueli

AU - Jiang, Chunxia

AU - Wang, Feng

AU - Yao, Shujie

N1 - This research is financially supported by the Natural Science Foundation of China (71973019, 71673033, 71973148), the Social Science Foundation of China (18ZDA005, 19ZDA082), Chongqing Social Science Planning Project (2017YBJJ024), and Fundamental Research Funds for the Central Universities (NO.2020CDJSK02PT26, NO.2019CDSKXYJG0037). The authors are solely responsible for any error or omission herein.

PY - 2021/10/31

Y1 - 2021/10/31

N2 - Applying the social network analysis (SNA) approach, this paper investigates the impact of high-speed rail (HSR) on urban housing prices from the perspective of network accessibility. Based on a sample of 285 cities in China over 2009-2017, we find a positive effect of HSR network accessibility on urban housing prices. An increase in HSR network accessibility (i.e., degree point or closeness centrality) by one standard deviation causes about a 10.3% increase in average housing prices. Evidence also suggests that this effect varies across regions and housing types. Our results are robust to different model specifications and alternative measures of HSR accessibility. The findings offer insights into the space-time economic laws with important policy implications regarding spatial disparities and regional economic convergence in China.

AB - Applying the social network analysis (SNA) approach, this paper investigates the impact of high-speed rail (HSR) on urban housing prices from the perspective of network accessibility. Based on a sample of 285 cities in China over 2009-2017, we find a positive effect of HSR network accessibility on urban housing prices. An increase in HSR network accessibility (i.e., degree point or closeness centrality) by one standard deviation causes about a 10.3% increase in average housing prices. Evidence also suggests that this effect varies across regions and housing types. Our results are robust to different model specifications and alternative measures of HSR accessibility. The findings offer insights into the space-time economic laws with important policy implications regarding spatial disparities and regional economic convergence in China.

KW - Network accessibility

KW - High-speed railway

KW - Urban housing price

KW - Social network analysis

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U2 - 10.1016/j.tra.2021.08.006

DO - 10.1016/j.tra.2021.08.006

M3 - Article

VL - 152

SP - 84

EP - 99

JO - Transportation Research. Part A, Policy and Practice

JF - Transportation Research. Part A, Policy and Practice

SN - 0965-8564

ER -

The Impact of High-Speed Railway on Urban Housing Prices in China: A Network Accessibility Perspective

Abstract

Keywords

UN SDGs

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