The nascent market for 鈥済reen鈥?real estate in Beijing

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• 作者：Siqi Zheng^a ; ^{zhengsiqi@tsinghua.edu.cn} ; Jing Wu^a ; ^d ; ^{ireswujing@mail.tsinghua.edu.cn} ; Matthew E. Kahn^b ; ^c ; ^{mkahn@ioe.ucla.edu} ; Yongheng Deng^d ; ^{ydeng@nus.edu.sg}
• 关键词：Q51 ; R31 ; R20 ; D82
• 刊名：European Economic Review
• 出版年：2012
• 期刊代码：13_00142921
• 类别：eco
• 出版时间：July, 2012
• 卷：56
• 期：5
• 页码：974-984
• 文件大小：437 K

摘要

In recent years, formal certification programs for rating and evaluating the sustainability and energy efficiency of buildings have proliferated around the world. Developers recognize that such 鈥済reen labels鈥?differentiate products and allow them to charge a price premium. China has not formally adopted such rating standards. In the absence of such standards, developers are competing with each other based on their own self-reported indicators of their buildings鈥?鈥済reenness鈥? We create an index using Google search to rank housing complexes in Beijing with respect to their 鈥渕arketing greenness鈥?and document that these 鈥済reen鈥?units sell for a price premium at the presale stage but they subsequently resell or rent for a price discount. An introduction of a standardized official certification program would help 鈥済reen鈥?demanders to acquire units that they desire and would accelerate the advance of China鈥檚 nascent green real estate market.