The Dynamic Impacts of Employment Subcenters on Residential Land Price in Transitional China: An Examination of the Beijing Metropolitan Area

In recent years, increasing attention has been paid to the urban spatial structure in developing countries. In China, studies have shown that many mega cities or big cities have been transformed into polycentric spatial structures. However, polycentric spatial structures’ impact on urban development requires further empirical research, including in relation to land price, commuting, and population distribution. Taking Beijing as an example, this paper discusses employment subcenters’ rise and evolution on residential land prices. Using the land transaction data for 2001–2013, this paper analyzes the residential market characteristics in terms of their temporal and spatial variation and studies the impact of employment subcenters on residential land prices using a Hedonic model of Beijing city for 2001–2004, 2005–2008, and 2009–2013. This paper finds that (1) Beijing’s employment subcenters increased from one in 2001 to four in 2004 and six in 2008, while the spatial distribution was diffused from the center of the city to the suburbs; (2) Beijing’s main center’s influence on residential land price is on the decline, while that of employment subcenters is on the rise, although their influence and scope of influence remain limited; (3) the impact of different employment subcenters on land prices is significantly different. The impact of Zhongguancun is very significant, while that of other employment sub-centers is relatively limited, particularly the “new town” employment subcenter. Based on this, this paper argues that with the development of subcenters of employment, their influence on urban development will become increasingly obvious. Therefore, urban policy-makers need to consider this influence and make corresponding strategic adjustments.