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Assessing the Performance of Chinese Land Lease Auctions: Evidence from Beijing

Author

Listed:
  • Weidong Qu

    (Renmin University of China)

  • Xiaolong Liu

    (Renmin University of China)

Abstract

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 results of an auction might be predictable from the bidder composition of the auction.

Suggested Citation

  • Weidong Qu & Xiaolong Liu, 2012. "Assessing the Performance of Chinese Land Lease Auctions: Evidence from Beijing," Journal of Real Estate Research, American Real Estate Society, vol. 34(3), pages 291-310.
    • Handle: RePEc:jre:issued:v:34:n:3:2012:p:291-310
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    Citations

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    Cited by:

    1. Seid Hussen Yimam & Hans Lind & Belachew Yirsaw Alemu, 2022. "Understanding Urban Land Leasing System as a Strategic Value Capture Instrument to Enhance Urban Revenue in Ethiopia: A Case Study of Bahir Dar City," Economies, MDPI, vol. 10(6), pages 1-26, June.
    2. Xiaolong Liu & Weidong Qu, 2015. "Winner's Curse or Signaling? Bidding Outcomes in the Chinese Land Market," International Real Estate Review, Global Social Science Institute, vol. 18(1), pages 113-129.
    3. Su Han Chan & Ko Wang & Jing Yang, 2011. "A Rational Explanation for Boom-and-Bust Price Patterns in Real Estate Markets," International Real Estate Review, Global Social Science Institute, vol. 14(3), pages 257-282.
    4. Iris Claus & Les Oxley & Jie Chen & Xuehui Han, 2014. "The Evolution Of The Housing Market And Its Socioeconomic Impacts In The Post-Reform People'S Republic Of China: A Survey Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 28(4), pages 652-670, September.
    5. Deininger, Klaus W. & Ali, Daniel Ayalew & Neyter, Roman, 2023. "Impacts of a mandatory shift to decentralized online auctions on revenue from public land leases in Ukraine," Journal of Economic Behavior & Organization, Elsevier, vol. 213(C), pages 432-450.
    6. Lian, Hongping & Li, Hui & Ko, Kilkon, 2019. "Market-led transactions and illegal land use: Evidence from China," Land Use Policy, Elsevier, vol. 84(C), pages 12-20.
    7. Chin-Tai Kuo & Yu-Hsi Yuan & Wang-Ze Gao & Chia-Ning Jao, 2023. "The Impact of Recognized Features of Uncomfortable Houses on Auction Prices: A Chinese Cultural Perspective," SAGE Open, , vol. 13(4), pages 21582440231, December.
    8. Jianfu Shen & Frederik Pretorius & K. W. Chau, 2018. "Land Auctions with Budget Constraints," The Journal of Real Estate Finance and Economics, Springer, vol. 56(3), pages 443-471, April.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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