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The nascent market for “green” real estate in Beijing

Siqi Zheng, Jing Wu (), Matthew Kahn and Yongheng Deng

European Economic Review, 2012, vol. 56, issue 5, 974-984

Abstract: 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 “green labels” 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’ “greenness”. We create an index using Google search to rank housing complexes in Beijing with respect to their “marketing greenness” and document that these “green” 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 “green” demanders to acquire units that they desire and would accelerate the advance of China’s nascent green real estate market.

Keywords: Green building; Energy efficiency; Environmental sustainability; Information asymmetry; CHINA housing market (search for similar items in EconPapers)
JEL-codes: D82 Q51 R20 R31 (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (39)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eecrev:v:56:y:2012:i:5:p:974-984

DOI: 10.1016/j.euroecorev.2012.02.012

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European Economic Review is currently edited by T.S. Eicher, A. Imrohoroglu, E. Leeper, J. Oechssler and M. Pesendorfer

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