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Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis

Author

Listed:
  • Xun Li

    (Guangdong Provincial/Zhuhai Key Laboratory of Interdisciplinary Research and Application for Data Science, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China
    Department of Life Sciences, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China)

  • Qingyu He

    (Department of Life Sciences, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China)

  • Wenwen Huang

    (Department of Life Sciences, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China
    Department of Biology, Hong Kong Baptist University, Kowloon, Hong Kong, China)

  • Siu-Tai Tsim

    (Guangdong Provincial/Zhuhai Key Laboratory of Interdisciplinary Research and Application for Data Science, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China
    Department of Life Sciences, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, China)

  • Jian-Wen Qiu

    (Department of Biology, Hong Kong Baptist University, Kowloon, Hong Kong, China)

Abstract

Urban parks play a pivotal role in fostering ecologically advanced cities in China, contributing significantly to enhancing urban environments and the overall quality of life for residents. However, their value is often hard to quantify by urban planners due to the absence of a clear market price. Using the hedonic price method, this study delves into the distinct impacts of different types of urban parks (community parks, city parks, country parks) on housing prices under the three-level park system in Shenzhen. The outcomes reveal that owning a view of both city parks and country parks from the apartment has significant positive influence on housing prices, with a premium of 14.8916% (RMB 920,396.73) and 30.7299% (RMB 1,899,309.15), respectively. Regarding accessibility, shortening walking distance by 100 m to the nearest community park and city park can attach a premium to the housing price by 0.3269% (RMB 20,203.55) and 0.6130% value gain (RMB 37,889.53), respectively. The results drawn from distinctive park types are expected to give insights to urban planners in formulating strategies for ecological civilization construction, with an emphasis on prioritizing visible and accessible greenspaces to cater to citizens’ preferences and foster sustainable urban growth.

Suggested Citation

  • Xun Li & Qingyu He & Wenwen Huang & Siu-Tai Tsim & Jian-Wen Qiu, 2025. "Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis," Land, MDPI, vol. 14(1), pages 1-15, January.
    • Handle: RePEc:gam:jlands:v:14:y:2025:i:1:p:182-:d:1568910
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    References listed on IDEAS

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    1. Zhongmin, Xu & Guodong, Cheng & Zhiqiang, Zhang & Zhiyong, Su & Loomis, John, 2003. "Applying contingent valuation in China to measure the total economic value of restoring ecosystem services in Ejina region," Ecological Economics, Elsevier, vol. 44(2-3), pages 345-358, March.
    2. Herath, Shanaka & Maier, Gunther, 2010. "The hedonic price method in real estate and housing market research. A review of the literature," SRE-Discussion Papers 2010/03, WU Vienna University of Economics and Business.
    3. Brasington, David M. & Hite, Diane, 2008. "A mixed index approach to identifying hedonic price models," Regional Science and Urban Economics, Elsevier, vol. 38(3), pages 271-284, May.
    4. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
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