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Land Use Rights, Government Land Supply, and the Pattern of Redevelopment in Shanghai

Listed author(s):
  • Yuming Fu


    (Department of Real Estate and Urban Land Economics, University of Wisconsin)

  • Tsur Somerville


    (Commerce and Business Administration, University of British Columbia)

  • Mengdi Gu

    (School of Management, Shanghai Jiaotong University, Shanghai, PRC)

  • Tongcheng Huang

    (School of Management, Shanghai Jiaotong University, Shanghai, PRC)

This paper reviews the urban redevelopment activities in Shanghai as the land market reforms were introduced. We focus on the impact of land use institutions on the spatial pattern of these activities. Sites for private real estate redevelopment were supplied by individual districts in the city. But the need for districts to pay for the resettlement of displaced residents contributed to a spatial mismatch between the supply of redevelopment sites and the market demand for commercial real estate space. Resettlement costs are highest at the high demand locations. State owned enterprises and institutions occupying land allocated by the state also engaged in real estate development. Whereas the density of private redevelopment was sensitive to the volume of commercial activities in a district, this does not appear to have been important in determining the location of the significant increase in the stock of commercial space resulting from development by local enterprises and institutions. This growth shows considerable decentralization between 1993 and 1996,indicative of spatially inefficient redevelopment activities by land-rich state enterprises.

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Article provided by Asian Real Estate Society in its journal International Real Estate Review.

Volume (Year): 2 (1999)
Issue (Month): 1 ()
Pages: 49-78

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Handle: RePEc:ire:issued:v:02:n:01:1999:p:49-78
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