{"title":"土地金融化与城市化:来自中国的证据","authors":"","doi":"10.1016/j.cities.2024.105330","DOIUrl":null,"url":null,"abstract":"<div><p>As land becomes detached from its social function and market speculation intensifies, housing prices tend to rise, rendering homeownership less affordable. Following the escalation of property values, gentrification is often observed as wealthier individuals and investors are attracted to neighborhoods that offer good amenities and potential returns on their investments. Utilizing diverse datasets from multiple sources in China, this paper unveils a positive association between land financialization and the occurrence of gentrification. It also reveals that land financialization is positively linked with housing prices while negatively associated with homeownership. Further investigation uncovers a more nuanced pattern. At lower levels of land financialization, the effects of gentrification are limited or even negative due to revitalization efforts and the gradual rise in property values during early-stage urban development dynamics. However, as land financialization surpasses a certain threshold, the intensification of investment and speculative activity substantially drives property price increases, leading to heightened gentrification processes. These findings underscore the need for thoughtful urban planning and policy interventions to ensure that the impacts of land financialization are managed in an equitable and sustainable manner.</p></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":null,"pages":null},"PeriodicalIF":6.0000,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Land financialization and gentrification: evidence from China\",\"authors\":\"\",\"doi\":\"10.1016/j.cities.2024.105330\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>As land becomes detached from its social function and market speculation intensifies, housing prices tend to rise, rendering homeownership less affordable. Following the escalation of property values, gentrification is often observed as wealthier individuals and investors are attracted to neighborhoods that offer good amenities and potential returns on their investments. Utilizing diverse datasets from multiple sources in China, this paper unveils a positive association between land financialization and the occurrence of gentrification. It also reveals that land financialization is positively linked with housing prices while negatively associated with homeownership. Further investigation uncovers a more nuanced pattern. At lower levels of land financialization, the effects of gentrification are limited or even negative due to revitalization efforts and the gradual rise in property values during early-stage urban development dynamics. However, as land financialization surpasses a certain threshold, the intensification of investment and speculative activity substantially drives property price increases, leading to heightened gentrification processes. These findings underscore the need for thoughtful urban planning and policy interventions to ensure that the impacts of land financialization are managed in an equitable and sustainable manner.</p></div>\",\"PeriodicalId\":48405,\"journal\":{\"name\":\"Cities\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":6.0000,\"publicationDate\":\"2024-08-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Cities\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0264275124005444\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"URBAN STUDIES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Cities","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0264275124005444","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"URBAN STUDIES","Score":null,"Total":0}
Land financialization and gentrification: evidence from China
As land becomes detached from its social function and market speculation intensifies, housing prices tend to rise, rendering homeownership less affordable. Following the escalation of property values, gentrification is often observed as wealthier individuals and investors are attracted to neighborhoods that offer good amenities and potential returns on their investments. Utilizing diverse datasets from multiple sources in China, this paper unveils a positive association between land financialization and the occurrence of gentrification. It also reveals that land financialization is positively linked with housing prices while negatively associated with homeownership. Further investigation uncovers a more nuanced pattern. At lower levels of land financialization, the effects of gentrification are limited or even negative due to revitalization efforts and the gradual rise in property values during early-stage urban development dynamics. However, as land financialization surpasses a certain threshold, the intensification of investment and speculative activity substantially drives property price increases, leading to heightened gentrification processes. These findings underscore the need for thoughtful urban planning and policy interventions to ensure that the impacts of land financialization are managed in an equitable and sustainable manner.
期刊介绍:
Cities offers a comprehensive range of articles on all aspects of urban policy. It provides an international and interdisciplinary platform for the exchange of ideas and information between urban planners and policy makers from national and local government, non-government organizations, academia and consultancy. The primary aims of the journal are to analyse and assess past and present urban development and management as a reflection of effective, ineffective and non-existent planning policies; and the promotion of the implementation of appropriate urban policies in both the developed and the developing world.