{"title":"气候变化风险与房地产价格——来自中国沿海城市的微观证据","authors":"Xiaowei Huang , Ge Cheng , Man Zhang","doi":"10.1016/j.pacfin.2024.102658","DOIUrl":null,"url":null,"abstract":"<div><div>Sea level rise (SLR) has increased in magnitude and certainty, exposing coastal real estate assets to increasing climate risk. We develop a theoretical framework to explore the mechanism of transmission of SLR to real estate prices. We use manually collected data from micro-level second-hand housing transactions from HomeLink Real Estate Brokerage Co., Ltd. in seven cities in Guangzhou province, China, to empirically examine the impact of SLR on real estate prices. We find that SLR negatively affects real estate prices. This negative relationship differs depending on seasons, economic growth, and geographic location. The negative impact of SLR on real estate prices is primarily reflected by investors' attention to climate and sea levels. Our study contributes to the literature on the effect of SLR on real estate prices and provides insights into optimal climate change policies.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102658"},"PeriodicalIF":5.3000,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Climate change risk and real estate prices—Micro evidence from coastal cities in China\",\"authors\":\"Xiaowei Huang , Ge Cheng , Man Zhang\",\"doi\":\"10.1016/j.pacfin.2024.102658\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Sea level rise (SLR) has increased in magnitude and certainty, exposing coastal real estate assets to increasing climate risk. We develop a theoretical framework to explore the mechanism of transmission of SLR to real estate prices. We use manually collected data from micro-level second-hand housing transactions from HomeLink Real Estate Brokerage Co., Ltd. in seven cities in Guangzhou province, China, to empirically examine the impact of SLR on real estate prices. We find that SLR negatively affects real estate prices. This negative relationship differs depending on seasons, economic growth, and geographic location. The negative impact of SLR on real estate prices is primarily reflected by investors' attention to climate and sea levels. Our study contributes to the literature on the effect of SLR on real estate prices and provides insights into optimal climate change policies.</div></div>\",\"PeriodicalId\":48074,\"journal\":{\"name\":\"Pacific-Basin Finance Journal\",\"volume\":\"90 \",\"pages\":\"Article 102658\"},\"PeriodicalIF\":5.3000,\"publicationDate\":\"2025-04-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Pacific-Basin Finance Journal\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0927538X24004104\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2024/12/30 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific-Basin Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927538X24004104","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2024/12/30 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Climate change risk and real estate prices—Micro evidence from coastal cities in China
Sea level rise (SLR) has increased in magnitude and certainty, exposing coastal real estate assets to increasing climate risk. We develop a theoretical framework to explore the mechanism of transmission of SLR to real estate prices. We use manually collected data from micro-level second-hand housing transactions from HomeLink Real Estate Brokerage Co., Ltd. in seven cities in Guangzhou province, China, to empirically examine the impact of SLR on real estate prices. We find that SLR negatively affects real estate prices. This negative relationship differs depending on seasons, economic growth, and geographic location. The negative impact of SLR on real estate prices is primarily reflected by investors' attention to climate and sea levels. Our study contributes to the literature on the effect of SLR on real estate prices and provides insights into optimal climate change policies.
期刊介绍：
The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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