Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.euroecorev.2012.02.012
Title: The nascent market for "green" real estate in Beijing
Authors: Zheng, S.
Wu, J.
Kahn, M.E.
Deng, Y. 
Keywords: CHINA housing market
Energy efficiency
Environmental sustainability
Green building
Information asymmetry
Issue Date: 2012
Source: Zheng, S., Wu, J., Kahn, M.E., Deng, Y. (2012). The nascent market for "green" real estate in Beijing. European Economic Review 56 (5) : 974-984. ScholarBank@NUS Repository. https://doi.org/10.1016/j.euroecorev.2012.02.012
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. © 2012 Elsevier B.V.
Source Title: European Economic Review
URI: http://scholarbank.nus.edu.sg/handle/10635/46262
ISSN: 00142921
DOI: 10.1016/j.euroecorev.2012.02.012
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