Land marketization, secondary land market, and effects on industrial land price
Abstract
Land marketization and its effects are widely documented across developing countries. Few studies, however, have investigated the link between industrial land price determination and industrial land market reform, based on the establishment of a pilot open trading platform for the secondary market. Moreover, no studies have specifically examined the link between primary and secondary industrial land markets. This study, therefore, investigates industrial land price determination using a quasi-natural experiment to interpret distortions in industrial land prices in China. Using industrial land sales data for 2006–2017 in the city of Haining, Zhejiang Province, China, this study compares industrial land value in the secondary market with land transfer prices in the primary market and identify undervaluation in the primary market. The results show that the growth rate of industrial land transfer prices increased every year after the open trading platform was established. Moreover, compared with nonpilot districts and counties, industrial land prices in the pilot city (Haining) increased by 11.14% from 2015 to 2017. The findings suggest that, based on the pilot program, further market reforms should be undertaken by establishing open trading platforms in a broader area.
Keyword : land marketization, land-use policy, land-use regulation, spatial planning, industrial land price, secondary land market
How to Cite
Tu, F., Zou, S., Hu, S., & Zhang, S. (2022). Land marketization, secondary land market, and effects on industrial land price. International Journal of Strategic Property Management, 26(4), 272–286. https://doi.org/10.3846/ijspm.2022.17587
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
References
Aalbers, M. B., & Haila, A. (2018). The financialization of housing: a political economy approach. Urban Studies, 55(8), 1821–1835. https://doi.org/10.1177/0042098018759251
Anderson, E., & Gatignon, H. (2008). Firms and the creation of new markets. In Handbook of new institutional economics (pp. 401–431). Springer. https://doi.org/10.1007/978-3-540-69305-5_17
Angrist, J., & Pischke, J.-S. (2010). The credibility revolution in empirical economics: how better research design is taking the con out of econometrics. National Bureau of Economic Research. https://doi.org/10.3386/w15794
Asabere, P. K., & Huffman, F. E. (1991). Zoning and industrial land values: the case of Philadelphia. Real Estate Economics, 19(2), 154–160. https://doi.org/10.1111/1540-6229.00547
Atteberry, W., & Rutherford, R. (1993). Industrial real estate prices and market efficiency. Journal of Real Estate Research, 8(3), 377–385. https://doi.org/10.1080/10835547.1993.12090715
Blackley, P. R. (1984). A hedonic approach to the decentralization of manufacturing activity. Journal of Regional Science, 24(4), 541–557. https://doi.org/10.1111/j.1467-9787.1984.tb01047.x
Blackley, P. R. (1985). The demand for industrial sites in a metropolitan area: theory, empirical evidence, and policy implications. Journal of Urban Economics, 17(2), 247–261. https://doi.org/10.1016/0094-1190(85)90049-X
Bradley, Q. (2021). The accountancy of marketisation: fictional markets in housing land supply. Environment and Planning A: Economy and Space, 54(3), 493–507. https://doi.org/10.1177/0308518x211061583
Cao, G., Feng, C., & Tao, R. (2008). Local “land finance” in China’s urban expansion: challenges and solutions. China & World Economy, 16(2), 19–30. https://doi.org/10.1111/j.1749-124X.2008.00104.x
Chamberlain, J., & Ricker-Gilbert, J. (2016). Participation in rural land rental markets in Sub-Saharan Africa: who benefits and by how much? Evidence from Malawi and Zambia. American Journal of Agricultural Economics, 98(5), 1507–1528. https://doi.org/10.1093/ajae/aaw021
Chen, C. (2017). Untitled land, occupational choice, and agricultural productivity. American Economic Journal: Macroeconomics, 9(4), 91–121. https://doi.org/10.1257/mac.20140171
Christophers, B. (2016). For real: land as capital and commodity. Transactions of the Institute of British Geographers, 41(2), 134–148. https://doi.org/10.1111/tran.12111
Christophers, B. (2018). The new enclosure: the appropriation of public land in neoliberal Britain. Verso. https://doi.org/10.4000/metropoles.7715
Coe, N. M., Hess, M., Yeung, H. W., Dicken, P., & Henderson, J. (2004). ‘Globalizing’ regional development: a global production networks perspective. Transactions of the Institute of British Geographers, 29(4), 468–484. https://doi.org/10.1111/j.0020-2754.2004.00142.x
Department of Land and Resources of Zhejiang Province. (2017). Industrial land policy evaluation study.
Du, J., Thill, J. C., Peiser, R. B., & Feng, C. (2014). Urban land market and land-use changes in post-reform China: a case study of Beijing. Landscape and Urban Planning, 124, 118–128. https://doi.org/10.1016/j.landurbplan.2014.01.012
Dubin, R. A. (2003). Robustness of spatial autocorrelation specifications: some Monte Carlo evidence. Journal of Regional Science, 43(2), 221–248. https://doi.org/10.1111/1467-9787.00297
Erickson, R. A., & Wasylenko, M. (1980). Firm relocation and site selection in suburban municipalities. Journal of Urban Economics, 8(1), 69–85. https://doi.org/10.1016/0094-1190(80)90056-X
Fehribach, F., Rutherford, R., & Eakin, M. (1993). An analysis of the determinants of industrial property valuation. Journal of Real Estate Research, 8(3), 365–376. https://doi.org/10.1080/10835547.1993.12090717
Feng, L., Wei, L., & Jiang, Y. (2008). Study on the contribution of land element to economic growth in China. China Land Science, 22(12), 4–10 (in Chinese).
Gao, J., Chen, J., & Su, X. (2014). Influencing factors of land price in Nanjing Proper during 2001–2010. Progress in Geography, 33(2), 211–221 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-DLKJ201402007.htm
Gyourko, J., Saiz, A., & Summers, A. (2008). A new measure of the local regulatory environment for housing markets: the Wharton residential land use regulatory index. Urban Studies, 45(3), 693–729. https://doi.org/10.1177/0042098007087341
Haila, A. (2015). Urban land rent: Singapore as a property state. John Wiley & Sons.
Huang, X. J., Chen, Z. G., Yu, R., & Li, L. L. (2013). The performance and suggestion of Chinese land transfer system since 1980s. Modern Urban Research, 9, 15–21 (in Chinese).
Huang, Z., Wei, Y. D., He, C., & Li, H. (2015). Urban land expansion under economic transition in China: a multi-level modeling analysis. Habitat International, 47, 69–82. https://doi.org/10.1016/j.habitatint.2015.01.007
Jiaxing Statistical Bureau. (2019). Jiaxing statistical yearbook.
Kenney-Lazar, M. (2021). Turning land into capital? The expansion and extraction of value in Laos. Environment and Planning A: Economy and Space, 1–16. https://doi.org/10.1177/0308518X211063493
Kowalski, J. G., & Paraskevopoulos, C. C. (1990). The impact of location on urban industrial land prices. Journal of Urban Economics, 27(1), 16–24. https://doi.org/10.1016/0094-1190(90)90021-E
Lin, G. C. S., & Ho, S. P. S. (2005). The state, land system, and land development processes in contemporary China. Annals of the Association of American Geographers, 95(2), 411–436. https://doi.org/10.1111/j.1467-8306.2005.00467.x
Lin, G. C. S., & Yi, F. (2011). Urbanization of capital or capitalization on urban land? Land development and local public finance in urbanizing China. Urban Geography, 32(1), 50–79. https://doi.org/10.2747/0272-3638.32.1.50
Liu, S. Y. (2017). China’s two-stage land reform. International Economic Review, 05, 29–56+4.
Lockwood, L. J., & Rutherford, R. C. (1996). Determinants of industrial property value. Real Estate Economics, 24(2), 257–272. https://doi.org/10.1111/1540-6229.00690
Lou, L., Xiang, Y., & Pan, Y. (2021). Policies on marketization allocation of industrial land. China Land, 11, 51–53 (in Chinese). https://doi.org/10.13816/j.cnki.ISSN1002-9729.2021.11.17
Lu, S., & Wang, H. (2020). Local economic structure, regional competition and the formation of industrial land price in China: combining evidence from process tracing with quantitative results. Land Use Policy, 97, 104704. https://doi.org/10.1016/j.landusepol.2020.104704
Lu, W. (2015). Problems and countermeasures to the second land market in China. Urban Problems, 3, 31–36+104 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-CSWT201503006.htm
Mitra, S., & Webster, S. (2008). Competition in remanufacturing and the effects of government subsidies. International Journal of Production Economics, 111(2), 287–298. https://doi.org/10.1016/j.ijpe.2007.02.042
Moses, L. N. (1958). Location and the theory of production. The Quarterly Journal of Economics, 72(2), 259–272. https://doi.org/10.2307/1880599
Ni, J., Zhang, Y., Li, T., Xue, A., & Ou, X. (2004). The influence of industrial evenness on land price in new industrial area. Journal of Basic Science and Engineering, 3, 260–268 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-YJGX200403003.htm
Paik, W. (2014). Land developers, states, and collusive clientelism in marketizing China. Pacific Focus, 29(1), 68–91. https://doi.org/10.1111/pafo.12021
Park, J. I., & Kim, J. O. (2022). Does industrial land sprawl matter in land productivity? A case study of industrial parks of South Korea. Journal of Cleaner Production, 334, 130209. https://doi.org/10.1016/j.jclepro.2021.130209
Polanyi, K. (2001). The great transformation: the political and economic origins of our time. Beacon Press. (Original work published 1944)
Ren, L., Li, J., Ma, R., & Ning, A. (2016). Study on establishment of withdrawal mechanism for industrial land in development zone: a case study of Ningbo Free Trade Zone. Ecological Economy, 32, 111–116+122 (in Chinese).
Schmenner, R. W. (1982). Making business location decisions. Prentice Hall.
Sivitanidou, R., & Sivitanides, P. (1995). Industrial rent differentials: the case of Greater Los Angeles. Environment and Planning A, 27(7), 1133–1146. https://doi.org/10.1068/a271133
Struyk, R. J., & James, F. J. (1975). Intrametropolitan industrial location: the pattern and process of change. Lexington Books.
Tabuchi, T. (1986). Urban agglomeration, capital augmenting technology, and labor market equilibrium. Journal of Urban Economics, 20(2), 211–228. https://doi.org/10.1016/0094-1190(86)90008-2
Tse, R. Y. C. (2002). Estimating neighbourhood effects in house prices: towards a new hedonic model approach. Urban Studies, 39(7), 1165–1180. https://doi.org/10.1080/00420980220135545
Tu, F., Ge, J. W., Zhong, Q., & Liu, D. X. (2017). Determinants of industrial land price in the process of land marketization reform in China. China Land Science, 31(12), 33–41 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-ZTKX201712004.htm
Tu, F., Hu, S., & Zhao, G. (2020). Dutch industrial land use policy and its insights to China: public land development model and sustainable land development. Urban Planning International, 35(1), 111–117. https://doi.org/10.19830/j.upi.2018.432
Tu, F., Yu, X., & Ruan, J. (2014). Industrial land use efficiency under government intervention: evidence from Hangzhou, China. Habitat International, 43, 1–10. https://doi.org/10.1016/j.habitatint.2014.01.017
Tu, F., Zou, S., & Ding, R. (2021). How do land use regulations influence industrial land prices? Evidence from China. International Journal of Strategic Property Management, 25(1), 76–89. https://doi.org/10.3846/ijspm.2020.14051
Turnbull, G. K., & Niho, Y. (1986). The optimal property tax with mobile non-residential capital. Journal of Public Economics, 29(2), 223–239. https://doi.org/10.1016/0047-2727(86)90004-6
Wasylenko, M. J. (1980). Evidence of fiscal differentials and intrametropolitan firm relocation. Land Economics, 56(3), 339–349. https://doi.org/10.2307/3146036
Wheeler, J. O. (1981). Effects of geographical scale on location decisions in manufacturing: the Atlanta example. Economic Geography, 57(2), 134–145. https://doi.org/10.2307/144138
Wilson, J. D. (1986). A theory of interregional tax competition. Journal of Urban Economics, 19(3), 296–315. https://doi.org/10.1016/0094-1190(86)90045-8
Wolkoff, M. J. (1992). Is economic development decision making rational? Urban Affairs Quarterly, 27(3), 340–355. https://doi.org/10.1177/004208169202700302
Wu, Y. (2007). On regional equilibrium of industrial land price and management strategy based on game theory. Journal of Zhejiang University (Humanities and Social Sciences), 37(4), 124–133 (in Chinese). https://doi.org/10.3785/j.issn.1008-942X.2007.04.014
Xu, S. C., Zhu, D. L., Lun, F., Jing, S. Q., Wu, L., & Li, X. L. (2017). Rethinking the prices relationship between industrial land and residential land and the intrinsic difference. China Land Science, 5, 47–54 (in Chinese).
Zeng, X. (2017). Research on deepening the marketization reform of industrial land: research and thinking based on Jiaxing City. Natural Resource Economics of China, 30(1), 24–27+17 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-ZDKJ201701007.htm
Zhang, M. (2018). Research on the co-movement between primary market and secondary market of industrial land in China: a case study of Wuhan. Territory & Natural Resources Study, 5, 8–12. http://en.cnki.com.cn/Article_en/CJFDTotal-GTZY201805003.htm
Zhang, X., Lin, Y., Wu, Y., & Skitmore, M. (2017). Industrial land price between China’s Pearl River Delta and Southeast Asian regions: competition or coopetition? Land Use Policy, 61, 575–586. https://doi.org/10.1016/j.landusepol.2016.12.011
Aalbers, M. B., & Haila, A. (2018). The financialization of housing: a political economy approach. Urban Studies, 55(8), 1821–1835. https://doi.org/10.1177/0042098018759251
Anderson, E., & Gatignon, H. (2008). Firms and the creation of new markets. In Handbook of new institutional economics (pp. 401–431). Springer. https://doi.org/10.1007/978-3-540-69305-5_17
Angrist, J., & Pischke, J.-S. (2010). The credibility revolution in empirical economics: how better research design is taking the con out of econometrics. National Bureau of Economic Research. https://doi.org/10.3386/w15794
Asabere, P. K., & Huffman, F. E. (1991). Zoning and industrial land values: the case of Philadelphia. Real Estate Economics, 19(2), 154–160. https://doi.org/10.1111/1540-6229.00547
Atteberry, W., & Rutherford, R. (1993). Industrial real estate prices and market efficiency. Journal of Real Estate Research, 8(3), 377–385. https://doi.org/10.1080/10835547.1993.12090715
Blackley, P. R. (1984). A hedonic approach to the decentralization of manufacturing activity. Journal of Regional Science, 24(4), 541–557. https://doi.org/10.1111/j.1467-9787.1984.tb01047.x
Blackley, P. R. (1985). The demand for industrial sites in a metropolitan area: theory, empirical evidence, and policy implications. Journal of Urban Economics, 17(2), 247–261. https://doi.org/10.1016/0094-1190(85)90049-X
Bradley, Q. (2021). The accountancy of marketisation: fictional markets in housing land supply. Environment and Planning A: Economy and Space, 54(3), 493–507. https://doi.org/10.1177/0308518x211061583
Cao, G., Feng, C., & Tao, R. (2008). Local “land finance” in China’s urban expansion: challenges and solutions. China & World Economy, 16(2), 19–30. https://doi.org/10.1111/j.1749-124X.2008.00104.x
Chamberlain, J., & Ricker-Gilbert, J. (2016). Participation in rural land rental markets in Sub-Saharan Africa: who benefits and by how much? Evidence from Malawi and Zambia. American Journal of Agricultural Economics, 98(5), 1507–1528. https://doi.org/10.1093/ajae/aaw021
Chen, C. (2017). Untitled land, occupational choice, and agricultural productivity. American Economic Journal: Macroeconomics, 9(4), 91–121. https://doi.org/10.1257/mac.20140171
Christophers, B. (2016). For real: land as capital and commodity. Transactions of the Institute of British Geographers, 41(2), 134–148. https://doi.org/10.1111/tran.12111
Christophers, B. (2018). The new enclosure: the appropriation of public land in neoliberal Britain. Verso. https://doi.org/10.4000/metropoles.7715
Coe, N. M., Hess, M., Yeung, H. W., Dicken, P., & Henderson, J. (2004). ‘Globalizing’ regional development: a global production networks perspective. Transactions of the Institute of British Geographers, 29(4), 468–484. https://doi.org/10.1111/j.0020-2754.2004.00142.x
Department of Land and Resources of Zhejiang Province. (2017). Industrial land policy evaluation study.
Du, J., Thill, J. C., Peiser, R. B., & Feng, C. (2014). Urban land market and land-use changes in post-reform China: a case study of Beijing. Landscape and Urban Planning, 124, 118–128. https://doi.org/10.1016/j.landurbplan.2014.01.012
Dubin, R. A. (2003). Robustness of spatial autocorrelation specifications: some Monte Carlo evidence. Journal of Regional Science, 43(2), 221–248. https://doi.org/10.1111/1467-9787.00297
Erickson, R. A., & Wasylenko, M. (1980). Firm relocation and site selection in suburban municipalities. Journal of Urban Economics, 8(1), 69–85. https://doi.org/10.1016/0094-1190(80)90056-X
Fehribach, F., Rutherford, R., & Eakin, M. (1993). An analysis of the determinants of industrial property valuation. Journal of Real Estate Research, 8(3), 365–376. https://doi.org/10.1080/10835547.1993.12090717
Feng, L., Wei, L., & Jiang, Y. (2008). Study on the contribution of land element to economic growth in China. China Land Science, 22(12), 4–10 (in Chinese).
Gao, J., Chen, J., & Su, X. (2014). Influencing factors of land price in Nanjing Proper during 2001–2010. Progress in Geography, 33(2), 211–221 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-DLKJ201402007.htm
Gyourko, J., Saiz, A., & Summers, A. (2008). A new measure of the local regulatory environment for housing markets: the Wharton residential land use regulatory index. Urban Studies, 45(3), 693–729. https://doi.org/10.1177/0042098007087341
Haila, A. (2015). Urban land rent: Singapore as a property state. John Wiley & Sons.
Huang, X. J., Chen, Z. G., Yu, R., & Li, L. L. (2013). The performance and suggestion of Chinese land transfer system since 1980s. Modern Urban Research, 9, 15–21 (in Chinese).
Huang, Z., Wei, Y. D., He, C., & Li, H. (2015). Urban land expansion under economic transition in China: a multi-level modeling analysis. Habitat International, 47, 69–82. https://doi.org/10.1016/j.habitatint.2015.01.007
Jiaxing Statistical Bureau. (2019). Jiaxing statistical yearbook.
Kenney-Lazar, M. (2021). Turning land into capital? The expansion and extraction of value in Laos. Environment and Planning A: Economy and Space, 1–16. https://doi.org/10.1177/0308518X211063493
Kowalski, J. G., & Paraskevopoulos, C. C. (1990). The impact of location on urban industrial land prices. Journal of Urban Economics, 27(1), 16–24. https://doi.org/10.1016/0094-1190(90)90021-E
Lin, G. C. S., & Ho, S. P. S. (2005). The state, land system, and land development processes in contemporary China. Annals of the Association of American Geographers, 95(2), 411–436. https://doi.org/10.1111/j.1467-8306.2005.00467.x
Lin, G. C. S., & Yi, F. (2011). Urbanization of capital or capitalization on urban land? Land development and local public finance in urbanizing China. Urban Geography, 32(1), 50–79. https://doi.org/10.2747/0272-3638.32.1.50
Liu, S. Y. (2017). China’s two-stage land reform. International Economic Review, 05, 29–56+4.
Lockwood, L. J., & Rutherford, R. C. (1996). Determinants of industrial property value. Real Estate Economics, 24(2), 257–272. https://doi.org/10.1111/1540-6229.00690
Lou, L., Xiang, Y., & Pan, Y. (2021). Policies on marketization allocation of industrial land. China Land, 11, 51–53 (in Chinese). https://doi.org/10.13816/j.cnki.ISSN1002-9729.2021.11.17
Lu, S., & Wang, H. (2020). Local economic structure, regional competition and the formation of industrial land price in China: combining evidence from process tracing with quantitative results. Land Use Policy, 97, 104704. https://doi.org/10.1016/j.landusepol.2020.104704
Lu, W. (2015). Problems and countermeasures to the second land market in China. Urban Problems, 3, 31–36+104 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-CSWT201503006.htm
Mitra, S., & Webster, S. (2008). Competition in remanufacturing and the effects of government subsidies. International Journal of Production Economics, 111(2), 287–298. https://doi.org/10.1016/j.ijpe.2007.02.042
Moses, L. N. (1958). Location and the theory of production. The Quarterly Journal of Economics, 72(2), 259–272. https://doi.org/10.2307/1880599
Ni, J., Zhang, Y., Li, T., Xue, A., & Ou, X. (2004). The influence of industrial evenness on land price in new industrial area. Journal of Basic Science and Engineering, 3, 260–268 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-YJGX200403003.htm
Paik, W. (2014). Land developers, states, and collusive clientelism in marketizing China. Pacific Focus, 29(1), 68–91. https://doi.org/10.1111/pafo.12021
Park, J. I., & Kim, J. O. (2022). Does industrial land sprawl matter in land productivity? A case study of industrial parks of South Korea. Journal of Cleaner Production, 334, 130209. https://doi.org/10.1016/j.jclepro.2021.130209
Polanyi, K. (2001). The great transformation: the political and economic origins of our time. Beacon Press. (Original work published 1944)
Ren, L., Li, J., Ma, R., & Ning, A. (2016). Study on establishment of withdrawal mechanism for industrial land in development zone: a case study of Ningbo Free Trade Zone. Ecological Economy, 32, 111–116+122 (in Chinese).
Schmenner, R. W. (1982). Making business location decisions. Prentice Hall.
Sivitanidou, R., & Sivitanides, P. (1995). Industrial rent differentials: the case of Greater Los Angeles. Environment and Planning A, 27(7), 1133–1146. https://doi.org/10.1068/a271133
Struyk, R. J., & James, F. J. (1975). Intrametropolitan industrial location: the pattern and process of change. Lexington Books.
Tabuchi, T. (1986). Urban agglomeration, capital augmenting technology, and labor market equilibrium. Journal of Urban Economics, 20(2), 211–228. https://doi.org/10.1016/0094-1190(86)90008-2
Tse, R. Y. C. (2002). Estimating neighbourhood effects in house prices: towards a new hedonic model approach. Urban Studies, 39(7), 1165–1180. https://doi.org/10.1080/00420980220135545
Tu, F., Ge, J. W., Zhong, Q., & Liu, D. X. (2017). Determinants of industrial land price in the process of land marketization reform in China. China Land Science, 31(12), 33–41 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-ZTKX201712004.htm
Tu, F., Hu, S., & Zhao, G. (2020). Dutch industrial land use policy and its insights to China: public land development model and sustainable land development. Urban Planning International, 35(1), 111–117. https://doi.org/10.19830/j.upi.2018.432
Tu, F., Yu, X., & Ruan, J. (2014). Industrial land use efficiency under government intervention: evidence from Hangzhou, China. Habitat International, 43, 1–10. https://doi.org/10.1016/j.habitatint.2014.01.017
Tu, F., Zou, S., & Ding, R. (2021). How do land use regulations influence industrial land prices? Evidence from China. International Journal of Strategic Property Management, 25(1), 76–89. https://doi.org/10.3846/ijspm.2020.14051
Turnbull, G. K., & Niho, Y. (1986). The optimal property tax with mobile non-residential capital. Journal of Public Economics, 29(2), 223–239. https://doi.org/10.1016/0047-2727(86)90004-6
Wasylenko, M. J. (1980). Evidence of fiscal differentials and intrametropolitan firm relocation. Land Economics, 56(3), 339–349. https://doi.org/10.2307/3146036
Wheeler, J. O. (1981). Effects of geographical scale on location decisions in manufacturing: the Atlanta example. Economic Geography, 57(2), 134–145. https://doi.org/10.2307/144138
Wilson, J. D. (1986). A theory of interregional tax competition. Journal of Urban Economics, 19(3), 296–315. https://doi.org/10.1016/0094-1190(86)90045-8
Wolkoff, M. J. (1992). Is economic development decision making rational? Urban Affairs Quarterly, 27(3), 340–355. https://doi.org/10.1177/004208169202700302
Wu, Y. (2007). On regional equilibrium of industrial land price and management strategy based on game theory. Journal of Zhejiang University (Humanities and Social Sciences), 37(4), 124–133 (in Chinese). https://doi.org/10.3785/j.issn.1008-942X.2007.04.014
Xu, S. C., Zhu, D. L., Lun, F., Jing, S. Q., Wu, L., & Li, X. L. (2017). Rethinking the prices relationship between industrial land and residential land and the intrinsic difference. China Land Science, 5, 47–54 (in Chinese).
Zeng, X. (2017). Research on deepening the marketization reform of industrial land: research and thinking based on Jiaxing City. Natural Resource Economics of China, 30(1), 24–27+17 (in Chinese). http://en.cnki.com.cn/Article_en/CJFDTOTAL-ZDKJ201701007.htm
Zhang, M. (2018). Research on the co-movement between primary market and secondary market of industrial land in China: a case study of Wuhan. Territory & Natural Resources Study, 5, 8–12. http://en.cnki.com.cn/Article_en/CJFDTotal-GTZY201805003.htm
Zhang, X., Lin, Y., Wu, Y., & Skitmore, M. (2017). Industrial land price between China’s Pearl River Delta and Southeast Asian regions: competition or coopetition? Land Use Policy, 61, 575–586. https://doi.org/10.1016/j.landusepol.2016.12.011