Papers by Author: Lian Fa Ruan

Abstract: This paper explains the phenomenon of vacant land from the perspective of developers’ choosing the timing of project development. We tested the key hypothesis of real options by building a panel data model, using the commercial housing project development data of 35 large and medium-sized cities. The results show that one standard deviation increased in the house price uncertainty reduces the new construction of project by 4.08%. The results verify the key hypothesis of real options and also indicate that Chinese real estate developers’ investment decisions are consistent with the theory of real options. The developers delay the timing of developing vacant land because they notice the values of “waiting”.

Abstract: This research investigates the impact of the first metro line (Line 1) in Hangzhou on its station-area residential property values. A hedonic pricing model shows that Line 1 had a statistically significant and positive effect on residential prices in its operation period. Compared with its construction phase, the impact did not change significantly, indicating that metro rail transit had a long-term positive influence on the station-area property values. These findings suggest that such capitalization is likely to lead to high-density and transportation-oriented development. While planning the urban rail transit system, such impact should be fully considered.

Abstract: Starting from six indicators like the ratio of the real estate investment growth and GDP growth etc., this article analyses the coordination degree of real estate investment and national economy with principal component analysis, and obtains the coordination index. Using 3σ method, the authors calculate the mean and standard deviation of the principal component indicator data, and then establish an early warning interval for real estate market . The results show that the real estate investment is a little excessive in recent years but the coordination degree between the real estate industry and the national economy is generally stable in China. Further investigations indicate that the change of the coordination index of the commercial housing sub-market is consistent with the whole commercial building market, but the one of the non-residential building is opposite to the total CB's.

Abstract: According to the characteristics of the engineering consulting industry, this paper builds engineering consulting firms core competitiveness evaluation index system, and uses fuzzy analytic hierarchy process (FAHP) to determine the indexes weight. We hope to provide a reference for the establishment of core competitiveness of the engineering consulting firm.

Abstract: Forty-seven influential factors of green residential costs were identified in this study, and then four categories of respondents estimated their influential degrees through a questionnaire survey. In order to analyze these factors more accurately, a fuzzy factor analysis model (FFAM) was proposed while the classical one has often been affected by interference information. After calculating fuzzy eigenvalues, fuzzy correlation cofficients and factor loadings matrix in the model, eight different common factors were extracted. Finally, the author put forward several effective measures for controlling green residential costs based on these common factors.