Table 4.
Regression on estimated market value of public purchase housing and the ratio of the discount represented by the actual price paid
| Housing market value | Discount ratio | |
|---|---|---|
| Constant | 3.178** | 0.112* |
| City (Reference: Beijing) | ||
| Chongqing | −0.831** | 0.037** |
| Guangzhou | 0.282** | 0.186** |
| Harbin | −0.489** | 0.160** |
| Nanjing | −0.083* | 0.234** |
| Shanghai | 0.170** | 0.270** |
| Tianjin | −0.024 | 0.220** |
| Xi’an | −0.542** | −0.003 |
| Male or female (Reference: male) | 0.015 | 0.013 |
| Household head age | 0.011* | 0.011** |
| Age squared | −8.02E-05 | −7.98E-005** |
| Household size | 0.036** | −0.002 |
| Years of education | 0.022** | 0.003* |
| Spouse years of education | 0.013** | −0.001 |
| Occupation (Reference: manual worker) | ||
| Head of work unit | 0.228** | 0.013 |
| Professional/technician | 0.068* | 0.011 |
| Staff or other personnel | 0.180** | 0.007 |
| Commercial or services | 0.098** | 0.008 |
| Retired | −0.006 | 0.032* |
| Other unemployed | 0.019 | 0.014 |
| Residence status | ||
| Reference: urban native | ||
| Established urban migrant | 0.047* | −0.007 |
| Recent urban migrant | 0.532** | −0.104** |
| Living status (Reference: living with urban registration spouse) | ||
| No spouse | 0.101* | −0.031 |
| With rural registration spouse | −0.238** | 0.013 |
| Recent within city move | 0.508** | −0.048** |
| N | 4357 | 4357 |
| Degree of freedom | 24 | 24 |
| Adjusted r squared | 0.402 | 0.241 |
Notes:
*
p < 0.05
**
p < 0.01
Dependent variable for the first model is ln (predicted market value of public purchase housing). Dependent variable for the second model is (1- (actual cost of public purchase housing)/(predicted market value)).