Have Housing Prices Gone with the Smelly Wind? Big Data Analysis on Landfill in Hong Kong
Abstract
:1. Introduction
2. Literature Review
2.1. Factors Affecting Property Prices
2.2. Externality and Property Prices
3. Hypotheses
- H1: The flats that face the landfill directly and are hit by the wind from a certain direction have a negative relationship with housing prices, but this is not so for other flats that are not facing the landfill and are not being hit by wind from a certain direction.
- H2: The volume of rainfall in Tseung Kwan O has a negative relationship with housing prices in Tseung Kwan O.
- H3: The environmental complaints (received by the Environmental Protection Department) relative to the South East New Territories Landfill negatively affect Tseung Kwan O’s housing prices.
4. Research Method
4.1. Big Data Analysis
4.2. Hedonic Pricing Model
4.3. Heteroscedasticity and Autocorrelation Consistent (HAC)
4.4. Expectation Maximization
4.5. Cubic Spline Interpolation
5. Description of Data and Variable
5.1. Study Sample: Tseung Kwan O
5.2. Sample Estates and Introduction to Variables Used
6. Results
6.1. Factors with Positive Impact as Expected
6.2. Factors with Unexpected Positive Correlations to Property Price
6.3. Factors that Negatively Affect Property Prices as Expected
6.4. Factors with Unexpected Negative Correlations to Property Price
7. Conclusions
Author Contributions
Conflicts of Interest
Appendix A
Sample Estate | Year of Completion | Housing Statistics | Additional Features | Transportation Options | Distance to Landfill |
---|---|---|---|---|---|
Park Central | 2002, 2003, and 2005 | Phase: 2 Towers: 12 Housing units: 4152 | 50,000 ft2 shopping mall, 250,000 ft2 clubhouse with swimming pool, gym room | Tseung Kwan O MTR Station Public bus terminal | 3.75 km (2.33 mi) |
Tseung Kwan O Plaza | 2003 | Towers: 8 Storeys: 45 Housing units: 2880 | 56,000 ft2 shopping mall, wet market, two clubhouses with swimming pool, sport facilities, relaxation zone | Tseung Kwan O MTR Station Public bus terminal | 3.69 km (2.29 mi) |
Oscar by the Sea | 2001 | Towers: 7 Storeys: 43 to 49 Housing units: 1959 | 35,000 ft2 clubhouse with swimming pool, golf course, gym, library, 110,000 ft2 relaxation zone | Public bus terminal | 3.37 km (2.09 mi) |
La Cite Noble | 1999 | Towers: 6 Storeys: 46 to 49 Housing units: 2552 | 38,000 ft2 shopping mall, clubhouse, snooker, music room, gym | Tseung Kwan O MTR Station Public bus terminal | 4.04 km (2.51 mi) |
Bauhinia Garden | 2001 | Towers: 8 Storeys: 40 Housing units: 3200 | First SMART housing estate: fibre optic internet connections, intranet booking facilities, swimming pool, basketball court, sports facilities | Tseung Kwan O MTR Station Public bus terminal | 3.84 km (2.39 mi) |
LOHAS Park | Phase 1: 2008 Phase 2: 2013 Phase 3: under construction | Phases:3 Towers: 50 Storeys: Phase 1: 68 Phase 2: Le Prestige: 70, Le Prime: 76, Le Splendeur: 72 Housing units: 21,500 | Approximately 50,000 m2 of retail space | LOHAS Park MTR station Public bus terminal | 2.00 km (1.24 mi) |
Residence Oasis | 2005 | Towers: 6 Storeys: 40 Housing units: 2130 | ~1,800,000 ft2 clubhouse with facilities such as a swimming pool, gym, and others ~60,000 ft2 shopping mall, providing 43 shops | Hang Hau MTR station Different buses and minibuses Link bridges | 4.29 km (2.67 mi) |
The Grandiose | 2006 | Towers: 3 Storeys: 57 Housing units: 1472 | 120,000 ft2 clubhouse with various facilities | Tseung Kwan O MTR station | 3.72 km (2.31 mi) |
Ocean Shores | 2001 to 2003 | Towers: 15 Storeys: 57 Housing units: 5728 | A clubhouse with swimming facilities and other child facilities. ~28,300 ft2 shopping mall, providing 13 shops | A connecting bridge (5 to 15 min) to MTR stations | 3.72 km (2.31 mi) |
The Wing | 2014 | Phases: 2 Towers: 6 Storeys: 38 to 41 Housing units: 1028 | A 5 and a 3 star hotel, namely Crowne Plaza Hotel and Holiday Inn Express, respectively. ~200,000 ft2 shopping mall with over 100 retail stores and restaurants, and a cinema. ~64,000 ft2 public area | Tseung Kwan O MTR station | 3.59 km (2.23 mi) |
Variables | Rationales and Sources of Data |
---|---|
Gross Area of the Housing Unit (GAHU) | The Hong Kong Special Adminitration Region (HKSAR) Building Department’s Plot Ratio is used to calculate the Gross Floor Area (GFA). Based on the GFA, the Gross Area of the Housing Unit is calculated. Despite building regulation 7(2), developers include recreational spaces, service rooms, and the lobby in the calculation of the Gross Area of the Housing Unit (Legco.gov.hk, 2000). |
Saleable Area of the Housing Unit (SAHU) | According to the Residential Property (Firsthand Sales) Ordinance, saleable area implies the floor area of the residential property, including balconies, utility platforms, verandas, and other areas that will comprise parts of the residential property. |
Price of the housing unit | The price of the housing unit is collected from the Midland Housing Property’s housing transaction data. |
Floor | Higher floors have purer air with less odor and pollutants than the lower floors. The higher floors may also have a higher property price, because the view that can be enjoyed from these floors is better than that from the lower floors. |
Housing Units and Housing Age | The total number of housing units built by the provider per tower is collected from the Building Department, while the housing age is calculated by subtracting the housing estate’s year of completion from 2014. The year of completion is collected from Midland Housing Property. |
Car Parks and Distance to Mass Transit Railway (MTR) | The number of car parks affects residents’ convenience and housing prices. This data is collected from Midland Housing Property. Similarly, a shorter distance between the housing estate and the Mass Transit Railway increases residents’ convenience [52,53,54]. |
Distance from landfill and Wan Po Road | According to local residents, the distance from the landfill and Wan Po Road to the housing estates is inversely proportional to the odor’s severity. The distance is measured by the Google map measurement function. |
Municipal Solid Waste (MSW) and Environmental Complaints | As the landfill receives more municipal solid waste, including domestic solid waste, the odor from the garbage and household refuse will increase, which leads to a decrease in property prices. Similarly, more environment-related complaints about the South East New Territories landfill decreases the property prices. The Environmental Protection Department provided data on municipal solid waste entering the landfill, and on environmental complaints about the landfill from 2004 to 2014. |
Climatological Data | A government report has shown that temperature and rainfall are directly proportional to the odor at Tseung Kwan O. On the other hand, the wind speed dilutes and reduces the odor. Therefore, temperature (degrees Celsius), rainfall (mm) and wind speed (km/h) data from 1-1-1999 to 31-12-2014 at the Keung Kwan O regional weather station are collected from the Hong Kong Observatory. The expectation–maximization algorithm is used to fill in missing data, if necessary. |
Resident population | This paper includes both usual residents and mobile residents from the Hong Kong Census Department’s yearly census data. Research shows that the resident population has a positive relationship with the property prices. |
Housing Supply (new housing completion and private housing vacancies) | When housing supply is high, housing prices drop. The new housing completion data from 2010 to 2014 is extracted from the Hong Kong Housing Authority’s Housing in Figures. The number of private housing vacancies per year is extracted from the Rating and Valuation Department, while the number of public and private housing units per year is extracted from the Hong Kong Housing Committee’s Housing in Figures. The overall housing is the sum of the public and private housing units. |
New Loans Drawn | The Hong Kong Monetary Authority’s monthly data on new loans drawn shows the number of new mortgage applications. More mortgages imply a higher demand for housing and higher property prices. |
Discount Window Base Rate | The discount window base rate affects the mortgage interest rate, which can again affect the property price. The current discount window base rate is set at the United States Federal Funds Target Rate or 50 basis points above the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offer Rate or, depending on which is higher. |
The Transaction Volume of Stocks Included in Hang Seng Index (HSI) | The Transaction Volume of Stocks Included in the Hang Seng Index is collected from Yahoo Finance. It is included in this research due to its contemporaneous relationship with housing prices and stock prices, due to wealth effect. |
Adjusted Closed Hang Seng Index (HSI) | Studies have shown that the stock market has a long run causality with the property market [55]. In this study, the Adjusted Closed Hang Seng Index data collected from Yahoo Finance is used, as it includes dividends and splits, which are more accurate than utilizing the Opened Hang Seng Index or Closed Hang Seng Index. |
The United StatesReal Interest Rate and Business Cycle | Hong Kong is under a linked exchange rate with the United States. Thus, Hong Kong usually follows the fluctuations of the United States interest rate. Granger causality relationship between Hong Kong housing prices and the linked exchange rate. Similarly, the United States business cycle affects the United States dollar currency value, which affects the Hong Kong property market. The annual United States real interest rate data and the United States Gross Domestic Product data are extracted from the World Bank. Cubic spinal interpolation is utilized to convert the annual United States interest rate into quarterly data, while the Hodrick–Prescott filter is applied on the United States Gross Domestic Product data to obtain quarterly data. |
Hong Kong Real Interest Rate and HK Business Cycle | Previous research shows that interest rate affect the demand for home ownership [56], wWhen the real interest rate rises, the housing demand and the housing prices decrease. Likewise, the Hong Kong economy also affects housing prices. The Hong Kong real interest rate is calculated from the United States real interest rate. The Hong Kong business cycle data is extracted from the World Bank and the Hodrick-Prescott filter is applied to obtain quarterly data. |
Unemployment rate (%) | The Census Department’s monthly unemployment rate is included, because a high unemployment rate leads to fewer people investing in the real estate market, leading to a decrease in property purchases. |
Overnight Hong Kong Interbank Offered Rate (HIBOR) | The overnight Hong Kong Interbank Offered Rate is the rate for the prime bank to pay for the Hong Kong dollar interbank loans. It has various rates, including overnight, one week, two weeks, one month, two months, three months, six months, and 12 months. However, the overnight Hong Kong Interbank Offered Rate affects the mortgage interest rate most. The monthly overnight Hong Kong Interbank Offered Rate is extracted from the Hong Kong Monetary Authority database. |
Best Lending Rate (BLR) | Best Lending Rate represents the interest rate. It is a rate that banks charge to the most credit-worthy customers. Empirical evidence reflects that money market rates have a close relationship with the best lending rate [57]. The mortgage payments rise when the best lending rate rises [57]; then, demand of purchasing property drops, hence property values fall [58,59]. |
Inflation Rate | The definition of inflation rate is the continuous growth on the general level of price for major kinds of goods and services. The Hong Kong Census and Statistics Department has four series of Consumer Price indices reflecting the four major types of expenditure consumer price. If the consumption level surges up too fast, people may prefer spending more, but not on investment in real estate. In this case, the reducing demand on housing assets dwindles the housing price [60]. |
Money Supply (M2) | Previous literature shows that money supply affects the property market, and that hot money inflow, including from China, will also affect the international market, including the Hong Kong housing market [61,62,63]. |
Units affected by wind direction | This indicates the housing units that are affected by odor produced from the landfill. According to the report from the government, the garbage odor is smelled when the wind direction is from the southeast. We assume that the odor will follow the wind and blow towards the units from the landfill. Secondly, when the wind direction is between 900 and 1800 (south east wind), we mark them as 1 or else 0 as others. In this case, we can select certain units that face the landfill and always have a southeast wind with garbage odor. Data of the wind direction is collected from the Hong Kong Observatory Tseung Kwan O regional weather station. |
New Loan amount | This measures the amount of money new mortgage loans borrow and is comprised of monthly data provided by the Hong Kong Monetary Authority. If more mortgages were produced, the housing market demand is high, which boosts the housing property price. Previous research indicated that bank lending affects property prices [64]. |
Model Number | R-Squared | Adjusted R-Squared | F-Statistic | Log Likelihood |
---|---|---|---|---|
Model 1 | 0.810977 | 0.810909 | 11,979.11 | −304,432.8 |
Model 2 | 0.765591 | 0.765533 | 13,329.48 | −310,143.1 |
Model 3 | 0.834503 | 0.834452 | 16,550.13 | −280,134.3 |
Model 4 | 0.820537 | 0.820479 | 14,268.40 | −303,055.7 |
Model 5 | 0.779766 | 0.779703 | 12,451.36 | −287,170.4 |
Model 6 | 0.687407 | 0.687348 | 11,667.94 | −436,866.2 |
Model 7 | 0.604910 | 0.604798 | 5384.342 | −428,763.0 |
Model 8 | 0.798959 | 0.798867 | 8715.760 | −190,648.3 |
Model 9 | 0.629650 | 0.629545 | 5978.948 | −299,969.1 |
Variables | Gross Area | Car Park | Discount Window Base Rate | WanPo Raod | Landfil Distance | Degree Celsius | Us Business Cycle | Rainfall | Resident Population | Floor | Number of Housing Unit | Housing Age | Overall Housing Supply | Price |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross area | 1 | −0.005 | −0.179 ** | −0.146 ** | −0.395 ** | 0.011 * | 0.019 ** | 0.039 ** | 0.183 ** | 0.176 ** | −0.453 ** | −0.493 ** | 0.236 ** | 0.608 ** |
Car park | −0.005 | 1 | −0.021 ** | 0.608 ** | 0.322 ** | −0.005 | −0.181 ** | −0.020 ** | −0.137 ** | −0.032 ** | 0.084 ** | 0.118 ** | −0.120 ** | −0.092 ** |
Discount Window Baserate | −0.179 ** | −0.021 ** | 1 | 0.168 ** | 0.171 ** | −0.021 ** | 0.486 ** | −0.048 ** | −0.659 ** | −0.130 ** | 0.338 ** | 0.421 ** | −0.862 ** | −0.454 ** |
Wan Po Raod | −0.146 ** | 0.608 ** | 0.168 ** | 1 | 0.373 ** | 0.009 * | −0.031 ** | −0.047 ** | −0.231 ** | −0.158 ** | 0.396 ** | 0.383 ** | −0.250 ** | −0.133 ** |
Landfill Distance | −0.395 ** | 0.322 ** | 0.171 ** | 0.373 ** | 1 | −0.016 ** | −0.185 ** | −0.099 ** | −0.326 ** | −0.214 ** | 0.319 ** | 0.715 ** | −0.330 ** | −0.386 ** |
Degree Celsius | 0.011 * | −0.005 | −0.021 ** | 0.009 * | −0.016 ** | 1 | −0.036 ** | 0.080 ** | 0.013 ** | 0.002 | 0.024 ** | −0.004 | 0.088 ** | 0.006 |
The United States Business Cycle | 0.019 ** | −0.181 ** | 0.486 ** | −0.031 ** | −0.185 ** | −0.036 ** | 1 | 0.015 ** | 0.045 ** | 0.015 ** | 0.088 ** | 0.079 ** | −0.380 ** | 0.034 ** |
Rainfall | 0.039 ** | −0.020 ** | −0.048 ** | −0.047 ** | −0.099 ** | 0.080 ** | 0.015 ** | 1 | 0.069 ** | 0.020 ** | 0.009 * | −0.092 ** | 0.109 ** | 0.067 ** |
Resident population | 0.183 ** | −0.137 ** | −0.659 ** | −0.231 ** | −0.326 ** | 0.013 ** | 0.045 ** | 0.069 ** | 1 | 0.126 ** | −0.350 ** | −0.460 ** | 0.957 ** | 0.650 ** |
Floor | 0.176 ** | −0.032 ** | −0.130 ** | −0.158 ** | −0.214 ** | 0.002 | 0.015 ** | 0.020 ** | 0.126 ** | 1 | −0.178 ** | −0.242 ** | 0.189 ** | 0.223 ** |
Number of Housing Unit | −0.453 ** | 0.084 ** | 0.338 ** | 0.396 ** | 0.319 ** | 0.024 ** | 0.088 ** | 0.009 * | −0.350 ** | −0.178 ** | 1 | 0.643 ** | −0.332 ** | −0.517 ** |
Housing Age | −0.493 ** | 0.118 ** | 0.421 ** | 0.383 ** | 0.715 ** | −0.004 | 0.079 ** | −0.092 ** | −0.460 ** | −0.242 ** | 0.643 ** | 1 | −0.591 ** | −0.572 ** |
Overall Housing Supply | 0.236 ** | −0.120 ** | −0.862 ** | −0.250 ** | −0.330 ** | 0.088 ** | −0.380 ** | 0.109 ** | 0.957 ** | 0.189 ** | −0.332 ** | −0.591 ** | 1 | 0.572 ** |
Price | 0.608 ** | −0.092 ** | −0.454 ** | −0.133 ** | −0.386 ** | 0.006 | 0.034 ** | 0.067 ** | 0.650 ** | 0.223 ** | −0.517 ** | −0.572 ** | 0.572 ** | 1 |
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Variables | Mean | Median | Standard Deviation | Minimum | Maximum |
---|---|---|---|---|---|
Floor (square feet) | 29.31 | 29.00 | 16.37 | 1.00 | 76.00 |
Area Saleable | 570.46 | 518.00 | 141.21 | 68.00 | 1988.00 |
Area Gross | 758.93 | 693.00 | 186.56 | 502.00 | 2276.00 |
Price (million) | 318.49 | 273.00 | 172.51 | 0.00 | 7780.00 |
Trans. Date | 38,887.84 | 38,681.00 | 1469.56 | 36,162.00 | 42,004.00 |
Housing Unit | 349.28 | 376.00 | 77.85 | 128.00 | 506.00 |
Car Park | 764.12 | 900.00 | 340.81 | 154.00 | 1250.00 |
Housing Age | 11.63 | 13.00 | 3.43 | 3.00 | 16.00 |
Distance From Landfill | 3.48 | 3.72 | 0.71 | 1.77 | 4.29 |
Distance from Wan Po Road | 0.71 | 0.52 | 0.53 | 0.04 | 1.60 |
Distance to MTR | 0.23 | 0.21 | 0.12 | 0.04 | 0.61 |
Volume Heng Seng Index (million) | 1050 | 588 | 993 | 3.7 | 9,800 |
Adjusted Close Heng Seng Index | 15,499.89 | 15,654.13 | 7000.93 | 0.00 | 31,638.22 |
Mean Degree Celcius | 21.99 | 22.10 | 4.92 | 7.70 | 31.70 |
Total Rainfall (mm) | 5.73 | 0.00 | 18.56 | 0.00 | 313.00 |
Prevailing Wind Direction (degrees) | 118.28 | 70.00 | 103.90 | 10.00 | 360.00 |
Mean Wind Speed (km/h) | 6.62 | 6.40 | 2.12 | 1.00 | 25.40 |
Population | 6900.15 | 6837.80 | 160.49 | 6637.60 | 7266.50 |
The United States Real Interest Rate | 7.02 | 7.00 | 3.68 | 0.73 | 14.26 |
The United States Business Cycle | (13.74) | (35.59) | 58.94 | (86.40) | 110.06 |
Hong Kong Business Cycle | (1309.72) | (4188.54) | 20,425.78 | (39,575.70) | 58,027.17 |
Complaints | 435.70 | 106.00 | 617.63 | 0.00 | 2466.00 |
Hong Kong Real Interest Rate | 3.27 | 2.54 | 1.71 | 1.16 | 6.88 |
New Housing Completion | 18,157.45 | 17,320.00 | 8,410.48 | 7160.00 | 35,320.00 |
Private Housing Vacancy | 52,555.82 | 54,950.00 | 10,866.77 | 36,370.00 | 68,780.00 |
Public Housing Supply | 1097.07 | 1096.00 | 37.92 | 969.00 | 1176.00 |
Private housing Supply | 1311.09 | 1312.00 | 105.34 | 1072.00 | 1470.00 |
Overall Housing Supply | 2408.37 | 2408.00 | 141.13 | 2040.00 | 2645.00 |
Municipal Solid Waste | 2386.06 | 2405.00 | 221.69 | 1713.00 | 2687.00 |
New Loan Drawn | 9148.01 | 8639.00 | 3219.42 | 3,637.00 | 17,207.00 |
Unemployment Rate (%) | 2.46 | 2.30 | 0.64 | 1.20 | 4.30 |
Discount Window Base Rate | 3.17 | 2.75 | 2.35 | 0.50 | 8.00 |
Overnight Hong Kong Interbank Offered Rate | 1.81 | 1.44 | 2.03 | 0.00 | 7.06 |
Best Lending Rate | 5.86 | 5.00 | 1.34 | 5.00 | 9.50 |
Consumer Price Index | 96.79 | 95.50 | 7.40 | 88.30 | 123.40 |
Money Supply (M2) | 5,312,683.00 | 4,320,747.00 | 1,911,574.00 | 3,114,847.00 | 11,038,198.00 |
New Loan Drawn Amount | 17,450.47 | 13,304.00 | 9183.96 | 4159.00 | 43,504.00 |
Variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 | Model 7 | Model 8 | Model 9 |
---|---|---|---|---|---|---|---|---|---|
Dependent Variables | Property Price | Property Price | Property Price | Property Price | Property Price | PRICEFT2GROSS | PRICEFT2SALEABLE | Property Price | Property Price |
Data Range | 1999–2014 | 1999–2014 | 1999–2014 | 1999–2014 | 1999–2014 | 1999–2014 | 1999–2014 | 2004–2014 | 1999–2014 |
Independent Variables | |||||||||
AdjustedClose Heng Seng Index | −0.0002 ** | −0.0002 ** | |||||||
Gross Area | 0.5376 | 0.5279 *** | |||||||
Saleable Area | 0.6838 *** | 0.6986 ** | 0.6745 ** | 0.7832 | |||||
Best Lending Rate | −28.6812 ** | −24.2730 ** | −20.2410 ** | −18.2372 *** | |||||
Constant | −4080.9650 ** | 992.6282 ** | −3919.0110 *** | −4782.39 * | 606.9389 ** | −7197.715 * | 12,336.91 *** | 13.0925 | −427,268 *** |
Car Park | −0.059569 *** | −0.09592 *** | −1.3897 *** | −0.08457 *** | −0.0686 *** | ||||
Consumer Price Index | 3.5598 *** | 119.3387 *** | 5.8792 *** | 5.6504 *** | |||||
Discount Window Base Rate | −14.31469 *** | −585,335 *** | |||||||
Distance From Landfill | 59.16004 *** | 13.25271 *** | 66.5545 *** | 65.6498 *** | 37.6963 *** | ||||
Distance from Wan Po Road | 45.55387 *** | 49.56781 *** | 76.00587 *** | 40.14272 *** | 98.7769 *** | 504.0376 *** | 1623.392 *** | 87.7634 *** | 108.0432 *** |
Distance to Mass Transit Railway | −63.5161 *** | −122.9434 *** | |||||||
Floor | 0.9828 *** | 0.9570 *** | 0.9774 *** | 13.6541 *** | 0.8007 *** | 1.1569 *** | |||
Hong Kong Business Cycle | 0.000195 *** | 0.0002 *** | 0.00018 *** | 0.000265 *** | 0.006502 *** | 0.000216 *** | 0.0001 *** | ||
Hong Kong Real Interest Rate | −19.6209 *** | ||||||||
Housing Age | −12.3029 *** | −14.5603 *** | −13.2590 *** | −13.0793 *** | −2.2863 *** | −6.7832 *** | −22.5598 *** | ||
Housing Unit | −0.2023 *** | −0.1409 *** | −0.2943 *** | −0.1971 *** | −0.2180 *** | −2.0370 *** | −0.17015 *** | −0.5245 *** | |
Money Supply (M2) | 0.0000618 *** | ||||||||
Mean Degree Celcius | 0.3900 *** | 0.3243 *** | 0.925659 *** | ||||||
Mean Wind Speed Km/h | 2.5848 *** | 30.0798 *** | 0.5941 *** | ||||||
MSW | 0.03251 *** | 0.05607 *** | |||||||
New Housing Completion | −0.0019 *** | ||||||||
New Loan Drawn Amount | 0.000991 *** | 0.000457 *** | 0.000504 *** | ||||||
New Loan Drawn | 0.000507 *** | 0.01130 *** | 0.0053 * | ||||||
Overall Housing Supply | −0.7326 *** | −0.8564 *** | −0.2642 *** | ||||||
Overnight Hong Kong Interbank Offered Rate | −3.4555 *** | −187,311 *** | |||||||
Private Housing Vacancy | −0.00583 *** | −0.0023 *** | |||||||
Private Housing Supply | −0.5177 *** | −0.26852 *** | |||||||
Public Housing Supply | −0.9507 *** | −0.8452 *** | |||||||
Resident Population | 0.7933 *** | 0.8239 *** | 1.0024 *** | 0.0983 *** | |||||
Total Rainfall (mm) | 0.1302 *** | 0.1419 *** | 0.0831 *** | 0.0815 *** | 3.1034 *** | 3.1868 *** | 0.1018 *** | 0.1451 *** | |
Unemployment Rate | −19.17819 *** | −16.5757 *** | −919,272 *** | ||||||
Units Affected by Smelly Wind | −94.9227 *** | −103.580 *** | −94.7159 *** | −89.5344 *** | −1755.36 *** | −1775.15 *** | −92.7039 *** | ||
The United States Business Cycle | 0.3519 *** | 0.1548 | 0.39920 *** | 0.3343 *** | 4.955206 *** | 14.01284 *** | 0.291221 *** | ||
The United States Interest Rate | −8.90013 *** | −4.95727 *** | −9.3028 *** | −88.3976 *** | −94.4327 *** | ||||
The Transaction Volume of Stocks Included in Heng Seng Index | −0.0000000039 *** | −2.71 × 107 *** | |||||||
Distance From Landfill * Complaints | 0.0245 *** | ||||||||
Distance From Landfill * Municipal Solid Waste | −0.00506 *** | −0.0150** | −0.15927 *** | ||||||
Municipal Solid Waste * Units Affected by Smelly Wind | −0.05199 *** |
Variables | Hypothesis Result | Actual Result |
---|---|---|
Adjusted Close Heng Seng Index | + | |
Gross Area | + | + |
Saleable Area | + | + |
The Best Lending Rate | - | - |
Car Park | - | - |
Consumer Price Index | + | + |
Discount Window Base Rate | - | - |
Distance From Landfill | + | + |
Distance From Wan Po Road | + | + |
Distance to Mass Transit Railway | - | - |
Floor | + | + |
Hong Kong Business Cycle | + | + |
Hong Kong Real Interest Rate | - | - |
Housing Age | - | - |
Number of Housing Unit | - | - |
Money Supply (M2) | + | + |
Mean Degree Celcius | ? | + |
Mean Wind Speed (Km/h) | ? | + |
Municipal Solid Waste | - | + |
New Housing Completion | - | - |
New Loan Drawn Amount | + | + |
Number of New Loan Drawn | + | + |
Overall Housing Supply | - | - |
Overnight Hong Kong Interbank Offered Rate | - | - |
Private Housing Vacancy | - | - |
Private Housing Supply | - | - |
Public Housing Supply | - | - |
Resident Population | + | + |
Total Rainfall (mm) | ? | + |
Unemployment Rate | - | - |
Units Affected By Smelly Wind | ? | - |
The United States Business Cycle | - | + |
The US Real Interest Rate | + | - |
The Transaction Volume of Stocks Included in Heng Seng Index | + | - |
Distance From Landfill * Complaints | ? | + |
Distance From Landfill * Municipal Solid Waste | ? | - |
Municipal Solid Waste * Units Affected by Wind | ? | - |
© 2018 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
Share and Cite
Li, R.Y.M.; Li, H.C.Y. Have Housing Prices Gone with the Smelly Wind? Big Data Analysis on Landfill in Hong Kong. Sustainability 2018, 10, 341. https://doi.org/10.3390/su10020341
Li RYM, Li HCY. Have Housing Prices Gone with the Smelly Wind? Big Data Analysis on Landfill in Hong Kong. Sustainability. 2018; 10(2):341. https://doi.org/10.3390/su10020341
Chicago/Turabian StyleLi, Rita Yi Man, and Herru Ching Yu Li. 2018. "Have Housing Prices Gone with the Smelly Wind? Big Data Analysis on Landfill in Hong Kong" Sustainability 10, no. 2: 341. https://doi.org/10.3390/su10020341