This paper is the first study to investigate the impacts of housing attributes and environmental variables on housing rental price and the-time-on- market (TOM) of sub-divided units (SDUs) in Hong Kong via statistical method. A two stage least square (2SLS) method is introduced in this paper to solve the simultaneous problem of housing rental price and TOM, which overcomes the shortcoming of estimation bias in previous studies. The findings suggest that the size of the SDUs, distance to MTR stations, vicinity to primary school, accessibility to community facilities and park are the major concerns for tenants living in SDUs. These significant results provide valuable information to the urban planners and public housing committee of Hong Kong for a better development of the public housing in the near future.
Bibliographical notePublisher Copyright:
- Hong Kong
- Housing market
- Housing rental price
- Sub-divided units (SDUs)
- Two stage least square (2SLS)