Determinants of purchase intention for real estate developed on industrial brownfields: evidence from China
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Determinants of purchase intention for real estate developed on industrial brownfields: evidence from China Yang Zhang1 · Chengjun Wang1 · Wei Tian2 · Guangmin Zhang2 Received: 5 June 2019 / Accepted: 2 April 2020 © Springer Nature B.V. 2020
Abstract Against the backdrop of industrial structure adjustment and scarce land resources, China has experienced a sharp rise in the number of real estate projects developed on industrial brownfields (REDIB). To date, several new policies and projects have been developed for such real estate. Although their success depends on public acceptance, there is little quantitative research on whether the public is willing to support these projects. This study extends the standard theory of planned behavior (TPB) model by including trust and risk perception to determine which factors influence REDIB purchase intention and provide a basis for policy formulation and redevelopment strategies. Structural equation modeling was used to analyze 338 valid survey responses from Chinese residents. The empirical results show that in the original TPB model, consumer attitude is the main factor affecting intention to acquire; interestingly, subjective norms and perceived behavioral control are not significant. In addition, expanding the theory of planned behavior using risk perception and trust as additional features significantly improves the interpretability of the standard model. These findings provide important insights for understanding purchase intention regarding real estate projects developed on industrial brownfields. Policy recommendations and strategies for further industrial brownfield redevelopment are proposed based on our findings. Keywords Brownfield redevelopment · China · Extended theory of planned behavior · Purchase intention · Risk perception · Trust
1 Introduction Industrial brownfields are abandoned industrial sites in which contaminants, hazardous substances, or pollutants are present or potentially present (USEPA 1997). Drastic adjustments to the industrial structure in China since the mid-2000s have significantly * Yang Zhang [email protected] 1
School of Management, Xi’an University of Architecture and Technology, 13 Yanta Road, Beilin District, Xi’an City 710055, Shaanxi Province, People’s Republic of China
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School of Civil Engineering, Xi’an University of Architecture and Technology, Xi’an 710055, People’s Republic of China
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transformed the spatial structure of cities, and their industrial centers have shifted to emerging industrial areas or suburbs (Yang 2012); ultimately, these transformations have led to many abandoned industrial brownfields in China (Wu et al. 2018). Meanwhile, to meet the fundamental goal of ecological civilization construction, the Chinese government issued policies demanding increased regulation to control the disorderly expansion of construction land and new urban areas; the policies also focus on the activation of construction land (MLRC 2014). However, these policies are in conflict wi
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