| VARIABLES | (1) | (2) | (3) | (4) |
| land_supply | land_supply | land_supply | land_supply | |
| profit | 0.0103** | 0.0103** |
|
|
| (2.0848) | (2.0670) |
|
| |
| property |
|
| 0.0498** | 0.0600** |
|
|
| (2.0648) | (2.3765) | |
| lnpgdp |
| −0.0520 |
| −0.2788 |
|
| (−0.0387) |
| (−0.2070) | |
| lnsave |
| 2.8827* |
| 3.5474** |
|
| (1.7209) |
| (2.0892) | |
| lnprice |
| 3.0600** |
| 2.5174* |
|
| (2.2715) |
| (1.8438) | |
| urban |
| 0.0231 |
| 0.0589 |
|
| (0.4330) |
| (1.0941) | |
| lnestate |
| −0.4633 |
| −0.3322 |
|
| (−0.8128) |
| (−0.5823) | |
| flue |
| 0.9078 |
| 0.8748 |
|
| (1.4603) |
| (1.4119) | |
| Constant | 2.5008*** | −68.1552** | 3.0993*** | −76.1034*** |
| (6.2110) | (−2.3965) | (20.5412) | (−2.6672) | |
| Observations | 440 | 440 | 440 | 440 |
| R-squared | 0.5191 | 0.5334 | 0.5190 | 0.5351 |
| city fe | yes | yes | yes | yes |
| year fe | yes | yes | yes | yes |