VARIABLES

(1)

(2)

(3)

(4)

land_supply

land_supply

land_supply

land_supply

profit

0.0112^**

0.0111^**

(2.1843)

(2.1372)

property

0.0599^**

0.0688^***

(2.3500)

(2.7435)

lnpgdp

−0.3603

−0.4838

0.8096

0.4994

(−0.2388)

(−0.3201)

(0.5012)

(0.3089)

lnsave

2.7786

3.4886^**

3.1961^*

4.1726^**

(1.6135)

(1.9962)

(1.8109)

(2.3310)

lnprice

3.0299^**

2.4562^*

3.1198^**

2.4545^*

(2.1892)

(1.7476)

(2.1752)

(1.6913)

urban

0.0165

0.0547

0.0134

0.0577

(0.3032)

(0.9978)

(0.2455)

(1.0488)

lnestate

−0.4546

−0.3461

−0.8048

−0.6922

(−0.7537)

(−0.5726)

(−1.2792)

(−1.1011)

flue

0.8972

0.8569

1.0558

0.9685

(1.4340)

(1.3731)

(1.6102)

(1.4890)

Constant

−62.4718^**

−71.7919^**

−77.9551^**

−89.4623^***

(−2.1151)

(−2.4239)

(−2.5517)

(−2.9282)

Observations

423

423

395

395

R-squared

0.5329

0.5339

0.5511

0.5550

city fe

yes

yes

yes

yes

year fe

yes

yes

yes

yes