Variable Classification

Variable Name

Variable Description and

Quantification

Unit and

Expected Sign

Main Independent Variable

Quality of the

Corresponding Public

Primary School

A score equal to the rank of the school in the entire city. The lower the score, the higher the school’s quality

N/A, −

Dependent Variable

Housing Price

Sales price of a given house

RMB/m²,

N/A

Independent Variables―

Location Characteristics

Distance to the

Corresponding Public

Primary School

Straight-line distance from the neighborhood center to its corresponding public primary school

Meters, −

Distance to the CBD

of the District

Straight-line distance from the neighborhood center to the CBD

of the district, usually taken as the Wanda Plaza, the major commercial and recreational landmark

Meters, −

Independent Variables―

Neighborhood Characteristics

Property Management

Fee

The fee every household has to pay for estate upkeep and neighborhood management

RMB/m²

per month, +

Green Coverage Ratio

The percentage of open space covered by greenness in a neighborhood

%, +

Elevator

Dummy variable is equal to 1 if the neighborhood has elevators or 0 if otherwise

N/A, +

Independent Variable―

Structural Characteristics

Residential Area

Floor area within a house

m², −

Floor Area Ratio

Ratio of a building’s gross floor area to the size of the piece of land upon which it is built (Standard definition)

N/A, −

Building Age

Number of years since the building was built

Years, −