ln(landarea_resi)

ln(landprice_resi)

ln(landrevenue_resi)

auction ratio

independent variable

(1)

(2)

(3)

(4)

career incentive

−0.946**

1.873**

1.473*

0.031***

(0.440)

(0.761)

(0.789)

(0.011)

PPCpre2

0.064

0.126

0.192

0.017

(0.138)

(0.237)

(0.245)

(0.022)

PPCpre1

−0.139

−0.059

−0.242

0.057

(0.238)

(0.412)

(0.427)

(0.038)

PPC

0.091

0.178

0.261

0.016

(0.159)

(0.275)

(0.284)

(0.026)

PPCpost1

0.060

0.099

0.122

0.008

(0.150)

(0.259)

(0.269)

(0.024)

fiscal deficit ratio

0.351

−0.835

2.493***

−0.015

(0.525)

(0.908)

(0.940)

(0.085)

GDP

−0.335

2.928**

2.063

−0.072

(0.767)

(1.326)

(1.375)

(0.124)

GDP growth rate

1.104

−1.314

−1.071

−0.298

(2.522)

(4.360)

(4.569)

(0.408)

proportion of secondary industry

−2.447

−6.398

−8.517

−1.351**