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In this paper, we use the shantytown renewal project data in Beijing, China, to explain how the renewal type as restrictions has aheterogeneous effect on housing prices. Using the time-varying difference-in-differences approach, we found that refurbishment is ineffective and the interrupted renewal projects will have significantly negative expected effect. Only rebuilding can make positive impact on housing price both within and surrounding shantytowns.

How does urban renewal affect housing price? Evidence from Beijing shantytown renewal plan