This is an empirical study on the pricing of two vertical property attributes: floor level and building height. Floor level is the vertical location of a unit in a multi-storey building; the extra price paid for a higher floor level is labelled a floor-level premium. Previous hedonic price studies unequivocally showed that the floor-level premium is positive, but they were silent on whether its magnitude varies with floor levels and with buildings of different heights. Indeed, building height is a feature of a building, not its constituent units, so it is not clear whether building height alone should affect the units’ prices. Based on a sample of highly homogeneous housing units in buildings of varying heights, we found that (1) the floor-level premium was not constant, but diminished as floor level increases; (2) there was no significant difference in the pattern of the floor-level premium between high-rise and low-rise buildings; and (3) there was a positive and significant premium for units in low-rise buildings over those in high-rise ones. These findings can help developers determine the optimal height and shape of their development.

This study investigates the role of network capital in urban development by utilizing mergers and acquisitions as a flow metric to construct China's inter-urban capital flow network. First, an uneven geography of network capital is revealed, indicating regional disparity. Second, we identify a positive impact of outward- and gateway-network capital on urban economic growth. Additionally, the impact of the emergent network capital is moderated by local human capital and knowledge stock, indicating a networked agglomeration economy. The findings support a coordinative and place-based policy for fostering urban and regional development.