Abstract
The consolidation of municipal districts is a momentous change in administrative divisions, which are formulated by municipal governments to optimize the layout of urban functions and coordinate regional development. How the consolidation of municipal districts affects property values in relevant areas has yet to be empirically tested. Using resold property transaction micro-data, this study empirically explores the impact of the consolidation of Jing'an and Zhabei districts in Shanghai on the property values via boundary difference-in-difference estimation. Empirical results show that, during the sample period, i) the overall property values in the consolidated region increased by 1.6% after the consolidation, ii) the consolidation increased property values by 4.8% in the less developed Zhabei but had no significant impact on the property values in the more developed Jing'an, and iii) the consolidation had an expanding impact on the property values in Zhabei district over time.
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