Determinants of purchase intention for real estate developed on industrial brownfields: evidence from China

Abstract

Against the backdrop of industrial structure adjustment and scarce land resources, China has experienced a sharp rise in the number of real estate projects developed on industrial brownfields (REDIB). To date, several new policies and projects have been developed for such real estate. Although their success depends on public acceptance, there is little quantitative research on whether the public is willing to support these projects. This study extends the standard theory of planned behavior (TPB) model by including trust and risk perception to determine which factors influence REDIB purchase intention and provide a basis for policy formulation and redevelopment strategies. Structural equation modeling was used to analyze 338 valid survey responses from Chinese residents. The empirical results show that in the original TPB model, consumer attitude is the main factor affecting intention to acquire; interestingly, subjective norms and perceived behavioral control are not significant. In addition, expanding the theory of planned behavior using risk perception and trust as additional features significantly improves the interpretability of the standard model. These findings provide important insights for understanding purchase intention regarding real estate projects developed on industrial brownfields. Policy recommendations and strategies for further industrial brownfield redevelopment are proposed based on our findings.