Hedonic pricing model is a tool frequently used in the analysis of housing market in western developed countries.It has a high degree of pertinence and real-time,and is a scientific method to measure externality.In the transforming context of house commercialization,it is feasible to do research on the housing market from the angle of housing demand,and with the launch of property tax in China,proper measure in the monetary value of externality from the public service is of great meaning to setting a scientific fiscal plan for the government.This article establishes the Hedonic model for Guangzhou housing market by using data in three independent time series in 2005,2006 and 2007,and explores the impact of floor ratio,area,distance from CBD,distance from the shopping center,rail accessibility,water view,park accessibility,primary school,secondary school,prestigious primary school,prestigious secondary school and campus on the housing price.The article reveals the changing tendency and degree of the housing preference of Guangzhou residents over time and the reason of the change.It also effectively measures the capitalization degree of the infrastructure investment of Guangzhou municipal government on housing market.The result shows that Guangzhou residents have increasing preference to central location,good transportation accessibility,large-scale resident districts and water view.For Guangzhou municipal government,the long-term public investment in subway construction,landscape reconstruction and education quality enhancement has been reflected by the housing market as the increasing housing preference to these variables.The article also conducts a relatively accurate measurement of the degree of this investment effect by the Hedonic model.Finally,the article views the application prospect of Hedonic pricing model in China in the context of local government-oriented urban development.