Determinants of the heavily right-tailed residential housing price in Tianjin.

The housing price in Tianjin, one of the typical monocentric cities of China, exhibits a heavily right-tailed distribution even after the logarithm transformation of the price, which might lead to a biased estimation of the parameters under normal distribution assumption. Therefore, the extended Cox proportional hazards regression model and the generalized concept of relative risk are used to identify factors associated with the housing price. The analysis shows that the implementation dates of the macro regulation policies were related to the price changing trends. Qualities of public elementary and secondary schools were significantly associated with the housing price, and the associations between the structure and neighborhood characteristics and the housing price were influenced by the distance of the residential property to downtown Tianjin.