3 Methodology
3.1 Hedonic price model
Price of housing property can be regarded as a function of structural, environmental and locational (neighbourhood) attributes. These attributes are constituted of smaller attributes such as floor area, size, view, location, transport, etc. thus making it a non-homogenous commodity ([40] Sirmans et al. , 2005). These attributes can also be broadly divided into intrinsic and extrinsic attributes. The price of housing property can be estimated as a function of these attributes, and the Hedonic price model (HPM) is such a typical model to analyze this type of non-homogeneous commodity. The HPM, on one hand allows the total value to be broken down into the values of individual components; on the other hand, it can also be used to identify the separate effects of individual characteristics ([23] Hui et al. , 2011). Thus, the best approach to explain the price effect of different attributes is the HPM ([28] Ki and Jayantha, 2010). In this research, therefore, the HPM is used to analyze the functional relationship between property price and green features of housing property.