Table 1 The definitions of dependent and independent variables.

(1) Nature restrict

POPCUL

Cultivation land per capita in prefectural city (mu [log])

WATER

Percentage of water body (%)

GREEN

Percentage of green space (%)

ELEVATION

Average elevation (meters)

SLOPE

Average slope (degree)

(2) Strategic land supply

POPCIND

Leased industrial land per capita in prefectural city per year during 2008–2020 (m² [log])

POPCESL

Leased residential land per capita in prefectural city per year during 2008–2020 (m² [log])

POPCCOM

Leased commercial land per capita in prefectural city per year during 2008–2020 (m² [log])

INDCHANGE

Change rate of industry land supply in prefectural city from year 2008 to year 2020 (%)

RESCHANGE

Change rate of residential land supply in prefectural city from year 2008 to year 2020 (%)

COMCHANGE

Change rate of commercial land supply in prefectural city from year 2008 to year 2020 (%)

NEGOS

Dummy variable equals 1 if the land is transacted via negotiated sales; 0 if the land is transacted via two-stage auction, English auction or sealed bid

(3) Economic and social development

ECONOMIC

Combine GPD, FDI, and fiscal revenue factors using principle component analysis

POPDEN

Population density in prefectural city (1/km² [log])

THR

Proportion of the tertiary sector in total output in prefectural city (%)

(4) Control variables

SIZE

Area of land parcel (ha [log])

SOURCE

Dummy variable equals 1 if the land is a new parcel; 0 if the land is an existing parcel

GRADE

Dummy variable equals 1, 2, 3, 4, or 5 if the land grade is 1, 2, 3, 4, or other grades

CR

Dummy variable equals 1 if the city is a direct-controlled municipality, 2 is sub-provincial city, or provincial capital city; 3 if the city is a prefectural city

URBAN

Dummy variable equals 1 if the land parcel is located in urban district; 0 if the parcel located in county or county-level city