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A correlation exists between building spaceenvironment greening design and greening implementationpromotion methods.3.1.2. The impact of greening benefit and urban greening designpolicy on urban real estate marketsA study by Thomas [3] suggests that the economic benefitsderived from sustainable building, including low maintenancecosts, reduction of vacancy risk, increased cash flow stability, andincreased rent growth contribute to increased market values ofbuildings. Murakami [12] noted that, based on the CASBEE buildingenvironment comprehensive performance evaluation system andbank asset evaluations, the difference between sustainable buildingand non-sustainable building lies in that sustainable building cancreate environmental value and reduce environmental risk in themarket while increasing added value and net income. At the sametime, Taiwan domestic research has noted that, for consumers,sustainable building enjoys positive appraisals in terms of resi-dential benefits and purchasing choices, helping to increaseconsumer home purchasing willingness [1]. Some consumers arewilling to pay an additional 1e10% over normal prices to purchaseresidences with more natural and healthier living environmentquality [57].Building space environment greening is an important componentof sustainable building evaluations. Although existing literature hasnot clearly asserted any impact of three-dimensional greening onurban real estatemarkets or buildings, several studies have suggestedthat good tree coverage can increase a building's asset value by 6e15%[13]. A Singaporean researchmanual on rooftop greening from2002indicates that rooftop greening provides environmental benefits,economic benefits, benefits in terms of increased asset value, socialbenefits, and aesthetic benefits. A Hong Kong study on rooftopgreening applications suggested that planting greening has an impacton maintenance costs due to height, microclimate, soil type, soildepth, irrigation, and plant type. In addition, due to considerations ofconstruction costs and maintenance costs, the government of Osakain Japan has adopted a greening excellence reviewsystem, giving theindustry support and recognition to achieve the effect of encourage-ment and promotion, thereby improving the image and reputation ofthese buildings. Consequently, this study presents the followinghypotheses:Hypothesis 5 (H5). Greening benefit has a significant positiveimpact on urban real estate market.Hypothesis 6 (H6). Urban greening design policy has a significantpositive impact on urban real estate market.3.2. Research design3.2.1. Research variablesVariables in this study include: building space environmentgreening design (exogenous variable1), greening promotionimplementation method (exogenous variable), greening benefits(mediating variable), urban greening design policy (mediatingvariable), and urban real estate market (endogenous variable2).Measured constructs and the content of dimensions as well asrelated literature are shown in Table 4 and are described below: Building space environment greening design: includes the fourmeasurement dimensions of “greening position,”“greeningarea,”“planting allocation,” and “maintenance andmanagement.”1Exogenous variable: A factor in a causal model or causal system whose value isindependent from the states of other variables in the system; a factor whose valueis determined by factors or variables outside the causal system under study.2Endogenous variable: A factor in a causal model or causal system whosevalue is determined by the states of other variables in the system; contrastedwith an exogenous variable.
Some factors are causally influenced by factorswithin the system but also by factors not included in the model. So a given factormay be partially endogenous and partially exogenousdpartially but not whollydetermined by the values of other variables in the model, called a mediatedvariable. Greening promotion implementation method: based on theimplementation and promotion methods of Japan, Singapore,Hong Kong, and Shanghai, and integrated with relevant Taiwanurban greening acts or standards, the primary measurementdimensions are pided into “compulsory” and “non-compulsory.” Greening benefit: includes the five measurement dimensionsof “urban microclimate environment,”“urban disasterprevention and security,”“urban environmental quality,”“building economic benefits,” and “harmony with humanhealth and wellness” Urban greening design policy: many countries have generallyadopted independently determined standards to be realized incity policy; Taiwan has yet to establish independent standardsfor three-dimensional greening. Having taken into consider-ationmethods of promotion and having examined the aspect ofregulation promoted in Taiwan domestic urban policy, thisstudy adopted “building policy,”“urban design policy,” and“urban planning policy” as the measurement variables of thisconstruct. Urban real estate market: as of this writing, studies have yet todirectly and clearly suggest any type of impact of greening onreal estate markets in urban areas. However, as greening is animportant component of sustainable building evaluations, thisstudy adopts the variables of “building cost,”“investmentbenefit,” and “marketability” as the measurement dimensionsin consideration of the impact of sustainable building on realestate markets as well as the benefits derived from three-dimensional greening.3.2.2. Survey designThis study utilizes the Likert 5-point measurement scale for thesurvey (Fig. 2), incorporating the five grades of “strongly agree,”“agree,”“neutral,”“disagree,” and “strongly disagree.” Inaccordance with the suggestion of Parasuraman et al. [58], surveyquestions are described positively. Primary subjects for investiga-tion were personnel involved in building, real estate, landscapedesign, and construction, as well as the general public.4. Empirical analysis4.1. Survey retrievalThe survey was distributed from February 1, 2009 to August30, 2009. Of a total of 300 surveys distributed, 254 surveys wereretrieved for a retrieval rate of 84.66%; after subtracting invalidquestionnaires, a total of 238 effective surveys were retrieved foran effective retrieval rate of 79.33%, inclusive of 137 industrialcircles (57.6%), 25 government (10.5%), 25 academia & professors(10.5%) and 51 others (housewives, retirees, students and.)(21.4%). In the “professional specialty field” variable, respondentswith a “real estate” professional background constituted thelargest share (29.0%), followed by “building” (26.1%) and “land/city” (18.1%). Taken as a whole, the professional specialty back-grounds of respondents were relatively evenly distributed.Consequently, the overall survey sample structure distributionresults met the range and purposes envisioned for this study.4.2. Descriptive statisticsCronbach's a value was used to measure the consistency ofdifferent questions under the same dimension. A Cronbach'sa value above 0.7 was used as a standard; a value lower than 0.7suggests questionable reliability and possibility for rejection[59,60]. Of the various measurement dimensions, the a coefficientsfor “planting allocation (A3)” and “building policy (D1)” wererelatively low at 0.692 and 0.694, respectively; a coefficient valueswere greater than 0.7 for all other dimensions. Values for overallconstructs were also greater than 0.7; the a coefficient values for the constructs of “greening benefit” and “urban greening designpolicy” were as high as 0.9. Consequently, themeasured validity forthis study was concluded to be good, representing that the surveyof this study enjoyed fairly high consistency and stability.4.2.1. Building space environment greening design (A)The analysis results in Table 5 demonstrate: in themeasurementdimension of greening location (A1), the average value for “A12 eGreening on the ground of the site” was 4.27, demonstrating thatrespondents had a very high degree of agreement for the incorpo-ration of the “the ground” into building space greening imple-mentation locations. Respondents had a lower degree of agreementfor “A13 e the façade” greening; standard deviation was also fairlyhigh, suggesting relatively large variations in responses. In the“Greening area (A2)” dimension,
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