The Economic Performance of Urban Sponge Parks Uncovered by an Integrated Evaluation Approach

Climate change and extreme rainfall events pose great pressures on a city’s resilience to flooding and waterlogging. Designed as a kind of green infrastructure to manage stormwater, urban sponge parks (USPs) in China have been demonstrated to have ecological and societal benefits, while their landscape economic values lack evaluation. Taking the real-estate choices surrounding six USPs in China as an example, an evaluation framework integrating text mining with housing introduction documents and hedonic price model (HPM) regression with housing prices was constructed to combine the stated preferences and revealed preferences of citizens when purchasing properties. The main findings include the following: (1) USPs do contribute to property appreciation, especially in newer urban areas, although they are not as strong as location and property characteristic factors; (2) the extent of the influence of USPs on houses decreases as the distance increases, with a maximum radius of 3 km; (3) a USP’s effects vary according to the urban and environmental context, as HPM with GWR (R2 ranges from 0.203 to 0.679) outperforms the OLS method (R2 ranges from 0.149 to 0.491), which evokes the need for more affluent and detailed analyses in the future. This study demonstrates the economic benefits of USPs and provides an evaluation approach based on citizen science data, which could contribute to the policy-making of USPs in China and promote the implementation of Nature-based Solutions.