The nascent market for “green” real estate in Beijing

► China has not formally adopted rating standards for “green” buildings. ► We create a Google index to rank “marketing greenness” of housing complexes in Beijing. ► Developers charge a price premium for self-reported buildings' “greenness” during presale. ► These “green” premiums disappear in the subsequent resells and the rental market. ► A standardized certification program would advance China's nascent green real estate market.