Towards a better understanding of capitalization of urban greening: Examining the interactive relationship between public and club green space accessibility

With the inequalities in accessing urban green space being intensified worldwide, the capitalization of urban green space (UGS) is increasingly becoming an important concern for achieving inclusive and sustainable urban development. Although the relationship between greening and capital investment has been widely investigated, little is known about the role of residential club green space in the capitalization of urban greening, particularly in cities with well-established markets for gated communities (GCs). To address this gap, this study put together multiple official data and open data to systematically examine the interrelation between club green space and urban parks in terms of accessibility and affordability. The results demonstrate that club green space profoundly influences residents' daily exposure to urban green space, particularly for walking modes. Additionally, residents' general willingness to pay for accessing UGS may create a mutually reinforcing effect between club green space and urban parks. As the housing premiums reflect, club green space complements high-level parks (city and district parks) but substitutes small-scale parks (community and pocket parks). Park quality and neighborhood population density may amplify the substitution effect of club greens, while the level of neighborhood aging shows a contrary effect and is reflected mainly in walking accessibility. Foregrounding the often-overlooked residential club green space in UGS studies, this research offers a novel and useful perspective to enrich the understanding of capitalization of urban green spaces, especially in GCs-dominated urban contexts, thus informing green space planning and policy-making.