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Article: Surrendering the environment for capital gain and Olson's group theory: A case study of the dissolution of housing co-operative societies in Hong Kong

TitleSurrendering the environment for capital gain and Olson's group theory: A case study of the dissolution of housing co-operative societies in Hong Kong
Authors
KeywordsCo-operative society
Developers
Land value
Olson's group theory
Property rights
Real option
Issue Date2012
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/habitatint
Citation
Habitat International, 2012, v. 36 n. 2, p. 261-267 How to Cite?
AbstractThis paper describes the rise of the co-operative housing of civil servants and its fall during the transition of Hong Kong from a British colony to a special administrative region of the People's Republic of China. Olson's group theory was adopted to explain the timing of the dissolution in a context of uncertainty in the property rights of land; the terms of civil service appointments; and the housing market. The size of the ownership body and the value of the land were evaluated as factors affecting dissolution decisions. It was found that in agreement with Olson's theory, the number of members of the body had a statistically significant positive relationship with the life (between formation and dissolution) of the co-operative body. In addition, it was also found that factors that affected the opportunity cost of maintaining status quo, including the value of the land on which the co-op scheme sits and the real option value of redevelopment, had a significant impact on the timing of the dissolution of the co-op. The implications for using Olson's theory were also discussed. © 2011 Elsevier Ltd.
Persistent Identifierhttp://hdl.handle.net/10722/145934
ISSN
2015 Impact Factor: 2.029
2015 SCImago Journal Rankings: 1.038
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLai, LWCen_HK
dc.contributor.authorChau, KWen_HK
dc.contributor.authorKwong, JWYen_HK
dc.date.accessioned2012-03-27T09:02:22Z-
dc.date.available2012-03-27T09:02:22Z-
dc.date.issued2012en_HK
dc.identifier.citationHabitat International, 2012, v. 36 n. 2, p. 261-267en_HK
dc.identifier.issn0197-3975en_HK
dc.identifier.urihttp://hdl.handle.net/10722/145934-
dc.description.abstractThis paper describes the rise of the co-operative housing of civil servants and its fall during the transition of Hong Kong from a British colony to a special administrative region of the People's Republic of China. Olson's group theory was adopted to explain the timing of the dissolution in a context of uncertainty in the property rights of land; the terms of civil service appointments; and the housing market. The size of the ownership body and the value of the land were evaluated as factors affecting dissolution decisions. It was found that in agreement with Olson's theory, the number of members of the body had a statistically significant positive relationship with the life (between formation and dissolution) of the co-operative body. In addition, it was also found that factors that affected the opportunity cost of maintaining status quo, including the value of the land on which the co-op scheme sits and the real option value of redevelopment, had a significant impact on the timing of the dissolution of the co-op. The implications for using Olson's theory were also discussed. © 2011 Elsevier Ltd.en_HK
dc.languageengen_US
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/habitatinten_HK
dc.relation.ispartofHabitat Internationalen_HK
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in <Habitat International>. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 36 , ISSUE 2, (2012)] DOI 10.1016/j.habitatint.2011.10.004]-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectCo-operative societyen_HK
dc.subjectDevelopersen_HK
dc.subjectLand valueen_HK
dc.subjectOlson's group theoryen_HK
dc.subjectProperty rightsen_HK
dc.subjectReal optionen_HK
dc.titleSurrendering the environment for capital gain and Olson's group theory: A case study of the dissolution of housing co-operative societies in Hong Kongen_HK
dc.typeArticleen_HK
dc.identifier.emailLai, LWC:wclai@hku.hken_HK
dc.identifier.emailChau, KW:hrrbckw@hkucc.hku.hken_HK
dc.identifier.authorityLai, LWC=rp01004en_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.habitatint.2011.10.004en_HK
dc.identifier.scopuseid_2-s2.0-84155165083en_HK
dc.identifier.hkuros199094en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84155165083&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume36en_HK
dc.identifier.issue2en_HK
dc.identifier.spage261en_HK
dc.identifier.epage267en_HK
dc.identifier.eissn1873-5428-
dc.identifier.isiWOS:000300740200008-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridLai, LWC=7202616218en_HK
dc.identifier.scopusauthoridChau, KW=24830082500en_HK
dc.identifier.scopusauthoridKwong, JWY=37112405300en_HK
dc.identifier.citeulike10050932-

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