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Article: The disposal of the Hong Kong land stock under the Sino-British Joint Declaration

TitleThe disposal of the Hong Kong land stock under the Sino-British Joint Declaration
Authors
KeywordsDevelopment density
Hong Kong
Land Commission
Land supply restriction
Optimal control path
Sino-British Joint Declaration
Issue Date1999
PublisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/09599916.asp
Citation
Journal Of Property Research, 1999, v. 16 n. 4, p. 323-337 How to Cite?
AbstractLand supply in Hong Kong was restricted to 50 hectares (ha) per annum according to the Sino-British Joint Declaration in 1984. Such restriction was in force until the handover of Hong Kong to China in June 1997. This study examines the implications of such restriction on government land sales policy over the period when the restriction was in place. Using analytical tools for the depletion of an exhaustible natural resource, we can estimate an 'optimal control path' for land disposal in Hong Kong. This can then be compared to the 50 ha limit. Our analysis suggests that the 50 ha limit is far below the optimum. This implies serious dissipation of wealth, which is not in the interest of the Hong Kong government and the central government of China. The implication is that the Hong Kong government will try to minimize wealth dissipation by adjusting its land sales policy. Given the 50 ha restriction, this can be achieved by (a) selling land lots with higher development density and (b) negotiating with the Sino-British Land Commission to relax the 50 ha limit from time to time. Both implications are consistent with empirical observations. The increase in the planned land supply when the 50 ha restrict was removed in mid-1997 further confirms our analysis.
Persistent Identifierhttp://hdl.handle.net/10722/81986
ISSN
2015 SCImago Journal Rankings: 0.489

 

DC FieldValueLanguage
dc.contributor.authorWong, KCen_HK
dc.contributor.authorChau, KWen_HK
dc.contributor.authorMa, SMen_HK
dc.date.accessioned2010-09-06T08:24:10Z-
dc.date.available2010-09-06T08:24:10Z-
dc.date.issued1999en_HK
dc.identifier.citationJournal Of Property Research, 1999, v. 16 n. 4, p. 323-337en_HK
dc.identifier.issn0959-9916en_HK
dc.identifier.urihttp://hdl.handle.net/10722/81986-
dc.description.abstractLand supply in Hong Kong was restricted to 50 hectares (ha) per annum according to the Sino-British Joint Declaration in 1984. Such restriction was in force until the handover of Hong Kong to China in June 1997. This study examines the implications of such restriction on government land sales policy over the period when the restriction was in place. Using analytical tools for the depletion of an exhaustible natural resource, we can estimate an 'optimal control path' for land disposal in Hong Kong. This can then be compared to the 50 ha limit. Our analysis suggests that the 50 ha limit is far below the optimum. This implies serious dissipation of wealth, which is not in the interest of the Hong Kong government and the central government of China. The implication is that the Hong Kong government will try to minimize wealth dissipation by adjusting its land sales policy. Given the 50 ha restriction, this can be achieved by (a) selling land lots with higher development density and (b) negotiating with the Sino-British Land Commission to relax the 50 ha limit from time to time. Both implications are consistent with empirical observations. The increase in the planned land supply when the 50 ha restrict was removed in mid-1997 further confirms our analysis.en_HK
dc.languageengen_HK
dc.publisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/09599916.aspen_HK
dc.relation.ispartofJournal of Property Researchen_HK
dc.subjectDevelopment densityen_HK
dc.subjectHong Kongen_HK
dc.subjectLand Commissionen_HK
dc.subjectLand supply restrictionen_HK
dc.subjectOptimal control pathen_HK
dc.subjectSino-British Joint Declarationen_HK
dc.titleThe disposal of the Hong Kong land stock under the Sino-British Joint Declarationen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0959-9916&volume=16&issue=4&spage=323&epage=338&date=1999&atitle=The+Disposal+of+the+Hong+Kong+Land+Stock+under+the+Sino-British+Joint+Declarationen_HK
dc.identifier.emailChau, KW: hrrbckw@hkucc.hku.hken_HK
dc.identifier.emailWong, KC: wongkc@HKUCC.hku.hken_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-0033404351en_HK
dc.identifier.hkuros54374en_HK
dc.identifier.volume16en_HK
dc.identifier.issue4en_HK
dc.identifier.spage323en_HK
dc.identifier.epage337en_HK
dc.publisher.placeUnited Kingdomen_HK

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