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Planning By Contract: The Leasehold Foundation Of A Comprehensively Planned Capitalist Land Market

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  • Lawrence Wai‐Chung Lai

Abstract

Hong Kong has used a system of planning by consent that predates planning by edict. By selling long leases on a contractual basis, the government has an incentive to provide the contractual terms, obligations and rights to the leaseholder that maximise the value of the land. This system has been effective in generating fiscal revenue and producing good planning outcomes in a resource‐poor economy.

Suggested Citation

  • Lawrence Wai‐Chung Lai, 2005. "Planning By Contract: The Leasehold Foundation Of A Comprehensively Planned Capitalist Land Market," Economic Affairs, Wiley Blackwell, vol. 25(4), pages 16-18, December.
    • Handle: RePEc:bla:ecaffa:v:25:y:2005:i:4:p:16-18
    DOI: 10.1111/j.1468-0270.2005.00583.x
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    References listed on IDEAS

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    1. Lawrence Wai-chung Lai, 2004. "Spontaneous Catallaxis in Urban & Rural Development Under Planning by Contract in a Small Open Economy: The Ideas of Hayek and Mises at Work in Town & Country Planning in Hong Kong," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 17(2_3), pages 155-186, June.
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    Cited by:

    1. Lawrence Wai-Chung Lai, 2014. "Planning by contract: two dialogues," Chapters, in: David Emanuel Andersson & Stefano Moroni (ed.), Cities and Private Planning, chapter 7, pages 135-152, Edward Elgar Publishing.
    2. Ping Yung & Lawrence W C Lai, 2009. "Quality Assurance in Construction by Independent Experts: A Case Study of the Efficiency Performance of State-Owned Enterprises in China," Environment and Planning B, , vol. 36(4), pages 682-697, August.
    3. Fred E. Foldvary, 2014. "Governance by voluntary association," Chapters, in: David Emanuel Andersson & Stefano Moroni (ed.), Cities and Private Planning, chapter 4, pages 66-92, Edward Elgar Publishing.
    4. Lai, Lawrence W.C. & Chau, K.W & Lorne, Frank T, 2019. "“Forgetting by not doing”: An institutional memory inquiry of forward planning for land production by reclamation," Land Use Policy, Elsevier, vol. 82(C), pages 796-806.
    5. Murakami, Jin, 2018. "The Government Land Sales programme and developers’ willingness to pay for accessibility in Singapore, 1990–2015," Land Use Policy, Elsevier, vol. 75(C), pages 292-302.
    6. Kwong, Jason W.Y. & Lai, Lawrence W.C. & Chau, K.W. & Chan, Vincent N.H., 2021. "A race between urban growth and regulation: An empirical case study on the layout plan," Land Use Policy, Elsevier, vol. 101(C).
    7. Lawrence W C Lai & Connie W Y Hung, 2008. "The Inner Logic of the Coase Theorem and a Coasian Planning Research Agenda," Environment and Planning B, , vol. 35(2), pages 207-226, April.

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