IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v11y2019i3p850-d203937.html
   My bibliography  Save this article

Sustainable Urban Renewal and Built Heritage Conservation in a Global Real Estate Revolution

Author

Listed:
  • Lawrence W. C. Lai

    (Ronald Coase Centre for Property Rights Research, University of Hong Kong, Hong Kong SAR, China)

  • Frank T. Lorne

    (Ronald Coase Centre for Property Rights Research, University of Hong Kong, Hong Kong SAR, China
    New York Institute of Technology, Vancouver, V7Y 1K8, Canada)

Abstract

A global real estate revolution has been transforming the urban landscape everywhere. Development and redevelopment projects have mixed with, if not become an integral part of, real estate construction. At the same time, there is a drive to commodification in this revolution, as shown by a growing trend to conserve built heritage in new development projects characterised by the rise of museums. This paper reviews some examples of attempts in various parts of the world to combine real estate development and conservation and applies the fourth Coase theorem to explore how built heritage conservation and urban renewal in Hong Kong, hitherto problematic in terms of their invasion of private property, can become a win-win outcome in the context of this global real estate revolution.

Suggested Citation

  • Lawrence W. C. Lai & Frank T. Lorne, 2019. "Sustainable Urban Renewal and Built Heritage Conservation in a Global Real Estate Revolution," Sustainability, MDPI, vol. 11(3), pages 1-12, February.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:3:p:850-:d:203937
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/11/3/850/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/11/3/850/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ben Yu & Daigee Shaw & Tsu-Tan Fu & Lawrence Lai, 2000. "Property rights and contractual approach to sustainable development," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 3(3), pages 291-309, September.
    2. Nancy Holman & Gabriel M Ahlfeldt, 2015. "No Escape? The Coordination Problem in Heritage Preservation," Environment and Planning A, , vol. 47(1), pages 172-187, January.
    3. Karita Kan, 2017. "The (geo)politics of land and foreign real estate investment in China: the case of Hong Kong FDI," International Journal of Housing Policy, Taylor & Francis Journals, vol. 17(1), pages 35-55, January.
    4. Exner, Pavel & Šeba, Petr & Vašata, Daniel, 2009. "The distribution of landed property," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(21), pages 4619-4623.
    5. Anne Haila, 2007. "The Market as the New Emperor," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 31(1), pages 3-20, March.
    6. Elene Negussie, 2006. "Implications of Neo-liberalism for Built Heritage Management: Institutional and Ownership Structures in Ireland and Sweden," Urban Studies, Urban Studies Journal Limited, vol. 43(10), pages 1803-1824, September.
    7. Karita Kan, 2017. "The (geo)politics of land and foreign real estate investment in China: the case of Hong Kong FDI," European Journal of Housing Policy, Taylor and Francis Journals, vol. 17(1), pages 35-55, January.
    8. Lawrence W.C. Lai & S.K. Wong & Eric C.K. Ho & K.W. Chau, 2008. "Time Is Of The Essence? An Empirical Application Of The Corollary Of The Coase Theorem," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 20(1), pages 34-51, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Bohong Zheng & Francis Masrabaye & Gerald Madjissembaye Guiradoumngué & Jian Zheng & Linlin Liu, 2021. "Progress in Research on Sustainable Urban Renewal Since 2000: Library and Visual Analyses," Sustainability, MDPI, vol. 13(8), pages 1-28, April.
    2. Yang Bai & Wei Zhou & Yanjun Guan & Xue Li & Baohua Huang & Fengchun Lei & Hong Yang & Wenmin Huo, 2020. "Evolution of Policy Concerning the Readjustment of Inefficient Urban Land Use in China Based on a Content Analysis Method," Sustainability, MDPI, vol. 12(3), pages 1-21, January.
    3. KW Chau & Lawrence WC Lai & Mark H Chua, 2022. "Post-colonial conservation of colonial built heritage in Hong Kong: A statistical analysis of historic building grading," Environment and Planning B, , vol. 49(2), pages 671-686, February.
    4. Lawrence W.C. Lai & Stephen N.G. Davies & Frank T. Lorne, 2019. "Trialogue on Built Heritage and Sustainable Development," Sustainability, MDPI, vol. 11(14), pages 1-10, July.
    5. Daniel CW Ho & Lawrence WC Lai & Anqi Wang, 2021. "The effects of ‘publicness’ and quality of publicly accessible open space upon user satisfaction," Environment and Planning B, , vol. 48(4), pages 861-879, May.
    6. Leung Kwok Prudence Lau & Pak Yin Ophios Chow, 2019. "The Right to Landscape: Social Sustainability and the Conservation of the State Theatre, Hong Kong," Sustainability, MDPI, vol. 11(15), pages 1-16, July.
    7. Lawrence W. C. Lai & K. W. Chau, 2022. "Land Surveying and Squatting," Land, MDPI, vol. 11(10), pages 1-11, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hang Kei Ho & Rowland Atkinson, 2018. "Looking for big ‘fry’: The motives and methods of middle-class international property investors," Urban Studies, Urban Studies Journal Limited, vol. 55(9), pages 2040-2056, July.
    2. Bruce A. Seaman, 2013. "The role of the private sector in cultural heritage," Chapters, in: Ilde Rizzo & Anna Mignosa (ed.), Handbook on the Economics of Cultural Heritage, chapter 5, pages i-i, Edward Elgar Publishing.
    3. Lawrence W C Lai & Valerius W C Kwong, 2012. "Racial Segregation by Legislative Zoning and Company Law: An Empirical Hong Kong Study," Environment and Planning B, , vol. 39(3), pages 416-438, June.
    4. Zhao, Pengjun & Lu, Bin, 2010. "Exploring job accessibility in the transformation context: an institutionalist approach and its application in Beijing," Journal of Transport Geography, Elsevier, vol. 18(3), pages 393-401.
    5. Yang, Jidong & Liu, Cheng & Liu, Kai, 2023. "Land marketization and industrial restructuring in China," Land Use Policy, Elsevier, vol. 131(C).
    6. Gabriel M. Ahlfeldt & Nancy Holman, 2018. "Distinctively Different: A New Approach to Valuing Architectural Amenities," Economic Journal, Royal Economic Society, vol. 128(608), pages 1-33, February.
    7. Mario A. Fernandez & Shane L. Martin, 2020. "What’s so special about character?," Urban Studies, Urban Studies Journal Limited, vol. 57(16), pages 3236-3251, December.
    8. Hojman, David E. & Hiscock, Julia, 2010. "Interpreting suboptimal business outcomes in light of the Coase Theorem: Lessons from Sidmouth International Festival," Tourism Management, Elsevier, vol. 31(2), pages 240-249.
    9. Nir Mualam & Nir Barak, 2019. "Evaluating Comparative Research: Mapping and Assessing Current Trends in Built Heritage Studies," Sustainability, MDPI, vol. 11(3), pages 1-27, January.
    10. Jiang Xu & Anthony Yeh & Fulong Wu, 2009. "Land Commodification: New Land Development and Politics in China since the Late 1990s," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(4), pages 890-913, December.
    11. Lawrence Wai Chung Lai & Kelvin Siu Kei Wong & Kwong Wing Chau, 2011. "Are Engineering Reasons Zoning Neutral? An Empirical Inquiry into Development Proposals in Green Belt and Agriculture Zones," Environment and Planning B, , vol. 38(2), pages 322-337, April.
    12. Chau, K.W. & Davies, Stephen N.G. & Lai, Lawrence W.C. & Lennon, H.T. Choy, 2023. "Museums for ex situ tangible heritage conservation: A neo-institutional analytical and empirical economic analysis," Land Use Policy, Elsevier, vol. 127(C).
    13. Fulong Wu, 2009. "Land Development, Inequality and Urban Villages in China," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(4), pages 885-889, December.
    14. Anne Haila, 2009. "Chinese Alternatives," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 572-575, June.
    15. Hilber, Christian A.L. & Palmer, Charles & Pinchbeck, Edward W., 2019. "The energy costs of historic preservation," Journal of Urban Economics, Elsevier, vol. 114(C).
    16. Gabriel Ahlfeldt & Kristoffer Möller & Sevrin Waights & Nicolai Wendland, 2012. "On prisoner's dilemmas and gilded cages: The economics of heritage preservation," ERSA conference papers ersa12p783, European Regional Science Association.
    17. Yuan, Feng & Wei, Yehua Dennis & Xiao, Weiye, 2019. "Land marketization, fiscal decentralization, and the dynamics of urban land prices in transitional China," Land Use Policy, Elsevier, vol. 89(C).
    18. Gabriel M. Ahlfeldt & Wolfgang Maennig & Felix J. Richter, 2013. "Urban Renewal after the Berlin Wall," Working Papers 049, Chair for Economic Policy, University of Hamburg.
    19. Zhao, Pengjun & Lü, Bin & Roo, Gert de, 2011. "Impact of the jobs-housing balance on urban commuting in Beijing in the transformation era," Journal of Transport Geography, Elsevier, vol. 19(1), pages 59-69.
    20. 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).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:11:y:2019:i:3:p:850-:d:203937. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.