Planning by Contract: The Leasehold Foundation of a Comprehensively Planned Capitalist Land Market

3 Pages Posted: 18 Dec 2005

See all articles by Lawrence Wai-Chung Lai

Lawrence Wai-Chung Lai

The University of Hong Kong - Department of Real Estate and Construction

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

Lai, Lawrence W. C., Planning by Contract: The Leasehold Foundation of a Comprehensively Planned Capitalist Land Market. Economic Affairs, Vol. 25, No. 4, pp. 16-18, December 2005. Available at SSRN: https://ssrn.com/abstract=857527 or http://dx.doi.org/10.1111/j.1468-0270.2005.00583.x

Lawrence W. C. Lai (Contact Author)

The University of Hong Kong - Department of Real Estate and Construction ( email )

Hong Kong
China
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