Planning by Contract: The Leasehold Foundation of a Comprehensively Planned Capitalist Land Market
3 Pages Posted: 18 Dec 2005
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.
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