研究成果

Opportunities and Risks of Capturing Land Values Under Hong Kong’s Leasehold System

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作    者: Yu-Hung Hong & Alven H. S. Lam
发表时间: 1998-11-01
概     要:

Hong Kong’s land-leasing system empowers the government to exercise two

important land policy measures—regulating land supply and capturing

development windfalls. This paper focuses on the evaluation of the effectiveness

of this leasehold system especially in the areas of capturing development gains

for financing urban infrastructure. The portion of development profits captured

by the government was measured through an analysis of the official

lease-negotiation cases. An average of 39 percent of the increased land value

occurring between 1970 and 1991 was captured through leasing public land.

These captured benefits plus other land related revenues accounted for 79

percent of the average annual infrastructure investment for the same period.

Despite the success in capturing development windfalls, scholars and

policymakers have engaged in a series of debates over the implications of this

land-leasing method on property prices. The dual role of the government in

regulating land use and negotiating land premiums may have created an

institutional setting that has generated imperfect competition in the real estate

market and encouraged property speculation. By undertaking an institutional

analysis, the authors establish a causal relationship between the land-value-capture

experience and high land and property prices in Hong Kong. The institutionally

oriented explanation of high housing costs—which many analysts have

neglected—would have important implications on policy recommendations for

capturing development windfalls by leasing public land in Hong Kong and elsewhere.  

关 键 词: Land Values; Hong Kong; Leasehold System
 
WPS199801.PDF