研究成果

Can Leasing Public Land Be An Alternative Source of Local Public Finance?

  • 时间: 2007-03-05 17:32:06
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作    者: Yu-Hung Hong
发表时间: 1996-11-01
概     要:

Governments of some former socialist countries and the People’s Republic of China

are thinking of leasing, instead of selling, public land. One objective of land leasing

is to capture the future increased land value as a government revenue for public

infrastructure investment. Yet, the debate on whether or not public land leasing

can help the state financially is unsettled because there is no generally

agreed-upon criteria to assess the land-value-capture experience under public

leasehold systems. The purpose of this paper is to suggest such criteria and

apply the proposed method to evaluate the Hong Kong leasehold system. The

author found that the Hong Kong Government captured about 39 percent of the

land-value increments occurring between 1970 and 1991 from land leased in

the 1970s. More important, the captured value financed 55 percent of the

average annual infrastructure investment between 1970 and 1991. These

findings indicate that land leasing can be an important source of public funds.

关 键 词: Yu-Hung Hong
 
WPS199601.PDF