Download or read book Valuation of Development Land in Hong Kong written by Philip James Roberts and published by . This book was released on 2001 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Valuation of Development Land in Hong Kong written by Philip James Roberts and published by . This book was released on 1975 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Development Appraisal of Land in Hong Kong written by Ling-hin Li and published by Chinese University Press. This book was released on 2006 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the market and the profession an overall view of the land management system in Hong Kong by presenting a combination of both factual account of the system and practice as well as some academic and theoretical discussion of the application of development appraisal models. The author discusses various basic appraisal models and gives his views on the future development of cash flow model to be applied in land. This is not only a useful guide to investors investing in Hong Kong, but also an important reference for development appraisal taking place in a similar land market, Mainland China.

Download or read book Demand Uncertainty Timing of Development and Leasehold Land Valuation written by Hui Yao and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops and tests a long-dated American call option pricing model for valuing development land under leasehold. We analyze and test option values in ten detailed Hong Kong cases involving purchase, holding, converting and developing land. We test also for optimal exercise of long-dated American calls using processes based on the optimal trigger ratio feature of the perpetual American call option model. Generally, the empirical results confirm presence of a positive and non-trivial option premium (mean 5.274%) in the cases, and that developers appear to delay exercise to the point predicted by the real options model.

Download or read book Land Compensation Valuation Law in Hong Kong written by Gordon N. Cruden and published by . This book was released on 2017 with total page 807 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Change in Use of Land written by Lawrence Wai-chung Lai and published by Hong Kong University Press. This book was released on 2010-03-01 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an account of the concept of the use and change in use of land, and an outline of the procedures for lease modifications and waivers, planning applications, reviews and appeals, and building applications and approvals. It also includes an overview of government enforcement against contravention of lease conditions, provisions of statutory town plans prepared under the Town Planning Ordinance, and provisions of the Buildings Ordinance -- Back cover.

Download or read book Value Capture and Land Policies written by Gregory K. Ingram and published by Lincoln Inst of Land Policy. This book was released on 2012 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Attention to value capture as a source of public revenue has been increasing in the United States and internationally as some governments experience declines in revenue from traditional sources and others face rapid urban population growth and require large investments in public infrastructure. Privately funded improvements by land-owners can increase the value of their land and property. Public actions, such as investments in infrastructure, the provision of public services, and planning and land use regulation, can also affect the value of land and property. Value capture is a means to realize as public revenue some portion of that increase in value through various revenue-raising instruments. This book, based on the Lincoln Institute of Land Policy's sixth annual land policy conference in May 2011, examines the concept of value capture, its forms, and applications. The first section, on the conceptual framework and history of value capture, reviews its relationship to compensation for partial takings; the long history of value capture policies in Britain and France; and the remarkable expansion of tax increment financing in California. The second section reviews the application of particular instruments of value capture, including the conversion of rural to urban land in China, town planning schemes in India, and community benefit agreements. The third section focuses on ends instead of means and examines the use of value capture by community land trusts to provide affordable housing, the use of land development to finance transit, and the use of various fees to fund airports. The final section explores potential extensions of value capture mechanisms to tax-exempt nonprofits and to the management of state trust lands in the United States."--Publisher's website.

Download or read book Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market written by Huimin Yao and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market" by Huimin, Yao, 姚惠敏, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Empirical Testing of Real Options in the Hong Kong Residential Real Estate Market Huimin YAO Department of Real Estate and Construction, The University of Hong Kong August 2005 Abstract Hong Kong has been using the leasehold system of land management rather than freehold since its colonial era. This system controlled and presently still controls use of leased land through leasehold conditions. Many leases granted decades ago thus require formal modifications to lease conditions to formalize proposed changes in land use; or to realize the actual present economic value of the land, usually following a land valuation process and payment to government of a "premium" intended to reflect the value of the land in its revised use, usually determined by standard discounted cash flow methodology. From a real options analysis perspective, such land use conversions and analysis of real options associated therewith are significantly more complex than typical stylized land development real options encountered in academic literature and research. There is thus considerable interest in obtaining empirical evidence of the performance of real options valuation in land development applications, where options associated with land development rights are substantially constrained due to regulatory influences. A review of institutional framework in Hong Kong demonstrates that developers essentially own only one type of flexibility in practice that follows typical real options analysis literature, i.e., time flexibility, while other flexibilities are rather constrained due to regulatory influence. The aim of this paper is to outline major factors in operationalizing academic real options research for practical application in a particular land market with significant regulatory constraints, and then test two hypotheses derived from real options literature using actual residential real estate development projects in Hong Kong which require leasehold land use conversions as data. The two hypotheses are: (1) there is a significant and positive difference between the land conversion premium calculated by option pricing theory and the land conversion premium calculated by the authorities (based on DCF principles); and (2) developers are expected to delay the development of land to the point predicted by the real options model. To address these two hypotheses, applied research methodology was adopted and regulatory documentation and case studies were identified to frame the design of the applied work to address institutional complexities, and to facilitate identification of critical lease covenants for real option pricing. The perpetual American call option pricing model was chosen for individual case analysis since multiple time extensions were allowed. It was demonstrated that hypothesis 1 was supported. It was further found that hypothesis 2 was also supported, which means that options were generally optimally exercised. The importance of this research is that it finds empirical support for real options theory in a sample of actual heterogeneous development projects under substantial regulatory constraints and also finds evidence for optimal exercise of real options. From a public policy perspective, these findings imply that the Hong Kong government has systematically undervalued development land in the lease modification cases. DOI: 10.5353/th_b3617334 Subjects: Real

Download or read book Land Compensation and Valuation Law in Hong Kong written by Gordon N. Cruden and published by . This book was released on 2009 with total page 684 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Land Administration and Practice in Hong Kong written by Roger Nissim and published by Hong Kong University Press. This book was released on 2008-01-01 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong is frequently acclaimed as being the most open and business user-friendly environment in the world. However, it is often forgotten or overlooked that this paragon of capitalism is founded, and indeed underpinned, by a socialist leasehold land tenure system. As the government is landlord to virtually all land, it plays a pivotal role in the administration of this scarce and therefore valuable resource. The purpose of this book is to explain both the historical development and the current practice of land administration.Since publication of the book in 1998, it has been welcomed by students and practitioners of surveying, architecture, planning and law, and also by the wider business and financial community. In this second edition, the text has been thoroughly updated and should continue to be equally useful and popular.

Download or read book Land Administration and Practice in Hong Kong Fifth Edition written by Roger Nissim and published by Hong Kong University Press. This book was released on 2021-11-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to explain both the historical context and current practices of land administration in Hong Kong. Although Hong Kong has an open and business-friendly environment, it is underpinned by a socialist leasehold land tenure system. The government is landlord to virtually all land and so it plays a pivotal role in the administration of this scare, and therefore, valuable resource. As land administration is governed by private contract law rather than legislation, it is constantly evolving with the courts handing down significant decisions on a regular basis. Government practice has to respond to this, as well as the community’s concern on how best land can be administered. The fifth edition has some substantial and important updates which should continue to be useful to both students and practitioners of surveying, architecture, planning and law, as well as the wider business and financial community.

Download or read book Land Administration and Practice in Hong Kong Third Edition written by Roger Nissim and published by Hong Kong University Press. This book was released on 2011-12-01 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although Hong Kong is an open and business-friendly environment, it has a socialist leasehold land tenure system. The government is landlord to virtually all land, so it plays a pivotal role in the administration of this scarce and therefore valuable resource. As land administration is governed by private contract law rather than legislation, it is constantly evolving with the courts handing down decisions on a regular basis. Government practice also has to respond to this, as well as to the community's concerns on how best land can be administered. As a result, regular updates of this book are required and this new Third Edition is fully up to date to serve its readers — students and practitioners of surveying, architecture, planning and law, and the wider business and financial community.

Download or read book Hong Kong Land for Hong Kong People written by Yue Chim Richard Wong and published by Hong Kong University Press. This book was released on 2015-01-01 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong is one of the world’s most densely populated cities. Land supply, property values, and housing provision are inextricably linked with the city’s economic growth and questions of economic equality. In Hong Kong Land for Hong Kong People, Yue Chim Richard Wong traces the history of Hong Kong’s postwar housing policy. He then discusses current housing problems and their solutions, drawing on examples from around the world. Wong argues that housing policy in Hong Kong, with its multiple, often incompatible objectives, and its focus on supply over demand, can no longer satisfy the needs of a diverse and dynamic population. He recommends three simple low-cost policies to promote homeownership and social mobility: sell public rental housing units to the sitting tenants; make subsidized homes more affordable; and reform the public housing program along lines adopted in Singapore, where government-built housing may be resold or leased in a free market. This is the second of Richard Wong’s collections of articles on society and economy in Hong Kong. The first, Diversity and Occasional Anarchy, published by Hong Kong University Press in 2013, examines the growing contradictions in Hong Kong’s economy predicament in historical context.

Download or read book Development Land and Development Charge in Singapore written by Yew Kwong Leung and published by Lexis Law Publishing (Va). This book was released on 1987 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Sustainable Railway Futures written by Becky P.Y. Loo and published by Routledge. This book was released on 2016-03-03 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revitalizing railways as a major sustainable transport mode in modern societies faces many issues and challenges. This in-depth overview places the importance of railways in the wider context of comprehensive sustainability, which encompasses sustainable development, social and economic equity and community livability. Some scholars have described the 21st century as a period of renaissance for railways and suggest this transport mode can fulfil people's desire for high mobility with low negative environmental, social, economic and financial impacts. In light of these new expectations for railways, in both passenger and freight transport worldwide, this book offers the latest research insights on the renewed interest about railway expansions and their wide-ranging environmental, socio-economic and even political implications.

Download or read book Financing Transit Oriented Development with Land Values written by Hiroaki Suzuki and published by World Bank Publications. This book was released on 2015-01-15 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides cities with strategies and methodologies for applying land value capture financing schemes for capital-intensive transit and transit-related investments, based on the successful experiences of Mass Transit Railway Corporation in Hong Kong SAR, China, and Japanese railway companies in Tokyo metropolitan areas.

Download or read book Determinants of Property Prices in Hong Kong SAR written by Mr.R. Sean Craig and published by International Monetary Fund. This book was released on 2011-11-01 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though land supply and prudential and tax policy, with the latter policies taking the form of a stamp duty on property transactions and a tighter loan-to-value ratio (LTV) on lending. Land supply is the most effective policy insturment for restraining property price increases but it operates with a significant lag. The LTV and stamp duty dampen speculative activity that drives up property prices. While these policies can slow the increase in the short run, they should be guided by their long run objectives of financial stability and counteracting speculation.