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Sustainable Urban Renewal and Built Heritage Conservation in a Global Real Estate Revolution

Author

Listed:
  • Lawrence W. C. Lai

    (Ronald Coase Centre for Property Rights Research, University of Hong Kong, Hong Kong SAR, China)

  • Frank T. Lorne

    (Ronald Coase Centre for Property Rights Research, University of Hong Kong, Hong Kong SAR, China
    New York Institute of Technology, Vancouver, V7Y 1K8, Canada)

Abstract

A global real estate revolution has been transforming the urban landscape everywhere. Development and redevelopment projects have mixed with, if not become an integral part of, real estate construction. At the same time, there is a drive to commodification in this revolution, as shown by a growing trend to conserve built heritage in new development projects characterised by the rise of museums. This paper reviews some examples of attempts in various parts of the world to combine real estate development and conservation and applies the fourth Coase theorem to explore how built heritage conservation and urban renewal in Hong Kong, hitherto problematic in terms of their invasion of private property, can become a win-win outcome in the context of this global real estate revolution.

Suggested Citation

  • Lawrence W. C. Lai & Frank T. Lorne, 2019. "Sustainable Urban Renewal and Built Heritage Conservation in a Global Real Estate Revolution," Sustainability, MDPI, vol. 11(3), pages 1-12, February.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:3:p:850-:d:203937
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    References listed on IDEAS

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    1. Ben Yu & Daigee Shaw & Tsu-Tan Fu & Lawrence Lai, 2000. "Property rights and contractual approach to sustainable development," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 3(3), pages 291-309, September.
    2. Karita Kan, 2017. "The (geo)politics of land and foreign real estate investment in China: the case of Hong Kong FDI," International Journal of Housing Policy, Taylor & Francis Journals, vol. 17(1), pages 35-55, January.
    3. Exner, Pavel & Šeba, Petr & Vašata, Daniel, 2009. "The distribution of landed property," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(21), pages 4619-4623.
    4. Nancy Holman & Gabriel M Ahlfeldt, 2015. "No Escape? The Coordination Problem in Heritage Preservation," Environment and Planning A, , vol. 47(1), pages 172-187, January.
    5. Anne Haila, 2007. "The Market as the New Emperor," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 31(1), pages 3-20, March.
    6. Elene Negussie, 2006. "Implications of Neo-liberalism for Built Heritage Management: Institutional and Ownership Structures in Ireland and Sweden," Urban Studies, Urban Studies Journal Limited, vol. 43(10), pages 1803-1824, September.
    7. Karita Kan, 2017. "The (geo)politics of land and foreign real estate investment in China: the case of Hong Kong FDI," European Journal of Housing Policy, Taylor and Francis Journals, vol. 17(1), pages 35-55, January.
    8. Lawrence W.C. Lai & S.K. Wong & Eric C.K. Ho & K.W. Chau, 2008. "Time Is Of The Essence? An Empirical Application Of The Corollary Of The Coase Theorem," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 20(1), pages 34-51, March.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Yang Bai & Wei Zhou & Yanjun Guan & Xue Li & Baohua Huang & Fengchun Lei & Hong Yang & Wenmin Huo, 2020. "Evolution of Policy Concerning the Readjustment of Inefficient Urban Land Use in China Based on a Content Analysis Method," Sustainability, MDPI, vol. 12(3), pages 1-21, January.
    2. Bohong Zheng & Francis Masrabaye & Gerald Madjissembaye Guiradoumngué & Jian Zheng & Linlin Liu, 2021. "Progress in Research on Sustainable Urban Renewal Since 2000: Library and Visual Analyses," Sustainability, MDPI, vol. 13(8), pages 1-28, April.
    3. Lai, Lawrence W.C. & Davies, Stephen N.G. & Choy, Lennon H.T. & Leung, Nixon T.H. & Tan, Y.K. & Ching, Ken S.T., 2025. "Land management of paths in the countryside: A field study of access to British and Japanese Second World War pillboxes in Hong Kong," Land Use Policy, Elsevier, vol. 158(C).
    4. KW Chau & Lawrence WC Lai & Mark H Chua, 2022. "Post-colonial conservation of colonial built heritage in Hong Kong: A statistical analysis of historic building grading," Environment and Planning B, , vol. 49(2), pages 671-686, February.
    5. Leung Kwok Prudence Lau & Pak Yin Ophios Chow, 2019. "The Right to Landscape: Social Sustainability and the Conservation of the State Theatre, Hong Kong," Sustainability, MDPI, vol. 11(15), pages 1-16, July.
    6. Lawrence W. C. Lai & K. W. Chau, 2022. "Land Surveying and Squatting," Land, MDPI, vol. 11(10), pages 1-11, October.
    7. K. W. Chau & Derek Da Huo & Stephen N. G. Davies & Frank T. Lorne & Lawrence W. C. Lai, 2025. "Sustainable Development as A Win–Win Development: A Hong Kong Empirical Study of the Tai Kwun Heritage Project," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(4), pages 5151-5161, August.
    8. Lawrence W.C. Lai & Stephen N.G. Davies & Frank T. Lorne, 2019. "Trialogue on Built Heritage and Sustainable Development," Sustainability, MDPI, vol. 11(14), pages 1-10, July.
    9. Daniel CW Ho & Lawrence WC Lai & Anqi Wang, 2021. "The effects of ‘publicness’ and quality of publicly accessible open space upon user satisfaction," Environment and Planning B, , vol. 48(4), pages 861-879, May.
    10. Yuting Yin & Dongbo Ma & Xiran Xu, 2025. "The Landscape Catalytic Effect of Urban Waterfronts—A Case Study of the Huangpu River in Shanghai," Land, MDPI, vol. 14(2), pages 1-24, February.
    11. Juan F. Velasco‐Muñoz & María del Carmen Valls Martínez & Isabel M. Román‐Sánchez & Belén López‐Felices, 2025. "Stakeholder Perceptions of Sustainable Development in Industrial Tourism," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(6), pages 8984-8999, December.

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