Economic sustainability of heritage conservation in Hong Kong: The impact of heritage buildings on adjacent property prices

Authors

Yee Chun,Tristance Kee, Faculty of Design and Environment, Technological and Higher Education Institute of Hong Kong, Vocational Training CouncilFollow
K.W. Chau, Faculty of Architecture, The University of Hong KongFollow

Staff Page Link

Dr KEE Yee Chun,Tristance

Document Type

Journal Article

Publication Date

2019

DOI

10.1002/sd.2004

Abstract

Informed by the theoretical framework of sustainable development and economic theories including the cluster theory and the corollary of the Coase Theorem, this paper empirically investigates the economic impact of architectural heritage in Hong Kong. Using the hedonic price model, the research examines the economic impact of 50 publicly owned versus 50 privately owned heritage buildings on adjacent residential property prices with a sample size of over 43,240 property transaction records spanning a time period of 10 years. The research supports that heritage conservation can promote economic sustainability aside from cultural sustainability and social engagement. This research benefits government policymakers, urban planners, architects, and heritage conservationists by contributing new knowledge to the studies on sustainable urban development, heritage conservation, and cultural economics.

Source Publication

Sustainable Development

Volume Number

28

Issue Number

1

ISSN

0968-0802

Last Page

308

Publisher Statement

319

Recommended Citation

Kee, Y.,& Chau, K. (2019). Economic sustainability of heritage conservation in Hong Kong: The impact of heritage buildings on adjacent property prices. Sustainable Development, 28 (1). http://dx.doi.org/10.1002/sd.2004