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

Authors

Tristance Kee, Technological and Higher Education Institute of Hong KongFollow
K. W. Chau, The University of Hong Kong

Staff Page Link

Dr KEE Yee Chun,Tristance

Document Type

Journal Article

Publication Date

2020

Keywords

architecture, economic impact, environmental policy, hedonic price model, heritage conservation, stakeholder engagement, sustainable development

DOI

10.1002/sd.2004

Abstract

© 2019 John Wiley & Sons, Ltd and ERP Environment 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

09680802

First Page

308

Last Page

319

Recommended Citation

Kee, T.,& Chau, K. (2020). Economic sustainability of heritage conservation in Hong Kong: The impact of heritage buildings on adjacent property prices. Sustainable Development, 28 (1), 308-319. http://dx.doi.org/10.1002/sd.2004