Planning for open storage of containers in a major international container trade centre: an analysis of Hong Kong development control statistics using probit modelling

The authors describe the nature of the planning policies relating to the container industry of Hong Kong, a major international container trade centre, at territorial and district planning levels. Informed by the concepts of transaction costs, the authors attempt to ascertain whether the planning permission system in Hong Kong is promarket, antimarket, or market-neutral with respect to the container industry, and whether the stated statutory district planning policy of permitting and concentrating open storage in specifically designated Open Storage (OS) zones has been followed. A probit model is developed to evaluate 195 sets of nonaggregate and cross-sectional data regarding planning applications to the Town Planning Board for the years 1991 to 1998. The evaluation is conducted in terms of two refutable empirical hypotheses regarding the container industry. The findings suggest that the Hong Kong planning permission mechanism is market neutral towards the container industry and that the statutory district forward planning policy for that industry has not been followed in the development control process.

Zone separation: a probit analysis of Hong Kong planning application statistics

In this paper we demonstrate the use of a probit model to evaluate whether two classes of apparently similar/dissimilar zones with identical uses, that may be carried out with planning permissions, are in fact similar (and hence 'inseparable') or otherwise. Four empirical hypotheses about comprehensive development area, commercial/residential, and community-use zones in Hong Kong are tested by using nonaggregate planning application statistics of 793 observations.

FDI and domestic capital stock: A panel data study of Chinese regions

© The Hong Kong Polytechnic University. Utilizing a static panel data model, this article investigates the regional determinants of domestic gross capital formation among twenty-five Chinese regions for the period between 2004 and 2007. Being inconsistent with previous studies using data from developed countries, our empirical results have suggested that while inbound FDI flows cause gross capital formation to vary across Chinese regions, neither outbound FDI flows nor gross savings cause the variations. The last section concludes with some plausible explanations for these results.Link_to_subscribed_fulltex

Region-Specific Estimates of the Determinants of Residential Investment

This paper adopts a reduced-form equilibrium model to investigate the possible sources of residential investment differentials among 22 provinces, five autonomous regions, and four municipalities in the People's Republic of China. The model is estimated using panel data from 31 Chinese regions during the period between 2001 and 2006, yielding a total of 186 observations. Empirical results should hopefully shed light on the adjustment mechanism of the Chinese residential-property market. Specifically, this paper suggests that change in population, income, and business confidence are the major determinants that cause residential investment to vary among different regions. The relatively small coefficients of real interest rates and planning regulations suggest that they have significant but modest impacts on residential investment. © 2011 American Society of Civil Engineers.Link_to_subscribed_fulltex

Privatization, housing conditions and affordability in the People's Republic of China

Currently, the subject of housing in China is of interest to many researchers, since improvements in living conditions have not kept pace with the territory's economic growth. This paper describes basic housing situations in urban China, and assesses these conditions against the likely benefits its people may enjoy as a result of overall economic improvement over time. Housing affordability in China is a pressing social and economic issue, particularly for populations that are marginal to the housing market. This is due to affordability constraints as a result of the limited participation in key economic activities that restrict the marginalized groups from accessing the housing market. The persistent affordability crisis is discussed in this paper, which focuses especially on the accessibility restriction of potential homeowners to the private housing market. Furthermore, the paper explores the reasons behind homeownership constraints, and reviews government policies to seek alternative solutions to China's housing problems. © 2007 Elsevier Ltd. All rights reserved.Link_to_subscribed_fulltex

Housing attributes and Hong Kong real estate prices: A quantile regression analysis

By nature, people's tastes and preferences are unique and diverse so that a constant coefficient of each housing attribute produced by ordinary least squares (OLS) is not able to fully describe the behaviour of homebuyers of different classes. To complement the least squares, quantile regression is used to identify how real estate prices respond differently to a change in one unit of housing attribute at different quantiles. Theoretically, quantile regression can be utilized to estimate the implicit price for each housing attribute across the distribution of real estate prices, allowing specific percentiles of prices to be more influenced by certain housing attributes when compared to other percentiles. Empirical results demonstrate that most housing attributes, such as apartment size, age and floor level, command different prices at different quantiles. With the use of this approach, the efficiency of the mortgage markets is enhanced by offering more accurate prediction of real estate prices at the lower and upper price distribution. © 2012 Copyright Taylor and Francis Group, LLC.Link_to_subscribed_fulltex

On FDI-led growth and the price of residential properties in Guangdong

Previous studies suggest that FDI inflows enhance economic growth in developing countries through spillover effects and more employment opportunities. This research attempts to go one step further by offering a theoretical framework for estimating the influence of FDI inflows on residential property prices through expanding the host country's economy. Utilizing a panel of 21 Guangdong cities from 2001 through 2009, the current study indicates that although the estimated coefficient for FDI inflows is positive and significant, its impact on prices is only modest. Moreover, most foreign real estate developers, especially those from Hong Kong, Macao and Taiwan, who concentrate on investing in commercial and deluxe residential developments, help preserve open space and green areas in less developed parts of Guangdong Province. Given that FDI inflows will not drive up property prices significantly, this research proposes that Guangdong Province, especially its inner cities, should create better business environment to attract foreign investment to develop the economies of inner cities, in order to enjoy more balanced economic growth in Guangdong. © 2013 Springer Science+Business Media Dordrecht.Link_to_subscribed_fulltex

Toward a low carbon Hong Kong: A proposal from the institutional perspective

Climate change adversely affects people's life in many aspects all over the world. While it is a natural phenomenon, it is also induced by human activities that include the use of fossil fuels for combustion in daily life, emitting greenhouse gases in the atmosphere. As the balance of climate system has been disturbed, it is not surprising that extreme weather events, such as very hot days and flooding, occur more frequently and more intensive than ever. Hong Kong, as an international city, should shoulder its responsibility of controlling the emissions of greenhouse gases. Using the Hong Kong annual data from 1990 to 2008, this article estimates a simple econometric model to demonstrate that electricity consumption is the major factor contributing to the variations in CO 2 emissions. To complement the traditional ways to reduce CO 2 emissions by restricting the consumption of electricity and other fuel, we propose two alternative methods to reduce electricity consumption by: (1) charging the supply of electricity at progressive rates for commercial and industrial end-users; and (2) setting up a cap and trade market for greenhouse gas emissions by local electricity companies. Both methods offer incentives to electricity users to self-discipline themselves to restrict the demand for electricity, hence reducing CO 2 emissions in turn. © 2011 Elsevier Ltd.Link_to_subscribed_fulltex

Aging-in-Place and Home Modifications for Urban Regeneration

The rapidly growing aging population is a global phenomenon imposing societal challenges on many cities. ‘Aging-in-place’ as a popular concept accommodates both the elderly desire to age in a familiar environment and adaptive old home modifications for aging. However, this concept has not been explored in-depth systematically in the urban regeneration context. This article explores a form of aging-in-place that is suitable for large and dense residential urban areas using the case of Hong Kong as an example of a laisse-faire fast-growing dense city, with a focus on home modifications. As in many other Asian cities, with a low tax rate and without a pension scheme, the elderly in Hong Kong are concerned more with the basic needs of health care and rely on public housing. Housing affordability is the primary concern. The government is expected to take the lead in aging-in-place in urban regeneration, in particular, to provide necessary home modifications for the elderly who live in public housing with primary health care provisions. A survey of 294 respondents revealed that housing expenditures, housing size, income level, and residential location are indicators of whether home modifications or health care in cities such as Hong Kong can be afforded by the locals, under tight budget constraintsDesign & Construction Managemen