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Article: Understanding governance of public land sales: an experiment from Hong Kong
Title | Understanding governance of public land sales: an experiment from Hong Kong |
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Authors | |
Keywords | land sales land supply government led market led freeriding |
Issue Date | 2019 |
Publisher | Taylor & Francis. The Journal's web site is located at https://www.tandfonline.com/toc/rsrs20/current |
Citation | Regional Studies, Regional Science, 2019, v. 6 n. 1, p. 607-622 How to Cite? |
Abstract | For centuries, many governments in the Asia-Pacific region have owned all the land resources, and government land auctions were deployed as an essential channel to supply public land. While the government-led approach to land supply is often criticized for lacking sensitivity to changing market conditions, experiments have been conducted to remedy this defect by means of a market-led approach that relies on developers to reveal their demand for public land. However, under the market-led approach, public land would not be put on sale until a developer committed an irrevocable bid to initiate a land auction. This market-led mechanism, namely the land application list system (ALS) in Hong Kong, China, has typically created a problem of freeriding among developers and has led to the unintended consequence of an undersupply of land. By considering such land sales reform in Hong Kong, this study uses a simultaneous equation model to demonstrate that the ALS has caused a significant undersupply of land. Moreover, an ordinal generalized linear discrete-choice econometric model is used to confirm that developers are more likely to coordinate with each other in order to internalize freeriding problems. A transaction costs framework is then developed to explain that market- and government-led approaches are not mutually exclusive and should complement each other. A dual approach that integrates both mechanisms is discussed as a new policy option. |
Persistent Identifier | http://hdl.handle.net/10722/290656 |
ISSN | 2023 Impact Factor: 1.7 2023 SCImago Journal Rankings: 0.533 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Cheung, WKS | - |
dc.contributor.author | Wong, SK | - |
dc.date.accessioned | 2020-11-02T05:45:17Z | - |
dc.date.available | 2020-11-02T05:45:17Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | Regional Studies, Regional Science, 2019, v. 6 n. 1, p. 607-622 | - |
dc.identifier.issn | 2168-1376 | - |
dc.identifier.uri | http://hdl.handle.net/10722/290656 | - |
dc.description.abstract | For centuries, many governments in the Asia-Pacific region have owned all the land resources, and government land auctions were deployed as an essential channel to supply public land. While the government-led approach to land supply is often criticized for lacking sensitivity to changing market conditions, experiments have been conducted to remedy this defect by means of a market-led approach that relies on developers to reveal their demand for public land. However, under the market-led approach, public land would not be put on sale until a developer committed an irrevocable bid to initiate a land auction. This market-led mechanism, namely the land application list system (ALS) in Hong Kong, China, has typically created a problem of freeriding among developers and has led to the unintended consequence of an undersupply of land. By considering such land sales reform in Hong Kong, this study uses a simultaneous equation model to demonstrate that the ALS has caused a significant undersupply of land. Moreover, an ordinal generalized linear discrete-choice econometric model is used to confirm that developers are more likely to coordinate with each other in order to internalize freeriding problems. A transaction costs framework is then developed to explain that market- and government-led approaches are not mutually exclusive and should complement each other. A dual approach that integrates both mechanisms is discussed as a new policy option. | - |
dc.language | eng | - |
dc.publisher | Taylor & Francis. The Journal's web site is located at https://www.tandfonline.com/toc/rsrs20/current | - |
dc.relation.ispartof | Regional Studies, Regional Science | - |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.subject | land sales | - |
dc.subject | land supply | - |
dc.subject | government led | - |
dc.subject | market led | - |
dc.subject | freeriding | - |
dc.title | Understanding governance of public land sales: an experiment from Hong Kong | - |
dc.type | Article | - |
dc.identifier.email | Wong, SK: skwongb@hku.hk | - |
dc.identifier.authority | Wong, SK=rp01028 | - |
dc.description.nature | published_or_final_version | - |
dc.identifier.doi | 10.1080/21681376.2019.1684207 | - |
dc.identifier.scopus | eid_2-s2.0-85075062903 | - |
dc.identifier.hkuros | 318270 | - |
dc.identifier.volume | 6 | - |
dc.identifier.issue | 1 | - |
dc.identifier.spage | 607 | - |
dc.identifier.epage | 622 | - |
dc.identifier.isi | WOS:000496460500001 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.issnl | 2168-1376 | - |