For both residents and visitors, the most striking and visible feature of Hong Kong's post-war economic miracle is the breathtaking pace of urban development that took place amidst the challenge of a formidable physical terrain, limited supply of land and massive inflows of immigrants. The achievements of Hong Kong in urban and land development outshine not only North American and European urban centres, but the fast growing cities in East Asia as well.

To a large measure the enormous success of urban and land development in Hong Kong is due to an urban and land planning system that encourages growth by protecting private property rights and ensuring economic markets work smoothly and efficiently. This has lowered the cost of land and property development and have contributed to lowering prices for residential, industrial and commercial premises relative to what they otherwise would have been.

This book explains the contractual basis of the Hong Kong system and its functioning. It points out that this successful system will be compromised as a result of the recommendations proposed by the Hong Kong Government in its Comprehensive Review of the Town Planning Ordinance. According to the author, these proposals will severely affect the process of land and development planning.

The changes will be economically disruptive because they increase uncertainty in property markets, weaken the contractual nature of land development, and provide more opportunities for planners and the general public to delay development. The result will be more volatile property markets, reduced supply and higher prices and rents.

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The author's arguments are cohesive, insightful and enormously practical. He puts forward a set of practical recommendations as to how the disruption of Hong Kong property markets can be minimized and efficiency of the existing planning process preserved. The central message of this book is that clearly delineated property rights reduces economic uncertainty and are enormously important for development to take place.

These issues are relevant not only to Hong Kong, they have important lessons to offer on how to prevent urban decay and help cities to flourish. China too can learn from Hong Kong's experience as she struggles to pursue urban re-development after decades of stagnation.