Conventionally, urban renewal initiated by the private sector is not that different from other trading activities. A developer purchases property rights from the suppliers, who are the property owners of the renewal site, in the open market for a price. Once the deal is done, the suppliers are...

This paper examines a land market in which the authority in China has a monopolistic power in the granting of the use rights of land to developers/investors for real estate development purposes. By granting land in private treaty mode rather than open market competition to the...

The paper examines how building height is determined in the absence of building height regulatory restrictions. A model is developed for determining optimal height using simple neo-classical economic analysis; this is then tested using empirical data from Hong Kong. The results show that the...

This paper, derived within a general equilibrium framework, demonstrates that housing price can be explicitly expressed as a combination of an exponential and linear function of housing rental. This model provides an explanation as to why housing appreciation may not match inflation in the...

This study introduces a dynamic adjustment model, relating the growth rate of the supply of office spaces to the vacancy rate and the gap between actual and expected supply growth rates. A two-equation model of stock adjustments based on adaptive expectations is used to provide empirical tests....