Heritage Conservation Essay

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When Hong Kong government striking a balance between heritage conservation and development, the total picture of economic benefit is fail to be considered. The government makes the decision of protection of certain heritage buildings against development with a view to considering the cost and budget. However, the government neglects to count fiscal benefit for public sector. Preservation can act as an economic development tool. Rather looking into the value of individual heritage, the economy impact of historical preservation activities in a particular region should be perceived as well. Yet there is lacking comprehensive analysis from an economic perspective to support the field of heritage conservation. Therefore, this research aims to address the economic impact of cultural heritage on surrounding property. CHAPTER 1

BACKGROUND AND LITERAUTRE REVIEW

1.1 Background
Due to the shortage of land for development, Hong Kong is under a strong market pressure for redeveloping heritage buildings. With growing public awareness about heritage conservation, some of the conservation decisions such as demolition or
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Assessment and measurement of economic values involved in cultural built heritage have increasingly been recognized as a fundamental part of cultural policy (Pearce and Mourato, 1998; Ost and Van Droogenbroeck, 1998). Different countries and conservation organizations have attempted to measure the economic values in heritage buildings. The various methods of measuring indirect economic benefits of heritage building are reviewed. The three popular categories of methods are the Travel Cost Method, the Hedonic Pricing Method and the Contingent Valuation Method. In the urban economics and cultural economics literature, assessment based on (changes in) property value has become increasingly popular to evaluate heritage

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