Heritage Preservation

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

According to Andrew Lam, the chairman of AAB, the conservation of built heritage is of paramount importance to showcase the cultural and historical landscape of a city, foster a sense of belonging among the community and promote the soft power of urban development. However, there is no exact economic value research. Therefore, there is a need to carry out detail research on economic value. Research has been show that there are net benefits of heritage buildings. There are benefits such as tourism boots and creating a better city images. However, these are difficult to be measured. There are different methods to evaluate heritage buildings’ economic benefits. To measure the property value is a good way as the government always looking at land revenue. Yet there is only cost and maintenance numbers but no benefit

There is only one empirical research on the analysis of Hong Kong architectural heritage decision making. Yung (2007) used statistical stool to evaluate Hong Kong data in order to find out the key decision making factors in architectural heritage conservation. She found that decisions over declarations in Hong Kong can be seen as being made by people who adopted a two-tier evaluation set of criteria, one tire is heritage value and the other tire is financial economic value. Yung (2007) stated that a historical building may not be considered for conservation if the financial economical value of its alternative potential use is significantly large. It is commonly agreed that the identification, 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). Therefore, it is important to explore the economic factors for evaluation of declared monuments. The financial economic factors that that affect the decisions over heritage conservation are type of land ownership, land use zoning and land value Yung (2007). From observing those economic factors, the government has put a high