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PurposeThe purpose of this paper is to identify a list of underlying considerations in choosing the appropriate economic valuation method for use in the conservation of historic property and to highlight the importance of non‐use values in making decisions.Design/methodology/approachA thorough literature review is conducted to provide a concise overview of the most commonly used economic valuation methods in the cultural heritage field. The stated and revealed preference methods were analyzed. Their theoretical basis, methodology and analysis procedures are described. By highlighting the strengths and limitations of these evaluation methods for use in the different context, a list of underlying factors for choosing the appropriate method for different decision‐making problems in managing historic properties were deduced.FindingsThe underlying considerations in choosing the appropriate evaluation method in historic properties include “Matching the objectives ”, “Evaluate use or non‐use values ”, “Scope of evaluation ”, “availability of data”, “Time and cost of conducting the methods”, “Methodological procedures”, “Analysis of the methods”, and “Local contexts where the techniques will be applied”.Originality/valueThe long‐term significance of this study is to enhance a holistic understanding of the quantitative approach to evaluate the value of historic properties. This enhanced understanding should help to inform the decision‐makings on comparing and prioritizing the management of heritage facilities when confronted with limited resources.

Purpose – This study aims to identify the most critical concerns of property developers in terms of the transaction costs involved in compliance with environmental laws at the building scheme design stage when key design decisions are made.Design/methodology/approach – Sixteen structured interviews were carried out with experienced industry practitioners in Hong Kong. Transaction cost theory is used to explain the regulatory compliance costs.Findings – The results show that the most significant impacts of transaction costs were due to uncertainties in negotiations with government, which takes time to obtain approvals and overcome ambiguous legislative requirements.Practical implications – The government could make use of the research findings to formulate a clear environmental policy to coordinate various departments and laws to address uncertainty with time for project delivery, and conduct quantitative regulatory impact assessments in the development of new legislation.Originality/value – This study ide...

PurposeThe aim of this paper is to: study reviews of the urban renewal practices in Hong Kong and London; compare the perceptions of the design professions in both cities on the importance of different urban design considerations when defining urban renewal strategies; and verify the applicability of London's experiences in achieving sustainable urban renewal in Hong Kong.Design/methodology/approachA comprehensive literature review was conducted to compare the urban renewal practices in Hong Kong and London. Questionnaires were sent to design professions in both cities who were actively involved in Hong Kong's and London's urban (re)development projects. ANOVA was adopted to compare the perception patterns in both cities.FindingsThe survey and ANOVA analysis revealed that the urban design considerations short‐listed for this study could contribute towards the sustainability of economy, environment and social equity. It was noted that the distinctive features of cities of various locations do have impacts on certain perception patterns of the professionals.Originality/valueThis article adds to the limited literature in this area and will be of interest to those involved in urban redevelopment practices.