Hong Kong is frequently acclaimed as being the most open and business user-friendly environment in the world. However, it is often forgotten or overlooked that this paragon of capitalism is founded, and indeed underpinned, by a socialist leasehold land tenure system. As the government is landlord to virtually all land, it plays a pivotal role in the administration of this scarce and therefore valuable resource. The purpose of this book is to explain both the historical development and the current practice of land administration.Since publication of the book in 1998, it has been welcomed by students and practitioners of surveying, architecture, planning and law, and also by the wider business and financial community. In this second edition, the text has been thoroughly updated and should continue to be equally useful and popular.

Although Hong Kong is an open and business-friendly environment, it has a socialist leasehold land tenure system. The government is landlord to virtually all land, so it plays a pivotal role in the administration of this scarce and therefore valuable resource. As land administration is governed by private contract law rather than legislation, it is constantly evolving with the courts handing down decisions on a regular basis. Government practice also has to respond to this, as well as to the community's concerns on how best land can be administered. As a result, regular updates of this book are required and this new Third Edition is fully up to date to serve its readers — students and practitioners of surveying, architecture, planning and law, and the wider business and financial community.

This book reveals an insider's view on how Hong Kong's land system, inherited from the British, has helped to create unrivalled wealth for the ruling class, how the lack of competition law has encouraged industrial and economic concentration in the same entities, and how these factors have given rise to a host of social and economic ills. The Chinese version has become the bestseller of non-fiction titles in Hong Kong in 2010.

Qiao demonstrates how an impersonal and unbounded market can operate without legal protection or enforcement of property and contract rights.