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The purpose of this paper is to explore compensation for compulsorily acquired businesses in the pre-statutory value to the owner regime compared to the post-statutory cost and loss to the owner regime.

The study involved researching decisions of the NSW Land and Environment Court and appellate courts in the pre- and post-statutory regimes. It also involved the identification of value to owner compensation in pre-statutory decisions and comparison with costs and loss to owner compensation in post-statutory decisions.

The study found that the few post-statutory decisions on disturbance compensation for compulsorily acquired businesses appear inconsistent with the provisions of the statute; however, the value vs cost debate has not yet been fully tested in the courts.

The research is limited by the number and types of cases brought before the primary court and the number and types of cases then brought before the appellate courts.

With recent decisions in the post-statutory regime adopting a more clinical interpretation of the Act concerning other heads of claim for disturbance, future cases before the courts may be expected to have a greater focus on the value vs cost issue for compensation claims for compulsorily acquired businesses.

Compensation based on a clinical interpretation of cost or loss arising from the compulsory acquisition of a business in the post-statutory regime may result in inequitable compensation to the acquired party, failing the primary provision of the Act to justly compensate for the acquisition.

While conceptual differences between cost and value were considered and distinguished long ago in the valuation discipline in Australia and overseas, this is the first time they have emerged in the legal discipline in Australia through specific statutory wording.

The purpose of this paper is to assess cost of land title formalisation in Ghana from the standpoint of individual land/property owners with the view to suggesting a cost-effective means for title formalisation in the country.

The paper adopts a quantitative research approach with mainly questionnaire instruments to obtain data from real estate valuers, land agents and lawyers in Accra, Ghana's capital city.

Consistent with the literature, the paper found that title formalisation cost is high with extensive time lag. A substantial portion of the cost emanates from commuting cost for follow-ups to expedite action on title formalisation activities, cost of time lag and unofficial and professional fees for facilitation of title formalisation activities.

For land title formalisation to contribute to socio-economic development of Ghana and other developing countries, there is a need for effective and efficient land title formalisation regime to reduce excessive time lag and monetary cost for title formalisation.

Few studies have examined the extent of title formalisation cost in sub-Saharan Africa. Most of these studies tend to overlook several indirect costs and give misleading cost reportage or focus on social cost. The study analyses land title formalisation cost from individual land/property owners’ standpoint. The paper incorporates indirect costs and gives an idea as to the cost trend. Being first of its kind, the study presents a new dimension to the assessment of land title formalisation cost in Ghana for policy formulation and practice.

Whilst the real estate development appraisal practices of large national and international real estate companies are well understood, relatively little is known about how development appraisals are conducted by indigenous appraisers and valuers in developing countries. The purpose of this paper is to investigate how development appraisal is conducted in Brazil, compared to the UK, focusing primarily on the methods employed by small- and medium-sized real estate practices and their appraisers to appraise the viability of commercial real estate developments in the State of Sao Paulo.

The study employs a two phase Delphi Method to capture and analyse empirical data from small- and medium-sized real estate appraisers in Brazil. Using the long established and relatively transparent UK Residual Method of development appraisal as a template against which to compare Brazilian appraisal methods, guidance and practice. To understand how indigenous development appraisers operate the Brazilian development appraisal methods, the research was conducted in Portuguese by a bi-lingual real estate expert who was familiar with both UK and Brazilian practice.

The research establishes that appraisers working for small- and medium -sized real estate practices in Brazil rarely use the Residual Method. Instead, they employ a range of methods, the choice of which is heavily influenced by the availability of comparable market data, with Direct Comparison of market data and the Capitalisation of Income being the methods of choice. Appraisers rarely employ the Residual Method as the principal development appraisal technique, using instead the Comparative Method and Discounted Cash Flow (DCF) analysis. Land prices are usually agreed or already known and developer’s profit is usually determined using DCF analysis and is highly sensitive to fluctuations in construction costs.

The research engaged with a small number of appraisers and valuers in small- and medium-sized practices in the State of Sao Paulo using a two-phase Delphi Method. The long established UK Residual Method of development appraisal was used as a template against which to compare practice in Sao Paulo State. There is potential therefore to replicate the research in other Brazilian States and transfer the methodology to other developing countries.

In Brazil, when development land in urban areas is acquired on the basis of plot exchange, land is often sold at less than market value and the original landowner retains an equity stake in the development and shares in the development overage. The practice of “permuta física”, giving landowners the freehold of part of the development, or “permuta financeira”, whereby the landowner receives an enhanced land price, indexed against development value, is of potential relevance to the UK and other developed countries that need help in urban unlocking land markets.

The research is a unique comparative study of development appraisal methods employed by small- and medium-sized practices in Brazil. It contributes to the limited literature that has so far been published in English on Brazilian development appraisal methods and reveals the similarities and differences with the Residual Method of development appraisal that is widely used in the UK and other developed countries.

This paper recasts the land development problems of Williams (1991) and Quigg (1993) by explicitly dealing with the effects of scale elasticity of unit rental and unit construction cost in a real estate project. Two different diseconomies of scale constraints are imposed on the rental and cost variables. We assume a concave function for the rental variable with respect to the scale of development. Whereas, on the cost side, the diseconomies of scale effect of the variable component of the construction cost is incorporated via a elasticity of scale factor that is larger than unity. The comparative statics simulated positive relationships between the premium that keeps the option of waiting to develop alive and the volatilities of the unit rental and unit construction cost. It was also found that the cost elasticity of scale and the financing cost are factors that increase the premium of the waiting option, whereas, the rental yield factor reduces the incentive of waiting. A high rental yield tends to expedite a development project because the opportunity cost of not developing the land is high. In the case analysis involving a vacant land of 8,000 square meters at Spitafield, East London, a unit rental of £267.2 per square meter (psm) is obtained, which would breakeven a cash flows of the project when the traditional “invest now or never” assumption is made. Compared with the optimal unit rental of £677.0 psm estimated by the real option model, the traditional DCF results tend to accept the feasibility of the real estate project too early and at too low a cut‐off rental.

Stakeholders are entitled to be properly informed about their interests in an enterprise, not only in terms of the cost of assets such as land and labour, but also in terms of the value of these assets. The value of land could be influenced by environmental pollution, damages and rehabilitation activities, which should be accounted for in financial and non‐financial terms. In contrast to the tendency to calculate and include only the cost of labour, the value of labour should also be determined to include aspects such as knowledge, skills, organising proficiency and customer relations.

The purpose of this paper is to evaluate the technical efficiency and production risk in China's rice production and examine the effect of factor market reform on these two agricultural performance metrics.

Using an unbalanced farm-level panel data with 2,193 observations on 329 rice farms from 2004 to 2016, the authors estimate a translog stochastic production frontier model that accounts for both technical inefficiency and production risk. A one-step procedure through the maximum likelihood method that combines the stochastic production frontier, technical inefficiency and production risk functions is used to circumvent the bias problem often found in the conventional two-step model.

Estimation results show that both land and labor market reforms significantly improved the level of technical efficiency over the years, although the effect of land market deregulation is of a much higher magnitude compared to the latter. The land market reform, however, has also increased the risk of production. The authors further find that a higher proportion of hired labor in total labor cost helps lower production risk, while also acting to decrease technical efficiency. Additionally, agricultural subsidies not only increased the output variability but also lowered technical efficiency

First, the authors evaluate the effect of market deregulation on technical efficiency and production risk under a stochastic frontier framework that simultaneously accounts for both production performance metrics, which is important from a statistical point of view. Further, the authors exploit both cross-sectional and time-series variations in a panel setting to more accurately estimate the technical inefficiency scores and production risk for individual farmers, and investigate how the exogenous land and labor market reforms influence these two production performance measures in China's rice farming. This is the first study in the literature to analyze these questions under a panel framework.

It was not until the late 1960s that housing attracted much attention from academic social scientists. Since that time the literature has expanded widely and diversified, establishing housing with a specialised status in economics, sociology, politics, and in related subjects. As we would expect, the new literature covers a technical, statistical, theoretical, ideological, and historical range. Housing studies have not been conceived and interpreted in a monolithic way, with generally accepted concepts and principles, or with uniformly fixed and precise methodological approaches. Instead, some studies have been derived selectively from diverse bases in conventional theories in economics or sociology, or politics. Others have their origins in less conventional social theory, including neo‐Marxist theory which has had a wider intellectual following in the modern democracies since the mid‐1970s. With all this diversity, and in a context where ideological positions compete, housing studies have consequently left in their wake some significant controversies and some gaps in evaluative perspective. In short, the new housing intellectuals have written from personal commitments to particular cognitive, theoretical, ideological, and national positions and experiences. This present piece of writing takes up the two main themes which have emerged in the recent literature. These themes are first, questions relating to building and developing housing theory, and, second, the issue of how we are to conceptualise housing and relate it to policy studies. We shall be arguing that the two themes are closely related: in order to create a useful housing theory we must have awareness and understanding of housing practice and the nature of housing.

The paper examines the operation of the Land (compulsory sale for redevelopment) Ordinance, one of a series of urban renewal policy initiatives introduced by the Hong Kong Government. The new institutional arrangement was mooted as a means to facilitate greater private sector participation in the renewal process by overcoming existing constraints on land assembly, which arise as the result of a system of common property ownership. The paper investigates whether the legislation can achieve the objective of encouraging private sector participation in the urban renewal process

The paper adopts a transaction cost framework, drawn from literature and applied in the context of real estate, to examine the effects of a new Ordinance. In addition to publicly available data, semi‐structured interviews were conducted with professionals involved in urban renewal and representatives from the property development companies. The apparently low usage of the new approach is explored in the context of the various alternative mechanisms for land assembly available to the private sector and the effects of transactions costs on developer behaviour.

The paper identifies that the relatively low usage of the Ordinance may be explained by institutional constraints and limitations in the legislation, which, in its current form, fails to provide sufficient incentives, but that developer behaviour may also be affected by other external factors.

The research is limited in that any commentary on the effectiveness of the legislation in achieving its objectives is restricted by the inability to clearly identify those incidences where the threat of legal action was sufficient to achieve a negotiated acquisition of the necessary property rights. Further research might explore the implications and the inter‐relationships between the various urban renewal initiatives introduced by the Hong Kong Government.

The recent experience of the Hong Kong Government in designing a new institutional mechanism to overcome problems of private sector land assembly for properties in multiple‐ownership may offer more general lessons for those in similar environments who wish to use the resources of the private sector to contribute to the urban renewal process.

The paper adopts a transaction cost approach to examine the working of a new policy initiative for facilitating land assembly in Hong Kong and may be of interest to academics and practitioners involved in the area of urban renewal.