房地产市场法律、经济和金融.pdf
145页
Law, Economics and Finance of the Real Estate MarketA Perspective of Hong Kong and Singapore Contents1Law, Economics and Finance Issues in Singapore’s Housing Development Board Flats . . . . . . . . . . . . . . . . . . . . . . .1 1.1The Birth of the Housing Development Board . . . . . . . . . . . .1 1.2HDB Upgrading Programme . . . . . . . . . . . . . . . . . . . . . . . .2 1.3Recent Singapore HDB Development . . . . . . . . . . . . . . . . . .4 1.4Legal Issues in HDB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 1.4.1Quality Living Standard . . . . . . . . . . . . . . . . . . . . .4 1.4.2Restrictions on Ownership and Sales in HDB . . . . . .4 1.5HDB Finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 1.5.1Recent Development of HDB Finance. . . . . . . . . . . .8 1.6The Housing Sector and the Economy in Singapore . . . . . . . .8 1.7Sustainable HDB Flats . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 1.8Case Studies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 1.8.1Case Study 1: Toa Payoh . . . . . . . . . . . . . . . . . . . .13 1.8.2Case Study 2: Little India (662 Buffalo Road). . . . . .14 1.8.3Case Study 3: The Pinnacle@Duxton . . . . . . . . . . . .16 1.9Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .242Internalization of Environmental Externality in Dwellings: Review of Court Cases in Hong Kong in the Past Two Decades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 2.1Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 2.2Market Externality, Private Property Rights and Transaction Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 2.3Liability of Negative Environmental Externality Producer Under Common Law. . . . . . . . . . . . . . . . . . . . . . .31 2.3.1Air Pollution . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 2.3.2Noise Pollution . . . . . . . . . . . . . . . . . . . . . . . . . . .32 2.3.3Water Seepage/Leakage. . . . . . . . . . . . . . . . . . . . . .33v2.4Current Legal Rules and Regulations Concerning and Regulating the Problem of Externality in Residential Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 2.4.1Air Pollution Regulations . . . . . . . . . . . . . . . . . . . .33 2.4.2Rules and Regulations on Noise. . . . . . . . . . . . . . . .34 2.4.3Rules and Regulations on Water Seepage/Leakage . . .34 2.5Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 2.6Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 2.6.1Water Seepage/Leakage. . . . . . . . . . . . . . . . . . . . . .37 2.6.2Noise Pollution . . . . . . . . . . . . . . . . . . . . . . . . . . .38 2.6.3Air Pollution . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 2.7Discussion and Conclusion . . . . . . . . . . . . . . . . . . . . . . . . .41 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .413The Institutional Analysis of Fittings in Residential Units . . . . . .45 3.1Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 3.2Background of Nanjing, Hong Kong and Boston . . . . . . . . . .46 3.2.1Nanjing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47 3.2.2Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48 3.2.3Boston. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48 3.3Institutions and Contractual Arrangement . . . . . . . . . . . . . . .48 3.3.1Formal Institutions . . . . . . . . . . . . . . . . . . . . . . . . .48 3.3.2Informal Institutions . . . . . . . . . . . . . . . . . . . . . . . .49 3.3.3Informal and Formal Institutions . . . . . . . . . . . . . . .52 3.4The Economic Systems of the Three Cities . . . . . . . . . . . . . .53 3.5The Legal System of the Three Cities. . . . . . . . . . . . . . . . . .53 3.6Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .594Asymmetric Information and Residential Entrepreneurs’ Choice on Provision of House Fittings. . . . . . . . . . . . . . . . . . . . .63 4.1Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63 4.2Information, Imperfect Information and Asymmetric Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64 4.3Risk-Averse Human Behaviour . . . . . . . . . . . . . . . . . . . . . .65 4.4Housing Entrepreneurs’ Decisions on Provision of Fittings . . .66 4.5Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .685Property, Credit and Busine。
