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Genesis of a Vertical City in Hong Kong
Lau, Stephen S.Y.,Zhang, Qianning Council on Tall Building and Urban Habitat Korea 2015 International journal of high-rise buildings Vol.4 No.2
A vertical city with multifunctional land use turns out to be the most viable solution for an urban condition characterized by increasing density due to population expansion, topographical limitation of buildable land, economic development and the pursuit for collective sustainable living, such as in Hong Kong. This paper presents initial research results from a study on the chronological and typological evolution of tall buildings in the city, from the climate-responsive verandah typology to the mixed-use hyper-commercial podium and residential tower typologies that predominate today, to the ultimate formation of a vertical city. Case studies and surveys have focused on the development of this building typology throughout the decades since the 1920s, substantiating a discussion on the subjective and objective factors contributing to a genesis of the vertical city phenomenon in Hong Kong. The discussion will engage, under the notion of the vertical city, on how residents and visitors adapt to the growing density of the city, and how they accustom themselves to the changing urban morphology over time. Advantages such as high efficiency, spaces savings, time convenience, etc.; and disadvantages such as deficiency in livability, incompatibility of uses, environmental health deficiencies, etc.; serve as a reference for other cities in need of high-density planning due to population and economic growth.
Causality Relationship between Housing Prices and Construction Costs
Wadu Mesthrige Jayantha,Stephen S.Y. Lau 서울시립대학교 도시과학연구원 2008 도시과학국제저널 Vol.12 No.2
The present study hypothesizes that the relationship between housing prices and construction costs is a dynamic long-term relationship. Results from an error correction model (ECM) and a standard causality model support the hypothesis that it is a lead-lag relationship. Results also suggest that construction costs do not lead to changes in housing prices, instead housing prices lead to changes in construction costs. The ECM result also suggests that the Hong Kong housing market is efficient because deviations between construction costs and housing prices disappear in the long-term equilibrium. If there is a short-run housing price shock, it is able to make quick adjustments and return to the long-term equilibrium level. This finding provides new insight into the housing market analysis, especially with respect to the supply side.