ABSTRACT
In many developed cities, property-led urban regeneration has been a key theme of urban policy over the past two decades (Colquhoun, 1995; Fainstein, 1994; Healey, et al 1992; Wagner, et al 1995). The primary objective was to attract inward capital investment by removing the supplyside obstacles to land development. These obstacles primarily included land ownership problems, barriers to the entry of development capital, and inefficiencies in land-use planning regulations. Property redevelopment and the physical refurbishment of obsolete building structures invariably constituted the core of this urban strategy. Partnerships between the public and private sectors have been tied to the issue of urban competitiveness. As an integral part of such entrepreneurial urban policy, property development was viewed as a sign of progress (Healey, 1994; Zhu, 1999). Flagship projects - incorporating glamorous service industry landscapes, high consumption, and a new quality of life - were planned and developed at selected locations (Smyth, 1994). The property industry played a key part in this strategy (Healey, 1991). Much of the old urban fabric was rejuvenated under a diverse and complex process that had been influenced by the landowners, developers, and local authorities.
