Hong Kong's real estate market has always been a major source of wealth-generation not only for developers, but also for individual property-owners. This book provides the real estate market and the property-related profession with an overall view of the land management system in Hong Kong. It combines a factual account of the system and how it works in practice with academic and theoretical discussions concerning the application of development appraisal models. Drawing on a rich set of data from land prices, the author discusses various basic appraisal models and gives his views on the future development of the cash flow model as it applies to land. The first edition of the volume was very well received, and was a useful reference for academic researchers and real estate practitioners. In this thoroughly revised edition, the author has updated the data and information contained in the book and describes in detail the post-1997 urban land policies in Hong Kong.