Private property rights, culture, property management and sustainable development

Abstract

Purpose

The purpose of this paper is to theorise on the nature of property management broadly understood as resource management and demonstrate the actual and potential contribution of innovative property management to sustainable development.

Design/methodology/approach

The approach is analytical and backed by real life examples, using concepts of property rights informed by Coasian neo‐institutional economics and Yu's ideas on the Schumpeterian process in innovation.

Findings

There is a fast spread of gated communities in the Pearl River Delta and some private shopping centres provide public facilities and entertainment as a public relation method.

Research limitations/implications

The transformation of negative externalities into positive ones is the crux to achieve win‐win solutions to property management for sustainable development.

Practical implications

A good property manager does not simply perform the role of a passive housekeeper or management fee collector. S/he is, above all, an innovator who applies updated technology and concepts with great sensitivity to the externalities generated by or affecting the resource s/he manages.

Originality/value

This is the first paper that defines for property management a research agenda anchored in Coasian economics and demonstrate the actual and potential contribution of property management.

Citation

Wai‐chung Lai, L. (2006), "Private property rights, culture, property management and sustainable development", Property Management, Vol. 24 No. 2, pp. 71-86. https://doi.org/10.1108/02637470610657970