Private property rights, culture, property management and sustainable development

Abstract

Article information:To cite this document: Lawrence Wai-chung Lai, (2006),"Private property rights, culture, property management and sustainable development", Property Management, Vol. 24 Iss 2 pp. 71 -86 Permanent link to this document: http://dx.If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -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.