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Akintoye, A and Fitzgerald, E (2000) A survey of current cost estimating practices in the UK. Construction Management and Economics, 18(02), 161-72.

Austin, S A, Baldwin, A N, Baizhan, L and Waskett, P (2000) Analytical design planning technique (ADePT): a dependency structure matrix tool to schedule the building design process. Construction Management and Economics, 18(02), 173-82.

Bresnen, M and Marshall, N (2000) Partnering in construction: a critical review of issues, problems and dilemmas. Construction Management and Economics, 18(02), 229-37.

Dainty, A R J, Bagilhole, B M and Neale, R H (2000) A grounded theory of women's career under-achievement in large UK construction companies. Construction Management and Economics, 18(02), 239-50.

Goh, B-H (2000) Evaluating the performance of combining neural networks and genetic algorithms to forecast construction demand: the case of the Singapore residential sector. Construction Management and Economics, 18(02), 209-17.

Love, P E D and Li, H (2000) Overcoming the problems associated with quality certification. Construction Management and Economics, 18(02), 139-49.

Pietroforte, R, Bon, R and Gregori, T (2000) Regional development and construction in Italy: an input-output analysis, 1959-1992. Construction Management and Economics, 18(02), 151-9.

Smith, S D, Wood, G S and Gould, M (2000) A new earthworks estimating methodology. Construction Management and Economics, 18(02), 219-28.

Sobotka, A (2000) Simulation modelling for logistics re-engineering in the construction company. Construction Management and Economics, 18(02), 183-95.

Wang, S Q, Tiong, R L K, Ting, S K and Ashley, D (2000) Evaluation and management of foreign exchange and revenue risks in China's BOT projects. Construction Management and Economics, 18(02), 197-207.

Wong, K-C and Walker, A (2000) Property rights implications of public-private joint ventures. Construction Management and Economics, 18(02), 131-8.

  • Type: Journal Article
  • Keywords: Hong Kong; joint ventures; property rights; public ownership; rent
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/014461900370762
  • Abstract:

    When a public institution contracts with a developer for a co-development project, there are two main options for arrangements: the equity or the cooperative joint venture. Equity is basically a shareholding arrangement, whereby inputs are valued at market worth in exchange for respective shares of ownership of the joint development. Under cooperative joint ventures, however, shares of ownership are not necessarily based on the values of the inputs. The partners simply draw up a contract that defines the inputs and apportions the outputs of the joint development. This paper argues that a cooperative joint venture between a public institution and a private developer is basically an arrangement to reduce dissipation of rent under public ownership. Unlike the equity arrangement, cooperative joint ventures necessarily lead to an apparent transfer of shares from the public institution to the private developer. Evidence found thus far in Hong Kong and China is consistent with this hypothesis. Variations of the cooperative joint venture are discussed together with examples.