This book provides the market and the profession an overall view of the land management system in Hong Kong by presenting a combination of both factual account of the system and practice as well as some academic and theoretical discussion of the application of development appraisal models. The author discusses various basic appraisal models and gives his views on the future development of cash flow model to be applied in land. This is not only a useful guide to investors investing in Hong Kong, but also an important reference for development appraisal taking place in a similar land market, Mainland China.