All rights reserved. No part of this publication may be reproduced and transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, by any information storage and retrieval system, without permission in writing from The Hong Kong Institute of Value Management.

Opinions expressed are those of original authors. They do not necessarily represent the official views of the Conference, its organising committee or the HKIVM.

The Hong Kong Institute of Value Management P.O. Box No. 1358 G.P.O. Hong Kong

Conference Secretariat c/o International Conference Consultants, Limited Units 501-3, 5/F, Far East Consortium Building 121 Des Voeux Road Central Hong Kong

Whereas every effort has been made to ensure that the infomation mentioned in this proceedings was accurate, the organiser can accept no responsibility for any errors, omissions or misleading statements in the information and no responsibility is accepted as to the standing of any firm, company or individual mentioned.

---

FOREWORD

This conference is the sixth in a series of International Conferences held every 18 months by the Hong Kong Institute of Value Management. The two keynotes and 22 papers are contributed from 11 different countries from four continents around the world and reflect the international nature of the conference and the theme of “A World of Value”.

In these difficult times the conference is a forum for discussion of value management as a powerful methodology to innovate and create means of achieving a world of value. The major sections of the conference were grouped into:

The organization of a conference of this magnitude would not have been possible without the support and contributions of many individuals and organizations. The support from the Council of the HKIVM has been pivotal in the organization of this conference. We wish to express our gratitude to the Hong Kong Institution of Engineers Civil Division for being a supporter and also E Man Construction for sponsoring this conference.

Thanks are due to all the speakers for their careful preparation of the papers and the two keynote speakers for their special support.

We would like to thank all those involved in the day to day running of the organization work, including the Conference Committee, the Conference Secretariat (ICC Limited) and Mr. Jacky Chung for his work on the HKIVM Website. A special thanks to Mrs. Annie Toy for continuing to contribute her precious time and continually pushing forward the interests of Value Management in the Tony Toy Awards.

David K. C. Yau
Conference Director

---

Proceedings Editors

David K C Yau	Henderson Land Development Company Limited
Ho-kin Li	Housing, Planning and Lands Bureau, The Government of The HKSAR