VE principles in Brownfield Reclamation: A Comparison of the Real Value and the Expense

摘要

Brownfields refer to those abandoned, idle or under-used industrial and commercial facilities where expansion or re-development is complicated by real and perceived contamination. Corresponding to Green land development, Brownfields reclamation can exploit existent resources and improve local environment quality. Scholars of developed countries have paid close attention in this field to counter the serious land shortage problem. Their researches centered on reclamation risk management or concrete re-development projects. Few Chinese researchers have studied the matter in depth. On the context of rapid progress of Chinese city development, how to utilize Brownfields efficiently has become an integral element for Chinese city development strategy. The paper applies value engineering theory to decompose the value and the cost of Brownfields reclamation. Basing on comparing experiences from different countries with Chinese reality, the author proposes that under the current institutional, economic, and commercial conditions in China, the value and the cost of Brownfields reclamation maybe ill-matched and investments in Brownfields projects may get adverse results. Supportive policies should be installed.