Although the Home Affairs Bureau (HAB) has started a number of initiatives since 1998 to publicise Hong Kong's heritage, there appears to be a generally low appreciation of the value of the heritage resource, and in turn poor recognition of the need for heritage protection. Whilst greater efforts have been made recently to survey the cultural heritage resource and document the extent of the known baseline, effective protection of the natural capital stock is not being afforded through current policy or legislation. In particular, urban regeneration and development schemes have not been sensitive to the cultural and aesthetic benefits that could be afforded through restoration and preservation of historic buildings and other monuments. The current stock of historical buildings is a shrinking resource in urban areas and proposals for future renewal in long established areas such as Wan Chai and many parts of Kowloon should take account of the few remaining historical features. Similarly, development pressures in rural and country areas pose a significant threat to the integrity of archaeological resources and their aesthetic value, whilst reclamation projects continue to sterilise areas which have high potential archaeological value.

Whilst the capital costs of preservation and adaptation of older buildings may be greater than new development (see Section 6.3) the additional investment may be returned over time through users' preferences for culturally interesting or significant buildings. There is also an increasing recognition that archaeological and built heritage resources can play an important economic role through attracting tourists onto 'heritage trails'. The designation of these trails in both urban and rural locations is a recent initiative which can help to enhance the value of the capital stock in Hong Kong through promoting its cultural importance and raising awareness about cultural heritage resources. A summary of sustainability issues for the heritage resources natural capital stock is presented in Figure 6.2b.