ECONOMICS UNIQUENESS

146 ■ THE ECONOMICS OF UNIQUENESS
BOX 6.1
Adaptive Reuse Preserves a Symbol of Identity and
Distinctiveness for the City of Chongqing in China
China, Chongqing Urban Environment Project (Project number 049436)
Total Project Cost: US$535.9 million
Total Loan Amount: US$200 million
Approved: June 2000 – Closed: March 2009
The main objective of this project was the development of large-scale urban
infrastructure—including water supply and waste-water management—in the
municipality of Chongqing. At the city’s request the project also supported the
conservation and adaptive reuse of a 10,000 square meter site comprising several
merchants’ guild halls built during the Qing Dynasty (1644–1911). These
halls represent an array of cultural values including Chongqing’s history as a
fl ourishing trading port on the Yangtze River; the high quality of architecture
and craftsmanship attained during the Qing period; and the rise of organized
associations, which eventually became modern chambers of commerce. These
buildings were restored and adapted as venues for a cultural center with theater,
exhibit hall, and museum. The project component has enhanced economic
development in the city center by: (1) providing a focal point for the municipality’s
civic events; (2) creating a new tourism site; and (3) stimulating smallbusiness
start-ups in the adjacent neighborhoods. The social benefi ts of the
restoration include: (1) conserving evidence of Chongqing’s built heritage and
artistic achievements for future generations; (2) strengthening the community’s
identifi cation with their history as a city of river-based traders; and (3) providing a
pleasant and educational place to experience local cultural heritage.
Source: K. Ebbe et. al. Urban Heritage Strategies: Chongqing, China. World Bank, 2005.
yields higher rents than other similar buildings by virtue of its heritage status.
Th ere are also indirect use values, such as the value gained by non-heritage
properties that benefi t from their location in proximity to heritage properties.
Th ese values are linked to the public good characteristics of the urban heritage.
Th e educational value of a heritage asset is another aspect of non-consumption
use that falls into this category.
Non-use values capture the less-tangible economic benefi ts that the urban heritage
aff ords. Th e existence value captures the benefi ts that certain people derive
from the fact that a specifi c heritage asset simply exists, even though they may