Since the extent of the heritage resources in Hong Kong are presently not fully defined, it is difficult to quantify the value or significance of the current environmental baseline, or the sustainability of trends in the capital stock. Judging the quality of the stock is also complicated by the fact that whilst the absolute number of designated heritage sites may increase (for example as new artefacts are uncovered or previously ungraded buildings become candidates for protection/designation), the overall value of the resource does not necessarily follow suit. This could be the case for example if a number of 'new' sites are designated but other particularly important sites are unavoidably (or by conscious decision making) lost to development.

Whilst the link between heritage resources and natural capital stock may not be as direct as, for example, ecological or natural resources, heritage resources make a unique and important contribution to the sustainability agenda. The heritage resource has integral value in terms of 'cultural capital stock' by providing a means of interpreting social, cultural and economic changes as well as contributing to other elements of capital stock through landscape, recreational and scientific value. As with other capital stock functions, most heritage resources are finite and irreplaceable and the erosion of the resource has impacts across the spectrum of cultural, scientific, human and economic capital.

Other Capital Stock Functions - Issues and Trends

• These additional functions of the natural capital stock have been defined as scientific values, existence values, recreational values and landscape values. They effectively form subsidiary values which may be attributed to some of the elements of the natural resources, ecological resources, heritage resources and assimilative capacity natural capital stock.

• Areas of scientific value are closely related to areas of ecological importance such as Mai Po Marshes as well as to areas of important or unique habitat and heritage resources of significance. Impacts to the integrity of these resources will also affect scientific values since such resources remain imperfectly understood.

• Existence values are derived from resources and features which are valued by society. In the absence of specific studies on such 'non-use' values in Hong Kong, it is likely that natural and ecological resources, environmental quality (eg of rivers, seas and air) and heritage resources will all carry an existence value which will be reduced when such resources are impacted, although not proportionally.

• Recreational values may be applied to elements of the natural capital stock which have some value for amenity and education such as open space, Country Parks, beaches and nature reserves. As with the other resources, the value of recreational features is closely associated with its quality.

• Hong Kong has a huge diversity of both developed (cityscape) and undeveloped landscape by virtue of its geological, topological, ecological, climatic and human influences. Whilst several studies have characterised parts of the landscape of Hong Kong there is currently no overall landscape appraisal of the SAR although it is understood that Planning Department intends to commission a study to more fully assess landscape and scenic areas. There is currently no formal coherent system of protection for important landscapes in Hong Kong and impacts from sporadic, unchecked or visually inappropriate development are therefore the most significant threat to landscape value.