Hong Kong has long been characterized by a forest of high-rises. Apartment buildings, which are dominantly co-owned in the city, have created many problems in property management. To get around the building management predicament, property owners usually form owners’ associations and/or hire external property management agents (PMAs) to manage the buildings on their behalves. Plenty of literature suggests that proper building management is conducive to a better-performing built environment, and that properties with better performance are sold at higher prices. Despite previous attempts were dedicated to the study area, there are flaws in the methodologies adopted. For instance, building management was usually taken a dichotomous variable, using either the formation of owners’ association, engagement of external PMA or the ISO accreditation of the PMA as a proxy, leading to misleading analysis results. This study employed a hedonic price analysis to study whether specific building management practices added value to the properties concerned. The analysis results offer valuable insights to property owners, housing management practitioners and public administrators into the relative importance of various building management practices perceived by the market.