The role of multifaceted economic valuation in sustainable cultural heritage preservation and rural settlement revitalization: A case study of Yanlong ancient village in China

The present study explores the role of multifaceted economic valuation of the cultural heritage assets underlying the sustainable cultural heritage preservation and rural settlement revitalization of the Yanlong Ancient Village, a well-preserved riverside village in south-eastern China. Mourato and Mazzanti’s (2002) framework for the valuation of cultural heritage and McKercher and Cros’ (2002) sustainable cultural heritage tourism framework were adopted to guide questionnaire survey and semi-structured interviews. Findings show that cultural heritage tourism generates substantial revenue for the village and its residents, reflecting high direct use value of the cultural heritage assets. Visitors, local investors and homestay operators all prioritize indirect use valuation and intrinsic valuation. Government-led protection and marketing have helped reduce heritage assets risk and narrow the valuation gap among stakeholders. Whole-community participation has facilitated the protection of low-robusticity heritage assets, such as geomantic traditions and clan-based residency, simultaneously elevating tourist experience and market appeal. These efforts further stimulate local tourism investment. To conclude, the collaboration among government authorities, investors, homestay operators and local residents, which is grounded in multifaceted value identification and motivated by cultural heritage and market appeal, has contributed to sustainable cultural heritage conservation and rural settlement revitalization of the village.