Urban regeneration can be an effective tool to promote sustainability and enhance macro-level quality of life if the principles of encouraging participation, building community character, advancing equity, improving environment and enlivening the economy are observed. Through the assessment of various quality of life indicators related to these five basic principles for sustainable urban regeneration by the public, private and community sectors, this paper finds that Hong Kong falls far short of realizing these fundamental principles. There are also considerable discrepancies between the public and non-public (private and NGOs) sectors in terms of evaluating existing quality of life issues and perceiving their relative priorities. The private and community sectors tend to have lower rating of existing situation and consequently a longer priority list. On the contrary, the public sector seems to be more complacent with the existing quality of life situations and has a much shorter priority list. The public sector's more relaxed attitude coupled with a top-down executive-led polity mean that Hong Kong will probably have a long way to go toward sustainable urban regeneration.