diff --git a/libraries/stdlib/src/kotlin/properties/Properties.kt b/libraries/stdlib/src/kotlin/properties/Properties.kt
index 6c5aa09312f..e045c5993c6 100644
--- a/libraries/stdlib/src/kotlin/properties/Properties.kt
+++ b/libraries/stdlib/src/kotlin/properties/Properties.kt
@@ -1,9 +1,8 @@
 package kotlin.properties
 
-import kotlin.*
-import kotlin.util.*
 import java.util.HashMap
 import java.util.ArrayList
+import kotlin.properties.delegation.ObservableProperty
 
 public class ChangeEvent(val source: Any, val name: String, val oldValue: Any?, val newValue: Any?) {
     var propogationId: Any? = null
@@ -66,6 +65,10 @@ public abstract class ChangeSupport {
         }
     }
 
+    protected fun property<T>(init: T): ObservableProperty<T> {
+        return ObservableProperty(init) { name, oldValue, newValue -> changeProperty(name, oldValue, newValue) }
+    }
+
     public fun onPropertyChange(fn: (ChangeEvent) -> Unit) {
         // TODO
         //addChangeListener(DelegateChangeListener(fn))
diff --git a/libraries/stdlib/src/kotlin/properties/delegation/Delegation.kt b/libraries/stdlib/src/kotlin/properties/delegation/Delegation.kt
new file mode 100644
index 00000000000..fe4dbb05a6d
--- /dev/null
+++ b/libraries/stdlib/src/kotlin/properties/delegation/Delegation.kt
@@ -0,0 +1,118 @@
+package kotlin.properties.delegation
+
+import kotlin.properties.ChangeSupport
+
+public class NotNullVar<T: Any> {
+    private var value: T? = null
+
+    public fun get(thisRef: Any?, desc: PropertyMetadata): T {
+        return value ?: throw IllegalStateException("Property ${desc.name} should be initialized before get")
+    }
+
+    public fun set(thisRef: Any?, desc: PropertyMetadata, value: T) {
+        this.value = value
+    }
+}
+
+public class SynchronizedVar<T>(private val initValue: T, private val lock: Any) {
+    private var value: T = initValue
+
+    public fun get(thisRef: Any?, desc: PropertyMetadata): T {
+        return synchronized(lock) { value }
+    }
+
+    public fun set(thisRef: Any?, desc: PropertyMetadata, newValue: T) {
+        synchronized(lock) {
+            value = newValue
+        }
+    }
+}
+
+class ObservableProperty<T>(initialValue: T, val changeSupport: (name: String, oldValue: T, newValue: T) -> Unit) {
+    private var value = initialValue
+
+    public fun get(thisRef: Any?, desc: PropertyMetadata): T {
+        return value
+    }
+
+    public fun set(thisRef: Any?, desc: PropertyMetadata, newValue: T) {
+        changeSupport(desc.name, value, newValue)
+        value = newValue
+    }
+}
+
+public class KeyMissingException(message: String): RuntimeException(message)
+
+public abstract class MapVal<T, V> {
+    public abstract fun getMap(thisRef: T): Map<*, *>
+    public abstract fun getKey(desc: PropertyMetadata): Any?
+
+    public open fun getDefaultValue(desc: PropertyMetadata, key: Any?): V {
+        throw KeyMissingException("Key $key is missing")
+    }
+
+    public fun get(thisRef: T, desc: PropertyMetadata): V {
+        val key = getKey(desc)
+        val map = getMap(thisRef)
+        if (!map.containsKey(key)) {
+            return getDefaultValue(desc, key)
+        }
+        return map[key] as V
+    }
+}
+
+public abstract class MapVar<T, V>: MapVal<T, V>() {
+
+    public fun set(thisRef: T, desc: PropertyMetadata, newValue: V) {
+        val map = getMap(thisRef) as MutableMap<Any?, Any?>
+        map[getKey(desc)] = newValue
+    }
+}
+
+public fun <V> Map<String, *>.readOnlyProperty(default: (() -> V)? = null): MapVal<Any?, V> {
+    return object: MapVal<Any?, V>() {
+        override fun getMap(thisRef: Any?) = this@readOnlyProperty
+        override fun getKey(desc: PropertyMetadata) = desc.name
+        override fun getDefaultValue(desc: PropertyMetadata, key: Any?) = if (default == null) super.getDefaultValue(desc, key) else default()
+    }
+}
+
+public fun <V> Map<*, *>.readOnlyProperty(default: (() -> V)? = null, key: Any?): MapVal<Any?, V> {
+    return object: MapVal<Any?, V>() {
+        override fun getMap(thisRef: Any?) = this@readOnlyProperty
+        override fun getKey(desc: PropertyMetadata) = key
+        override fun getDefaultValue(desc: PropertyMetadata, key: Any?) = if (default == null) super.getDefaultValue(desc, key) else default()
+    }
+}
+
+public fun <V> Map<*, *>.readOnlyProperty(default: (() -> V)? = null, key: (desc: PropertyMetadata) -> Any?): MapVal<Any?, V> {
+    return object: MapVal<Any?, V>() {
+        override fun getMap(thisRef: Any?) = this@readOnlyProperty
+        override fun getKey(desc: PropertyMetadata) = key(desc)
+        override fun getDefaultValue(desc: PropertyMetadata, key: Any?) = if (default == null) super.getDefaultValue(desc, key) else default()
+    }
+}
+
+public fun <V> MutableMap<String, *>.property(default: (() -> V)? = null): MapVar<Any?, V> {
+    return object: MapVar<Any?, V>() {
+        override fun getMap(thisRef: Any?) = this@property
+        override fun getKey(desc: PropertyMetadata) = desc.name
+        override fun getDefaultValue(desc: PropertyMetadata, key: Any?) = if (default == null) super.getDefaultValue(desc, key) else default()
+    }
+}
+
+public fun <V> MutableMap<*, *>.property(default: (() -> V)? = null, key: Any?): MapVar<Any?, V> {
+    return object: MapVar<Any?, V>() {
+        override fun getMap(thisRef: Any?) = this@property
+        override fun getKey(desc: PropertyMetadata) = key
+        override fun getDefaultValue(desc: PropertyMetadata, key: Any?) = if (default == null) super.getDefaultValue(desc, key) else default()
+    }
+}
+
+public fun <V> MutableMap<*, *>.property(default: (() -> V)? = null, key: (desc: PropertyMetadata) -> Any?): MapVar<Any?, V> {
+    return object: MapVar<Any?, V>() {
+        override fun getMap(thisRef: Any?) = this@property
+        override fun getKey(desc: PropertyMetadata) = key(desc)
+        override fun getDefaultValue(desc: PropertyMetadata, key: Any?) = if (default == null) super.getDefaultValue(desc, key) else default()
+    }
+}
\ No newline at end of file
diff --git a/libraries/stdlib/src/kotlin/properties/delegation/lazy/LazyValues.kt b/libraries/stdlib/src/kotlin/properties/delegation/lazy/LazyValues.kt
new file mode 100644
index 00000000000..2d0767446d3
--- /dev/null
+++ b/libraries/stdlib/src/kotlin/properties/delegation/lazy/LazyValues.kt
@@ -0,0 +1,75 @@
+package kotlin.properties.delegation.lazy
+
+private val NULL_VALUE: Any = Any()
+
+private fun <T> escape(value: T): Any {
+    return if (value == null) NULL_VALUE else value
+}
+
+private fun <T: Any> unescape(value: Any): T? {
+    return if (value == NULL_VALUE) null else value as T
+}
+
+public open class LazyVal<T: Any>(initializer: () -> T): NullableLazyVal<T>(initializer) {
+    override fun get(thisRef: Any?, desc: PropertyMetadata): T {
+        return super.get(thisRef, desc)!!
+    }
+}
+
+public open class NullableLazyVal<T: Any>(private val initializer: () -> T?) {
+    private var value: Any? = null
+
+    public open fun get(thisRef: Any?, desc: PropertyMetadata): T? {
+        if (value == null) {
+            value = escape(initializer())
+        }
+        return unescape(value!!)
+    }
+}
+
+public open class VolatileLazyVal<T: Any>(initializer: () -> T): VolatileNullableLazyVal<T>(initializer) {
+    override fun get(thisRef: Any?, desc: PropertyMetadata): T {
+        return super.get(thisRef, desc)!!
+    }
+}
+
+public open class VolatileNullableLazyVal<T: Any>(private val initializer: () -> T?) {
+    private volatile var value: Any? = null
+
+    public open fun get(thisRef: Any?, desc: PropertyMetadata): T? {
+        if (value == null) {
+            value = escape(initializer())
+        }
+        return unescape(value!!)
+    }
+}
+
+public open class AtomicLazyVal<T: Any>(lock: Any? = null, initializer: () -> T): AtomicNullableLazyVal<T>(lock, initializer) {
+    override fun get(thisRef: Any?, desc: PropertyMetadata): T {
+        return super.get(thisRef, desc)!!
+    }
+}
+
+public open class AtomicNullableLazyVal<T: Any>(lock: Any? = null, private val initializer: () -> T?) {
+    private val lock = lock ?: this
+    private volatile var value: Any? = null
+
+    public open fun get(thisRef: Any?, desc: PropertyMetadata): T? {
+        val _v1 = value
+        if (_v1 != null) {
+            return unescape(_v1)
+        }
+
+        return synchronized(lock) {
+            val _v2 = value
+            if (_v2 != null) {
+                unescape<T>(_v2)
+            }
+            else {
+                val typedValue = initializer()
+                value = escape(typedValue)
+                typedValue
+            }
+        }
+    }
+}
\ No newline at end of file
diff --git a/libraries/stdlib/test/properties/delegation/DelegationTest.kt b/libraries/stdlib/test/properties/delegation/DelegationTest.kt
new file mode 100644
index 00000000000..cceeeaf6af1
--- /dev/null
+++ b/libraries/stdlib/test/properties/delegation/DelegationTest.kt
@@ -0,0 +1,64 @@
+package test.properties.delegation
+
+import junit.framework.TestCase
+import kotlin.test.*
+import kotlin.properties.*
+import kotlin.properties.delegation.*
+import kotlin.properties.delegation.lazy.*
+
+trait WithBox {
+    fun box(): String
+}
+
+abstract class DelegationTestBase: TestCase() {
+    fun doTest(klass: WithBox) {
+        assertEquals("OK", klass.box())
+    }
+}
+
+class DelegationTest(): DelegationTestBase() {
+    fun testNotNullVar() {
+        doTest(TestNotNullVar("a", "b"))
+    }
+
+    fun testObservableProperty() {
+        doTest(TestObservableProperty())
+    }
+}
+
+public class TestNotNullVar<T>(val a1: String, val b1: T): WithBox {
+    var a: String by NotNullVar<String>()
+    var b by NotNullVar<T>()
+
+    override fun box(): String {
+        a = a1
+        b = b1
+        if (a != "a") return "fail: a shouuld be a, but was $a"
+        if (b != "b") return "fail: b should be b, but was $b"
+        return "OK"
+    }
+}
+
+class TestObservableProperty: WithBox, ChangeSupport() {
+
+    var b by property(init = 2)
+    var c by property(3)
+
+    override fun box(): String {
+        var result = false
+        addChangeListener("b", object: ChangeListener {
+            public override fun onPropertyChange(event: ChangeEvent) {
+                result = true
+            }
+        })
+        addChangeListener("c", object: ChangeListener {
+            public override fun onPropertyChange(event: ChangeEvent) {
+                result = false
+            }
+        })
+        b = 4
+        if (b != 4) return "fail: b != 4"
+        if (!result) return "fail: result should be true"
+        return "OK"
+    }
+}
\ No newline at end of file
diff --git a/libraries/stdlib/test/properties/delegation/MapDelegationTest.kt b/libraries/stdlib/test/properties/delegation/MapDelegationTest.kt
new file mode 100644
index 00000000000..9bc21c81c20
--- /dev/null
+++ b/libraries/stdlib/test/properties/delegation/MapDelegationTest.kt
@@ -0,0 +1,224 @@
+package test.properties.delegation
+
+import java.util.HashMap
+import kotlin.properties.delegation.*
+
+class MapDelegationTest(): DelegationTestBase() {
+
+    fun testMapPropertyString() {
+        doTest(TestMapPropertyString())
+    }
+
+    fun testMapValWithDifferentTypes() {
+        doTest(TestMapValWithDifferentTypes())
+    }
+
+    fun testMapVarWithDifferentTypes() {
+        doTest(TestMapVarWithDifferentTypes())
+    }
+
+    fun testNullableKey() {
+        doTest(TestNullableKey())
+    }
+
+    fun testMapPropertyKey() {
+        doTest(TestMapPropertyKey())
+    }
+
+    fun testMapPropertyFunction() {
+        doTest(TestMapPropertyFunction())
+    }
+
+    fun testMapPropertyCustom() {
+        doTest(TestMapPropertyCustom())
+    }
+
+    fun testMapValWithDefault() {
+        doTest(TestMapValWithDefault())
+    }
+
+    fun testMapVarWithDefault() {
+        doTest(TestMapVarWithDefault())
+    }
+
+    fun testMapPropertyCustomWithDefault() {
+        doTest(TestMapPropertyCustomWithDefault())
+    }
+}
+
+class TestMapValWithDifferentTypes(): WithBox {
+    val map = hashMapOf("a" to "a", "b" to 1, "c" to A(1), "d" to null)
+    val a by map.readOnlyProperty<String>()
+    val b by map.readOnlyProperty<Int>()
+    val c by map.readOnlyProperty<Any>()
+    val d by map.readOnlyProperty<Int?>()
+
+    override fun box(): String {
+        if (a != "a") return "fail at 'a'"
+        if (b != 1) return "fail at 'b'"
+        if (c != A(1)) return "fail at 'c'"
+        if (d != null) return "fail at 'd'"
+        return "OK"
+    }
+
+    data class A(val a: Int)
+}
+
+class TestMapVarWithDifferentTypes(): WithBox {
+    val map: HashMap<String, Any?> = hashMapOf("a" to "a", "b" to 1, "c" to A(1), "d" to "d")
+    var a by map.property<String>()
+    var b by map.property<Int>()
+    var c by map.property<Any>()
+    var d by map.property<String?>()
+
+    override fun box(): String {
+        a = "aa"
+        b = 11
+        c = A(11)
+        d = null
+        if (a != "aa") return "fail at 'a'"
+        if (b != 11) return "fail at 'b'"
+        if (c != A(11)) return "fail at 'c'"
+        if (d != null) return "fail at  'd'"
+        return "OK"
+    }
+
+    data class A(val a: Int)
+}
+
+class TestNullableKey: WithBox {
+    val map = hashMapOf(null to "null")
+    var a by map.property<String?> { desc -> null }
+
+    override fun box(): String {
+        if (a != "null") return "fail at 'a'"
+        a = "foo"
+        if (a != "foo") return "fail at 'a' after set"
+        return "OK"
+    }
+}
+
+class TestMapPropertyString(): WithBox {
+    val map = hashMapOf("a" to "a", "b" to "b", "c" to "c")
+    val a by map.readOnlyProperty<String>()
+    var b by map.property<String>()
+    val c by map.property<String>()
+
+    override fun box(): String {
+        b = "newB"
+        if (a != "a") return "fail at 'a'"
+        if (b != "newB") return "fail at 'b'"
+        if (c != "c") return "fail at 'c'"
+        return "OK"
+    }
+}
+
+class TestMapValWithDefault(): WithBox {
+    val map = hashMapOf<String, String>()
+    val a by map.readOnlyProperty<String>(default = { "aDefault" })
+    val b by map.readOnlyProperty<String>(default = { "bDefault" }, key = "b")
+    val c by map.readOnlyProperty<String>(default = { "cDefault" }, key = { desc -> desc.name })
+
+    override fun box(): String {
+        if (a != "aDefault") return "fail at 'a'"
+        if (b != "bDefault") return "fail at 'b'"
+        if (c != "cDefault") return "fail at 'c'"
+        return "OK"
+    }
+}
+
+class TestMapVarWithDefault(): WithBox {
+    val map = hashMapOf<String, String>()
+    var a by map.property<String>(default = { "aDefault" })
+    var b by map.property<String>(default = { "bDefault" }, key = "b")
+    var c by map.property<String>(default = { "cDefault" }, key = { desc -> desc.name })
+
+    override fun box(): String {
+        if (a != "aDefault") return "fail at 'a'"
+        if (b != "bDefault") return "fail at 'b'"
+        if (c != "cDefault") return "fail at 'c'"
+        a = "a"
+        b = "b"
+        c = "c"
+        if (a != "a") return "fail at 'a' after set"
+        if (b != "b") return "fail at 'b' after set"
+        if (c != "c") return "fail at 'c' after set"
+        return "OK"
+    }
+}
+
+class TestMapPropertyKey(): WithBox {
+    val map = hashMapOf("a" to "a", "b" to "b")
+    val a by map.readOnlyProperty<String>(key = "a")
+    var b by map.property<String>(key = "b")
+
+    override fun box(): String {
+        b = "c"
+        if (a != "a") return "fail at 'a'"
+        if (b != "c") return "fail at 'b'"
+        return "OK"
+    }
+}
+
+class TestMapPropertyFunction(): WithBox {
+    val map = hashMapOf("aDesc" to "a", "bDesc" to "b")
+    val a by map.readOnlyProperty<String> { desc -> "${desc.name}Desc" }
+    var b by map.property<String> { desc -> "${desc.name}Desc" }
+
+    override fun box(): String {
+        b = "c"
+        if (a != "a") return "fail at 'a'"
+        if (b != "c") return "fail at 'b' after set"
+        return "OK"
+    }
+}
+
+val mapVal = object : MapVal<TestMapPropertyCustom, String>() {
+    override fun getMap(thisRef: TestMapPropertyCustom) = thisRef.map
+    override fun getKey(desc: PropertyMetadata) = "${desc.name}Desc"
+}
+val mapVar = object : MapVar<TestMapPropertyCustom, String>() {
+    override fun getMap(thisRef: TestMapPropertyCustom) = thisRef.map
+    override fun getKey(desc: PropertyMetadata) = "${desc.name}Desc"
+}
+
+class TestMapPropertyCustom(): WithBox {
+    val map = hashMapOf("aDesc" to "a", "bDesc" to "b")
+    val a by mapVal
+    var b by mapVar
+
+    override fun box(): String {
+        b = "newB"
+        if (a != "a") return "fail at 'a'"
+        if (b != "newB") return "fail at 'b' after set"
+        return "OK"
+    }
+}
+
+val mapValWithDefault = object : MapVal<TestMapPropertyCustomWithDefault, String>() {
+    override fun getMap(thisRef: TestMapPropertyCustomWithDefault) = thisRef.map
+    override fun getKey(desc: PropertyMetadata) = desc.name
+
+    override fun getDefaultValue(desc: PropertyMetadata, key: Any?) = "default"
+}
+
+val mapVarWithDefault = object : MapVar<TestMapPropertyCustomWithDefault, String>() {
+    override fun getMap(thisRef: TestMapPropertyCustomWithDefault) = thisRef.map
+    override fun getKey(desc: PropertyMetadata) = desc.name
+
+    override fun getDefaultValue(desc: PropertyMetadata, key: Any?) = "default"
+}
+
+class TestMapPropertyCustomWithDefault(): WithBox {
+    val map = hashMapOf<String, String>()
+    val a by mapValWithDefault
+    var b by mapVarWithDefault
+
+    override fun box(): String {
+        if (a != "default") return "fail at 'a'"
+        if (b != "default") return "fail at 'b'"
+        b = "c"
+        if (b != "c") return "fail at 'b' after set"
+        return "OK"
+    }
+}
\ No newline at end of file
diff --git a/libraries/stdlib/test/properties/delegation/lazy/LazyValuesTest.kt b/libraries/stdlib/test/properties/delegation/lazy/LazyValuesTest.kt
new file mode 100644
index 00000000000..6a3a4cac847
--- /dev/null
+++ b/libraries/stdlib/test/properties/delegation/lazy/LazyValuesTest.kt
@@ -0,0 +1,143 @@
+package test.properties.delegation.lazy
+
+import kotlin.properties.delegation.lazy.*
+import test.properties.delegation.WithBox
+import test.properties.delegation.DelegationTestBase
+
+class LazyValuesTest(): DelegationTestBase() {
+
+    fun testLazyVal() {
+        doTest(TestLazyVal())
+    }
+
+    fun testNullableLazyVal() {
+        doTest(TestNullableLazyVal())
+    }
+
+    fun testAtomicNullableLazyVal() {
+        doTest(TestAtomicNullableLazyVal())
+    }
+
+    fun testAtomicLazyVal() {
+        doTest(TestAtomicLazyVal())
+    }
+
+    fun testVolatileNullableLazyVal() {
+        doTest(TestVolatileNullableLazyVal())
+    }
+
+    fun testVolatileLazyVal() {
+        doTest(TestVolatileLazyVal())
+    }
+}
+
+class TestLazyVal: WithBox {
+    var result = 0
+    val a by LazyVal {
+        ++result
+    }
+
+    override fun box(): String {
+        a
+        if (a != 1) return "fail: initializer should be invoked only once"
+        return "OK"
+    }
+}
+
+class TestNullableLazyVal: WithBox {
+    var resultA = 0
+    var resultB = 0
+
+    val a: Int? by NullableLazyVal { resultA++; null}
+    val b by NullableLazyVal { foo() }
+
+    override fun box(): String {
+        a
+        b
+
+        if (a != null) return "fail: a should be null"
+        if (b != null) return "fail: a should be null"
+        if (resultA != 1) return "fail: initializer for a should be invoked only once"
+        if (resultB != 1) return "fail: initializer for b should be invoked only once"
+        return "OK"
+    }
+
+    fun foo(): String? {
+        resultB++
+        return null
+    }
+}
+
+class TestAtomicLazyVal: WithBox {
+    var result = 0
+    val a by AtomicLazyVal {
+        ++result
+    }
+
+    override fun box(): String {
+        a
+        if (a != 1) return "fail: initializer should be invoked only once"
+        return "OK"
+    }
+}
+
+class TestVolatileNullableLazyVal: WithBox {
+    var resultA = 0
+    var resultB = 0
+
+    val a: Int? by VolatileNullableLazyVal { resultA++; null}
+    val b by VolatileNullableLazyVal { foo() }
+
+    override fun box(): String {
+        a
+        b
+
+        if (a != null) return "fail: a should be null"
+        if (b != null) return "fail: a should be null"
+        if (resultA != 1) return "fail: initializer for a should be invoked only once"
+        if (resultB != 1) return "fail: initializer for b should be invoked only once"
+        return "OK"
+    }
+
+    fun foo(): String? {
+        resultB++
+        return null
+    }
+}
+
+class TestVolatileLazyVal: WithBox {
+    var result = 0
+    val a by VolatileLazyVal {
+        ++result
+    }
+
+    override fun box(): String {
+        a
+        if (a != 1) return "fail: initializer should be invoked only once"
+        return "OK"
+    }
+}
+
+class TestAtomicNullableLazyVal: WithBox {
+    var resultA = 0
+    var resultB = 0
+
+    val a: Int? by AtomicNullableLazyVal { resultA++; null}
+    val b by AtomicNullableLazyVal { foo() }
+
+    override fun box(): String {
+        a
+        b
+
+        if (a != null) return "fail: a should be null"
+        if (b != null) return "fail: a should be null"
+        if (resultA != 1) return "fail: initializer for a should be invoked only once"
+        if (resultB != 1) return "fail: initializer for b should be invoked only once"
+        return "OK"
+    }
+
+    fun foo(): String? {
+        resultB++
+        return null
+    }
+}