The literature suggests that peer assessment contributes to the development of student learning and promotes ownership of assessment processes. These claims emerge from research conducted primarily in Western contexts. This exploratory paper reports on the perspectives that a class of Hong Kong primary school students and their teachers have on their engagement with peer assessment. It draws on data collected through extensive interviews and classroom observations from a 2-year case study. The findings indicate that student perceptions about the usefulness of peer assessment follow from their perspectives on quality of peer feedback, peer language proficiency, and the novelty or repetitiveness of its processes. Teachers and students also viewed peer assessment as assuming a wider role in preparing for examinations and future secondary schooling. A key implication is that assessment practices are deeply cultural and, in test-dominated settings, peer assessment may have most potential when explicit links are drawn with preparation for summative assessment.