returned Hong Kong to China in 1997, the Communist Party promised two things to the anxious people of a territory with political and economic systems very different from the mainland’s. The first was political autonomy: in time Hong Kongers would even be able to choose their own leaders. The second was to preserve Hong Kong’s swashbuckling capitalism and light-touch government.
Thanks to light regulation, independent courts and a torrent of money from China, Hong Kong has long been a global financial centre. But many of the resulting jobs are filled by outsiders on high salaries, who help push up property prices. Mainlanders seeking boltholes do too. And then there is the contorted market for housing. The government artificially limits the supply of land for development, auctioning off just a little bit each year.
Since the handover the tycoons have come to dominate not just the economy but also government, opposing calls for more democratic representation, a more generous welfare state and, of course, a programme to build mass, cheap housing of the kind that Singapore has long promoted . Part of the tycoons’ clout comes from their contribution to Hong Kong’s finances: 27% of government revenues come from land sales.
Chinese media have taken to attacking Hong Kong’s oligarchs for insufficient displays of loyalty. Over the weekend several showed up at a pro-government rally. Li Ka-shing, Hong Kong’s richest man, has placed full-page advertisements in the local press, calling for restraint. But his message—some enigmatic quotes from classical literature—was ambiguous.
Shhhhhh.. reduce the volume..it's all supposed to be about China.
When the first and third administor of HK tried to build cheap housing, they were publicly ridiculed. It got to the point where the media was harassing their families and offsprings. It was as if everything they said was wrong, even helping senior citizens was wrong.
it's true. and when the CEO wanted to increase supplies, the middle class protested in fear of the decrease of their properties. now things are getting worse and they again blamed the govt.
Wow. Got woke all of a sudden?
I see that you can afford what you want to everything if you have enough ability and power. don't complain.
Prison is the only way out for young people in Hong Kong. 坐牢是香港年輕人唯一的出路
They can leave to the United States, the United States welcomes them, and Hong Kong will be better and better.
The reality of the protest was economics, that extradition law was just the last straw.
From when? When British governed Hongkong or just now?
The Hong Kong young protesters has been closed a door ，owning a home only pay 500 thousand CNY in Dongguan ，from Kowloon to Dongguan only 1 hour by train。if protesters can't see the opportunity to provide of mainland and them lose all.
No thought about living ...
Hongkong is not the only one. Shanghai,Beijing, and most cities in China is covered by the high housing price.
Whose fault is that? Thinking to elect a chief by themself will solve it?
If not financially impossible.
Shanghai is the same way. My guess is every large city in China is the same.
If u plan to end up in prison why own a home?
This problem really stems from the fact Hong Kong was separate from China for a very long time. Mainly because of the British influence. Being a leading financial centre. The gap will be even more evident.
china made the inequality?
CHINA？
Quite the opposite, the Chinese government learnt this 'land finance' from HK government, look at the rent-to-sale ratios in every major city of the mainland, the housing prices have to go up to prevent the bankruptcy of the local government, pegion house will be common soon…
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