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Hong Kong Land for Hong Kong People$
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Yue Chim Richard Wong

Print publication date: 2015

Print ISBN-13: 9789888208654

Published to Hong Kong Scholarship Online: September 2015

DOI: 10.5790/hongkong/9789888208654.001.0001

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The Impact of Global Economic Forces on Housing in Hong Kong

The Impact of Global Economic Forces on Housing in Hong Kong

Chapter:
(p.107) 15 The Impact of Global Economic Forces on Housing in Hong Kong
Source:
Hong Kong Land for Hong Kong People
Author(s):

Yue Chim Richard Wong

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888208654.003.0015

In Hong Kong, as elsewhere, people want to become homeowners because they think property prices will rise in the long run and provide a cushion for their future. However, these aspirations have become unaffordable by a large margin for a large segment of the city’s population. Macroeconomic factors have provided the backdrop to these circumstances. In an international, open, urban city economy like Hong Kong’s, the value of land and property is not tied to supply and demand factors in the local economy alone but also to global financial and economic conditions. Under the linked exchange rate regime, the business cycle in Hong Kong is affected by interest rates and price movements in the US, over which it has neither control nor influence.

Keywords:   Hong Kong, Housing, Housing policy, Public Housing, Politics, Social mobility, Population, Economics, Growth

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