Hong Kong Land for Hong Kong People: Fixing the Failures of Our Housing Policy

Hong Kong Land for Hong Kong People: Fixing the Failures of Our Housing Policy

by Yue Chim Richard Wong


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Product Details

ISBN-13: 9789888208654
Publisher: Hong Kong University Press
Publication date: 05/26/2015
Pages: 224
Product dimensions: 6.20(w) x 9.10(h) x 0.70(d)
Age Range: 18 Years

About the Author

Yue Chim Richard Wong is professor of economics and Philip Wong Kennedy Wong Professor in Political Economy at the University of Hong Kong, where he has served as former deputy vice-chancellor and provost.

Table of Contents

List of Illustrations ix

Preface xi

Section I Hong Kong Housing Policies over the Years

1 Time to Count the Social Cost of Uniting a People Divided 3

2 Setting the Scene: An Overview of Long-Term Housing Strategies in Hong Kong 7

3 Supply and Demand Factors in Housing 17

Section II People, Public Housing, and Serfdom

4 On the Nature of Public Sector Housing Policies in Hong Kong 27

5 Comparing Public Sector Housing Policies in Hong Kong and Singapore 35

6 Equal Yet Unequal: The Occupants of Private and Public Housing Units 41

7 The Inequity of Small Housing Units 47

8 Small Housing Units and High Property Prices 57

9 On Public Housing Policy and Social Justice 65

10 Economic and Social Consequences of Public Housing Policies 73

11 Demand for Homeownership and the Housing Ladder 77

12 How to Warm Up the HOS Secondary Market 83

13 Divorce, Remarriage, and the Long-Term Housing Strategy 91

14 Divorce, Inequality, Poverty, and the Vanishing Middle Class 99

Section III The Wider Economic Influences on Housing Policies

15 The Impact of Global Economic Forces on Housing in Hong Kong 107

16 The Linked Rate, Domestic Stability, and Dual Integration 115

17 Reasons for Keeping the Linked Rate 123

18 Why Speculation Is Not a Bad Thing 131

19 Speculators, Property Agents, and the Spreading of Risk in the Presale Housing Market 137

20 How the Application List System Became the Winner's Curse 143

Section IV The Political Economy of Land Use

21 Is There a High Land-Price Policy in Hong Kong? 151

22 Lima's Other Path, Tsoi Yuen Village, and the Northeast New Territories 157

23 Stranded between Singapore's Way and Lima's Other Path 165

24 Subsidized Housing and Stability: Lessons for China 171

25 Diversity and Occasional Anarchy: Land, People, and Growth 179

26 Population, Poverty, and the Triumph of the City 183

Section V Creating a City of Homeowners

27 Eighty Percent Homeownership (Part 1): A Cost-Free Solution 191

28 Eighty Percent Homeownership (Part 2): Benefits and Challenges 199

29 Conclusions and Reflections 207

Epilogue: Homeownership and the Youth Protest Movement 215

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