Why Does HONG KONG Have World’s MOST EXPENSIVE HOMES? – VisualPolitik EN

Why Does HONG KONG Have World’s MOST EXPENSIVE HOMES? – VisualPolitik EN


On July 1st, 1997, after 155 years of British
sovereignty, Hong Kong returned to China. It did so as a special administrative region,
under the “1 country, 2 systems” model. A model whose goal was to ensure that Hong
Kong would continue being Hong Kong, the freest city on the entire Asian continent. That means that thanks to this particular
political model, Hong Kong has its own laws, its own justice system, its own police force,
currency– even its customs and immigration policy is different from the rest of China. So in the day to day, it works almost like
an independent country. And it will remain that way until at least
the year 2047. Maybe that’s why, since Hong Kong passed into
Chinese hands, things in the city have gone pretty well. Over the past 20 years, Hong Kong’s economy
has grown by an average of 3.3% per year; more than 1 million people from Mainland China
have moved to this territory in search of fortune; and the city is still an oasis of
freedom. Yes, the influence and interference of the
Chinese government in local politics has grown a lot in recent years. Here, on VISUALPOLITIK we already talked about
this. For example, in past videos we discussed the
umbrella revolution, and Beijing’s growing interference in local politics. Well, my friends, in this video we’ll talk
about yet another outstanding feature of this place. Did you know that Hong Kong is the city with
some of the most expensive and smallest houses in the world? Listen up. (A RISING MARKET) With seven and a half million inhabitants
and more than 1,200 skyscrapers, homes in Hong Kong are terribly expensive. Well, homes, garages, offices… everything
that has to do with the real estate sector is… very expensive. So much that we can find news like this: ( “Hong Kong parking spot sold for a record
US$600,000” SCPM) In fact, if you had 1 million US dollars,
and you wanted to buy… let’s say, an apartment in one of the city’s nice areas, you’d
barely be able to afford 22m2 / 236 ft2 … for a million dollars! You heard that right. That is a scary figure. When considering cities with the most expensive
premium homes in the world, Hong Kong places second, just behind Monaco. (“Alibaba chief buys his own Aladdin’s
cave: Jack Ma ‘purchases Hong Kong’s most expensive home for US$193 million”. Daily Mail) But of course, if we take into account that
all kinds of people live in Hong Kong and skip Monaco’s very particular case, Hong
Kong is by far the city with the most expensive homes in the world. To give you an idea, since 2003 the price
of housing in Hong Kong has risen by 450% and today the average price per m2 exceeds
US $16,000; that is 1,486 USD/ft2 . Yes, that means that if you want to buy a
normal 90m2 house, nothing fancy, you’d have to pay, at the very least, one and a
half million dollars. Quite a mortgage! It’s very common to compare which cities
are more or less accessible by counting how many years of average wage, before taxes,
we’d need to work to buy an average home. So let’s take a look. According to the latest published data, to
buy a house in Hong Kong we’d need more than 18 years of full wages. For comparison, in cities like Tokyo or Singapore,
one needs less than 5 years of wages. In other words, Hong Kong’s situation is
crazy. And not only that, since property is so expensive
and inaccessible for Hong Kong’s own citizens… they’ve had to buy smaller and smaller homes. Do you know what the average surface area
for a home in Hong Kong is? Come on guess. 100 m2? 80? 60? No way! 42m2, or about 452ft2 Can you imagine living in a 42m2 house? Well, check out the latest trend: ( “Hong Kong is so expensive that architects
are building 100-square-foot ‘tube homes’ made from concrete water pipes”. World Economic Forum.) But, okay, some of you may be thinking…
wow Simon, that’s very small but… I’m sure it’s because a lot of people
live alone in tiny apartments, which alters the statistics, right? Well… no. On average, almost 3 people live in a 42m2
or 425ft2 apartment. That’s insane! And, it’s not only the homes. The same thing happens with offices: (“Hong Kong skyscraper sells for a record
US $5.2 billion” CNN) But of course, having said that, you may be
wondering. Why the hell are homes so expensive in Hong
Kong? Well… listen up. (THE LACK OF LAND, A MYTH?) Massive spaces, skyscrapers everywhere, small
apartments… and I mean small… tiny and expensive… apparently, that’s how we could
all describe Hong Kong, don’t you think? After all, we’re talking about one of the
most densely populated places in the world. Alright so, many people and very little space
pretty much the perfect combination for super high prices, right? Well… hold on just a moment, because dear
viewer… isn’t the whole truth. The truth is that less than 25%, that is a
quarter of Hong Kong’s territory, is urbanized and only 7% of the entire territory is occupied
by urban housing. Outside the crowded areas we can find countryside,
jungle, old villages, golf courses and many, many single-family homes. So how is this possible? See, for years Hong Kong was considered the
freest economy on the entire planet by the Index of Economic Freedom. We’re talking about a place with low taxes,
free trade, legal security and a very small amount of government intervention. Yes, this is a highly capitalist city. That’s why it’s the third largest financial
center in the world, after London and New York. By the way, interesting fact. The Basic Law, Hong Kong’s constitution,
limits the government so it can’t spend more than it makes. This means that the government usually closes
every year with surpluses. It has accumulated so many surpluses that
it has saved, check this out, over 220 billion dollars. Yes, public debt doesn’t have much room
here. But… let’s continue. The fact is that despite so much freedom and
so much commitment to capitalism… there’s a sector in which the government has intervened
a lot. You know which? Precisely. The real estate sector. See, the government owns practically all the
land in Hong Kong. Public authorities control when and how much
land is put on the market to be able to build on. And of course, the Development Bureau decides
what can be built. Generally, land concessions are given through
auctions, in terms of private homes, offices or commercial uses; or directly through agreements
with developers when public housing with lower rental prices is going to be built, which
is where a large part of the population lives. And it’s normal, even in auctions, for the
property to continue being government property, as they are granted a right of use for an
unspecified amount of years. So, sure, homes being so expensive in Hong
Kong has a lot to do with scarcity, but not due to a geographical shortage– due to the
government’s decision. There’s plenty of land to develop new residential
and office areas. And, there’s always the option of gaining
ground at sea. Yes, it isn’t a strange thing to do: a quarter
of all the built areas of Hong Kong are on land that was claimed from the sea. But the government decides absolutely everything. (“The shortage of land is a myth. There are over 200 hectares of land available
for building in the urban areas. The shortage of housing is real but that is
because of deliberate manipulation of the market by the government.” John Wright, a barrister and chairman of Friends
of Sai Kung.) Well, in recent decades, as we mentioned before,
Hong Kong’s population has grown a lot because many people have come in from China; in addition,
family size has decreased, and many Chinese investors want to invest in this city, known
for its legal security. All this has led to a rise in demand… but
not supply… because the government didn’t want it to. “Home prices will continue to grow due to
limited supply”. Thomas Lam, Senior director at Knight Frank) But… Why is the government interested in restricting
supply and increasing prices? Well… there are at least 2 reasons: The first is that auctions are a great business
for the public purse. In 2017, for example, 1 out of every 5 dollars
from public revenues came from land sales. We’re talking about more than 15 billion
dollars. The second reason… which is much more sinister,
is that there are suspicions of not very clean relations between the authorities and large
promoters. Well, suspicions and even, convictions. ( “Hong Kong Property magnate Thomas Kwok
back in jail for bribing city’s No 2 official”. SCPM) You see, the real estate sector in Hong Kong
is held in very few hands… hands that belong to multi-millionaires. In fact, 7 of the 14 biggest estate magnates
in Asia are from this city. And well, these big businessmen prefer to
keep prices sky high and avoid competition… something that happens when the government
brings very little land to the market and, in addition. increases any new project’s bureaucracy. That way, small and medium enterprises can’t
enter… and foreign companies don’t dare to, because they’d have a clear disadvantage. Of course, my friends, all of this has consequences. Listen up. (THE CONSEQUENCES.) The crazy price of housing has meant that
despite having a lot of employment and high wages, many people live in difficult conditions,
like families having to live in 40m2 or 431 ft2 homes while paying exorbitant mortgages. This system has also led many people, especially
the youngest ones, to depend on the government’s public housing rentals… which of course
are also very small houses. And remember, that in Hong Kong, there’s
no chance of living on the outskirts or in more remote areas, because that would mean
crossing over to mainland China… and losing all the freedoms that people have in this
city. And, as if that weren’t enough, the high
price of offices and business buildings has caused many companies and many investments
to end up in other cities of the Pearl River Delta, such as Shenzhen, which poses problems
for the future. But we’ll talk about that some other day. Anyway, my friends, that’s how things are
in the city that, until now, has been one of the most prominent beacons of prosperity
and freedom in Asia. Only the future will tell us whether it will
continue to be, and you know what? We’ll be very attentive here at VISUALPOLITIK. But now, it’s your turn. Do you think that the Hong Kong authorities
should promote the city’s growth by increasing the real estate supply? Leave your answer in the comments as well
as in the survey. I really hope you enjoyed this video, please
hit like if you did and don’t forget to subscribe to our channel for brand new videos
every Monday and Thursday. Also, don’t forget to check out our friends
at the Reconsider Media Podcast – they provided the vocals in this episode that were not mine! And as always, thanks for watching!

100 thoughts on “Why Does HONG KONG Have World’s MOST EXPENSIVE HOMES? – VisualPolitik EN

  1. If it aint broke dont fix it. Perhaps they should build some bigger public housings just do start a trend.

  2. People of Hong kong would like to be in the UK Again? Be an Independent Country actual Independence not CCP Independence. or be apart of Taiwan?

  3. So the current HK administrative doesn’t not take Beijing’s order?

  4. So your last conclusion has reveal Beijing’s action to manipulate and restrict development land in Hong Kong to build Shenzhen, China. Over decades ago

  5. I’m of two minds on this, I am an American living in mainland China for several years now. On one side I want more people to live the life of greater freedom available in HK. On the other side I don’t want HK poisoned by the people of the mainland

  6. Fuck the HK government.

  7. Everytime HK gov tries to lower the hoursing price, pepple who bought a house already would fight to death to stop it. Don't only blame the goverment.

  8. Please do a video on the Swedish election (2018)! I would like to hear your opinion on the matter, because I'm Swedish.

  9. Nice, my apartment would be worth close to $1m in HK.

  10. you should make a video about Houses in Macau, according wiki, Macau is now the world most densely populate city.

  11. Love this channel and your work, keep it up bro.

  12. If I am from hong kong, I would purchase a house in Dubai.

  13. Because it is tiny but a metric fuck ton of people live there. End of video.

  14. You forgot to point out that despite the crazy prices, the actual build quality of much of the property in HK is terrible.  I have a 5 million USD home and have had to do so much remedial work its insain, it is not even 10 years old yet.

  15. Imagine living on 40m2 LOL. I lived as a single on 50m2 and considered myself rich and we're talking about being a student in Europe. I've seen families live on 50m2, which makes 12m2 per person!

  16. It's not that expensive compared to BeiJing, ShenZhen & ShangHai. That's typical Chinese housing price with Chinese characteristics…

  17. A video on india bank scam by capitalists

  18. Future video about Lagos???

  19. Why should they fix the housing problem. Their making tons of money. See you in 2047. Because bullshit walks and money talks. Hahaha!

  20. A reason could also be to limit the amount of people coming in from mainland China. Only people with money would move in. If they were to free up land for housing that would only guarantee more settlers from the mainland. The affect of freeing up land would be negligible and the government would have to spend billions in transport, schools and hospitals just so the existing system is not overloaded. Since most trading operates in Kowloon and HK island the existing rail and bus networks would be overloaded with little hope on expanding the system in those areas to cope.

    Don’t get me wrong making money is a big part of the city but residents in HK still want to keep their independence and if they are more people from mainland China the are eligible to vote then they whole system could change.

  21. As a local born Hong Kong citizen, I can say it is true that most of the land in Hong Kong is not developed and a large tract of it is delineated as Country Parks to which most of the Hong Kong residents do not have a habit of visiting. When recently the HK Government has advanced proposals to develop a small fraction of the Country Park area for housing, I don't understand why some conservationists are so vehement in their opposition. In my view, those conversationalists are the very people who preach high ideals while ignoring the plight of those who have to pay high rents and live in hell holes. They are in substance protecting the interest of the landed magnets and a bunch of hypocrites.

  22. 我是中華人民共和國香港特別行政區永久性居民!#ProudChinese #ProudChineseHongKonger

  23. what was once a fairly informative channel has now turned into a thinktank bullcrap dispensary. shame.

  24. Hey Simon, long time watcher, first time commentator. Love your videos, great research and presentation. I usually have some critiques and disagreements, but generally I really like your content. It's cool that you're taking an interest in this topic (I've been living in Hong Kong and Shenzhen for the last few years, so it's close to "home"). That being said, this video is not up to your normal standards and I think you might really need to take a mulligan on it. I would encourage you to take this down, do some more research on the actual developments of the Home Ownership Scheme in Hong Kong, and try to reformulate some of your opinions in a more objective way– by which I mean minimizing the Sinophobic rhetoric– and then try again.

  25. "450sf – can you imagine living in a house that small"

    Wow, you sound spoiled lol half the world lives like that or worse man

  26. You talk a lot without saying much.

  27. Jack Ma of Alibaba did buy 22 Barker Road for $193M US. He renovated it, kept it like that for a year, then about a year ago tore the whole thing down. It is now a vacant building lot. It is a pile of construction waste with the best view on Hong Kong Island.

    This issues exists because of the feudal land system the British set up well before they handed the city back to China.

  28. 5 years for an aussie home on the mean price/wage seems incorrect.

  29. 42 square meters in one home? Welcome to Helsinki, that is what a normal upper middle class can get as a family home about 15 km from downtown in Helsinki, Finland. And it doesn't include parking spot either.

  30. Where is the catalonia video?????

  31. its like modern slum

  32. @Visualpolitik please make video regarding South Africa and the pending motion from Parliament to amend the constitution to approve land expropriation without compensation .In this video please focus on the impact it would have on commercial banks(agricultural debt),agricultural sector,employment and overall economy.Please look if land expropriation with compensation has worked(it failed) and why.

    You can also include the history but please we need an unbiased opinion not influenced by your background,race and education(which influences the whole debate)

  33. What a surprise, a Brit is lamenting the return of Hong Kong to native rule. Today I've just read on Quora a back and forth argument between a Brit and an Indian on why Britain will always be superior to India.

  34. Typical VisualPolitik; omitting facts to suits its own narrative. Hong Kong is 75% hills and mountains; even the airport is reclaimed from the sea because because there is not enough flat land for an airport.

  35. how can u consider ur self free if u can afford to leave in a house with ur family being forced to pay crazy money for a house smaller than garage yet u r a citizen n there is ample land to build houses..
    u r not frèe my friends just delusional but i still luv hong kong n its ppl

  36. Most of the wealthy Chinese have bought houses in Canada, Australia, and the United States.

  37. I'm from HK & your analysis is right in general, up to the point about who where the corrupted culprits (Donald Tsang, & another high official were convicted.) There was another force at play where gov cannot allow the price to drop drastically as banks call loans and many middle class will hv to let the banks takeover their property if they can't pay the diff of the devalued property, & be left homeless. It's a balancing act bec it got to this point previously (before 1997), which clearly the gov didn't do their job to make more land available to increase supply for the gov housing (not private sector).

    While you can look up what happened before 1997 due to Sino British agreement on land sale controls implemented to prevent the British sold out all land before China takes back HK. Then you used SARS in 2003 at low point to show the high growth which was somewhat does not reflect the problem as housing prices were very very high just before SARS hit. And it is in somewhat the general's public interests to push back up housing prices at that moment to avoid massive call loans.

  38. When a man wants to rnu'der a tiger, he calls it sport: when

    the tiger wants to murder him, he calls it ferocity. The dis-

    tinction between crime and justice is no greater.

  39. the brits came and took off loaded

  40. I think China has their reasons within their own land to do what they want which is very smart…

  41. https://www.linkedin.com/pulse/why-people-so-ignorant-concern-solving-high-price-housing-jermano/

  42. HK doing good under china…. hmmmm .. police crack down, suppression of democratic rights, increased emigration of native Hong kongers , little economic growth as compared to other countries, no further urbanisation, …. so yeah HK is doing truly well…

  43. the last comment is the most pertinent. china does not want more people going to HK to setup. They would much rather business sets up in the mainland.

  44. Freest city my ass, said by the british guy, sucking british co**

  45. Hong kong's so called freedom is a completely joke. It was running by mafia families controlling all the sections of life. When the first governor Dong tried to expand the public housing in 1997, the mafia families simply marked him as puppet of Beijing and rally people against him. And so did the stupid public protested again the one who tried to help! The so called middle class in HK lived in a terrible dream that they are getting rick because of their own house value. They are so proud to have a 3mX3m space as kitchen!

  46. HK's house market did crushed in 1997 Asian Finance Crisis. At that time , the house index dropped at least 50%. An the government try to supply more public house with 50K small apartments every year. Then the funny thing happened: the mortgage takers became mobs, they went to street and saying: no public housing, no cheap apartments! We want the price keep pumping up! It was all controlled by top rich families in HK. Due to limited spaces in HK, most HK young people now are extremely depressed. I mean, talking to some backpacker about this topic is like talking with someone with PTSD! And they still think it's all Beijing's fault!

  47. Many Hong Kong people aren't afford to buy a tiny space to live but many buildings are empty no people to stay in China 🇨🇳 they are all the same Chinese

  48. No one ever mentions that HK has one of the lowest tax rate (17%) in the world.
    Plus there are no capital gains tax here.
    You can't have both affordable housing and low taxes here. That would be too good to be true.

  49. HKer here,
    1. Fix immigration policy before everything, there's enough population here.
    2. Rebuild your old public housing, a old 20/F building (usually wide, 30 flats per floor) fits two slender 40/F building (like 15 flats per floor, but bigger). More than 3x capacity.
    3. Keep the greenery. Life already sucks. We need place to breath.

  50. "The shortage of land is not due to geographic limit but governmemt decision" The channel is revealing something!

  51. keep them coming!! much love from hong kong

  52. Im visiting at this moment. Went to victorias peak today.

  53. Each video of yours is more interesting & educational than the previous … Tks much …

  54. As mainland Chinese, we think that is capitalism. Capitalism exploit poor people in housing, that is why we need communism. It is unfair that capitalists can own so many things from their birth.
    The sad truth is that CCP is now also like capitalism nowadays.

  55. Replace hong Kong with Mumbai…same things happen

  56. 42 sq meter apartment is pretty normal (I as a single guy live in 27 and it is by no means small) by western (and Eastern European included) standards. Let alone calling it super small in regards to HK.

  57. this is the most badass city in world.

  58. a stick of meatball cost almost 3USD, a 50USD dollar guest house in hong kong look like slum.everything in hong kong is just very expensive. i went to singapore, and it was not that expensive

  59. I worked for Sun Hung Kai, and Thomas Kwok's brother, Robert last year. Let me just say this: some shady stuff goes on

  60. Another great video.

  61. Does anyone know a way to reduce or slow down the price if housing.

  62. I would think the one buying a flat the bigger and cheaper is more smart instead!

  63. Ever since start in 1997, Ruin by China. China people is revenge on the HK people were they Jealousy and enemy between them self

  64. Singapore and Macau is very expensive too.

  65. Hong Kong is like China's California. Leftist as fuck and crazy.

  66. wow, government intervention artificially inflates prices?? Who would have thunk it?

  67. Maybe the problem is not Hong Kong but the problem is China. If China there was more economic feedom in China least people want to work and live in Hong Kong.

  68. hong kong is not a democracy. it's just that simple. it is bought by the billionaires of eleite from china.

  69. A lot of the UK house are pretty crap & sold at a high price ,but the HK are really flats !

  70. Why do you say "no chance of living on the outskirts or in remote areas because that would mean crossing over to mainland China and losing all the freedom the people have in the city"? If you look at the map of Hong Kong, isn't there a lot of undeveloped land in New Territories? Yes, Hong Kong is one of the most densely populated places in the world, but the population density of Hong Kong is in fact way lower than Singapore's. Can someone explain why so much of New Territories are left undeveloped? If all these areas are developed, property prices will drop drastically and the government and super rich don't want that to happen. Also, did this problem start after 1997? Cage living already existed before 1997.

  71. VIET NAM
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  72. Jesus is the way to become rich………..
    He said ,"Trust me and all of your needs shall be met."
    Mathew 16
    …25 For whoever wants to save his life will lose it, but whoever loses his life for My sake will find it.
    26 What will it profit a man if he gains the whole world, yet forfeits his soul? Or what can a man give in exchange for his soul?
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    and then He will repay each one according to what he has done.…

  73. Free is not unconditional

  74. Why don't you mention the opposition , yep the government get opposition for trying to turn some land to habitation , cause some of the people want to preserve wild live

  75. Have been in Hong Kong since 93 …. As long as you conduct yourself accordingly, it's not a bad place …..

  76. 1. We do not get government housing, you either have a job, that makes you exceed the requirement of public housing, or you earn it in cash and wait 5 – 8 years.
    2. So much about the World is in much better place than 20 – 30 years ago. But that is only on a global scale. Hong Kong is a much worse shape than it was. Those who are bored in the 80s and 90s are most effected by this.

  77. 04:45 "On average ALMOST 3 people live on a 42 sq-meter or a 425 sq-feet apartment which is pretty insane" LOL, you can't be serious, dude! If you are, you must have grown up really spoiled and out of touch with reality. 42 sqm for 3 people is not big but it's also not INSANELY small either, especially when it's just "ALMOST" 3 people! Smh

  78. Live in HK, feeling ashamed.

  79. rich people filling hteir pockets before china takes over

  80. why don't they build new houses??? they have a lot of land of that

  81. The government has been taking its cues from property developers in the past, and nowadays it is the Communist party calling the shots. High property prices keep the developers happy, and drives the mainland agenda of moving more of HK's prosperity into the Pearl delta cities, which is where the poorer HK population will eventually trade homes with the nouveau rich. A conspiracy that works only because the administration of HK government does not really need to be accountable to its citizens as there is no true election.

  82. Қытай Халық Республикасы Солтүстік Корея режимдері мен солтүстік Вьетнам режимі мен Сібір режимі мен какасиялы, Моңғолия режимі мен Непал режимі мен буд-какастиан және тикистиан?

    cov tib neeg sawv cev ntawm Suav teb yog ib feem ntawm North Kauslim regimes thiab Tsoom Fwv Thaib hauv Nyab Laj thiab Sib Xeem Asmeskas thiab Kakasyian thiab Mongolia tsoom fwv thiab Nepal tsoom fwv thiab Bud-thiab Kakastian thiab Tikistian?

    Түндүк Корея режимдер жана түндүк-Ланка режими жана Сибирдин режими жана kakasyian жана Монголия режими жана Непал режими жана өстүргөнгө-жана алардын kakastian жана tikistian Кытай бөлүгүнүн эл Республика жатат?

    входит ли народная республика Китай в режимы Северной Кореи и режим Северного Вьетнама, а также режим сибиряков, режим Какасян и Монголии, режим Непала, будд-ан, какаст и тикист?

  83. Do a video on Macau please

  84. Do a video on Macau please

  85. Ignore that green bar in City Skyline

  86. As a Hong Kong native, thank you Simon for making this important video for letting the world know about this

  87. Hongkong must be under british control. Tibet and Uygur are so sad

  88. Funny thing is there are no shortages in apartments for sale/lease, so much advertisements here and there and when you go to them it looks like they’ve been empty for quite a while. Now if you go by the law of supply and demand, these apartments should be filled up pretty quickly because the demand is so high and if you really need to fill up your building, why not lower the rent? I heard that you can’t lower rent because it will devalue the property of the entire building. Strange…

  89. i dont think you can buy 90 square meters apartment in hong kong for 1.5million USD. more like 2.5million

  90. Wait – so a 90 sqm place in HK costs 1.5 M dollars on average? Geez, I was here only mildly cursing over how damn expensive Norway was, paying a rent of 900 EUR/month for our 45 sqm flat. Damn. Just, damn.

  91. No surprise. Inflation by money printing HK currency to match the peg of the US one, prices bound to increase. Collusion at the highest levels where the rich bought massive acres land before repricing and hundreds of units in the name of personal and family trust accounts.
    This already happened 50 years ago and just got worse as a means to get richer. Then the mafia got involved and split into factions themselves over the loot.
    Since prices are artificially inflated and unaffordable for the 99%. A great way to skew society.
    Btw, It's called fascism.

  92. Just a small error in the first sentence: Hong Kong did not “return” to China as Hong Kong never belonged to China. The British gave Hong Kong to China for political/business reasons.

  93. Hong kong people will be happier under communism
    At least house will be free and comfortable for the people

  94. What do you know? The government put their hands in something in something and that thing turned out bad.

  95. What a shit hole .

  96. Yep, Hong Kong has the priciest real estate in the world! There's very little land in Hong Kong and the government tightly controls what can be built, add to this a really high population, and you can see why housing is prohibitively expensive in Hong Kong.

  97. Paying that much money for property in a land that's loosing its special freedom oriented system just ain't worth it!

  98. I dare to say that there are also a lot of corrupted Chinese officials bought apartments in HK, which drain the supply. The HK government should building only public housing from now, just like Singapore.

  99. Do you still believe in capitalism, after seeing what happened to Hong Kong?

  100. Could the high housing price cause riots and protests?

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