This paper analyzes the macro-economic effect of the 1997-1998 Asian economic crisis on housing in Hong Kong.
Written in 2005; 9,885 words; 24 sources; MLA; $ 200.95
Paper Summary:
This paper explains that Hong Kong's housing, much more than in other cities, is a significant part of the infrastructure thus influencing the macro-economy: High housing costs cause workers to make wage demands and the employers are facing high location costs as well. The author points out that Hong Kong is unique in almost every respect, populated by Asians but has a Western-style economy but the Asian outlook on long-term investment is paramount. The paper concludes that the economic situation in Hong Kong is recovering faster than in other East Asian nations because of the financialized property-based economy, which is poised perfectly to weather economic storms without seeing the economy evaporate: Housing retains some value in any market; whereas, consumer goods and paper-based wealth of all sorts often do not.
Table of Contents
Introduction
Current Conditions
Literature Review
Findings
Discussion
Land Sales and Land-Related Revenue in Hong Kong 1991-2001
Various Asian Growth Projections, Annual GDP Growth in %: Actual and Projected
From the Paper:
"While Singapore and South Korea share some regional norms with Hong Kong, they are more properly considered newly industrialized countries (NICs) than Hong Kong. Park assessed housing policy in South Korea and Singapore because it is an important aspect of social development in addition to a source of shelter; he noted that it also affects access of the population to other material resources. He notes "In most cases, it can influence consumption patterns and household incomes, affecting what people can do and who they can become. For these reasons, most states in advanced capitalist countries have actively intervened in housing provision, although the degree and mode of state intervention vary according to sociopolitical conditions." In Hong Kong, historically and at the present, that intervention is considerable, a fact that sets it apart from most other 'free' economies."
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