The Housing Problem in Hong Kong: An Essay

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Do you know which area in the world has the most expensive housing? Hong Kong, a special administrative region of the People's Republic of China. One of the big trading hubs in the world, with the busiest cargo airport and is well known for its port. Unfortunately, although Hong Kong has one of the highest per capita incomes in the world, but there is a terrible severe income inequality. Hong Kong is the fourth highest population density country and dependencies in the world at 6,300 people per square kilometer, and Hong Kong is also known for its shortage of living space. According to the Kwai Chung Subdivided Flat Residents Alliance, the average living space per person of 204 families who live in the urban area of Kwai Chung is only 50 square feet, equal half the size of a standard parking space (Naomi Ng). In Hong Kong, housing is a dispiriting topic for many younger people. It is good to understand why Hong Kong has the title of being the world’s most expensive real estate market.

The wealth gap is one of the reasons for why people are difficult to buy a house in Hong Kong and it makes Hong Kong so unequal. Announcing the report findings, the number of Hong Kong’s wealth gap in 2016, the richest 10 percent of households' middle monthly income is HK$112,450, and they earned 44 times more than the poorest 10 percent making an average of HK$2,560 (Cannix Yau). Li Ka-Shing, who is the 30th richest person in the world. He developed a leading real estate investment company in Hong Kong and rope with other big companies, and a monopoly has gradually formed. Small businesses have been 'eroded' and disappeared from the market. Finally, people are helpless to become their employees and earn a small salary. It can be seen that economic prosperity is not for everyone.

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In Hong Kong, Housing speculation and stimulates house prices raise are very common because people do not have to pay capital gain tax when they resale buildings in Hong Kong. It causes homeowners to be richer and poor people is more difficult to buy a house. Also, mainland buyers are not subject to any business restrictions in Hong Kong. It is also a factor that has contributed to a continued rise in house prices.

Developing brownfields is an easy solution to solve Hong Kong’s housing crisis. According to the Hong Kong 2030 Plus blueprint, Hong Kong can enjoy a more satisfying living environment, with better quality services and facilities, filling and vary of life, and opportunities for rest. This project would need an extra 1,206 hectares of land (Hong Kong 2030+). However, almost all 1,300 hectares of Hong Kong’s brownfield sites are occupied by business operators. Besides, in 2016, officials set aside plans to develop public housing on an environmentally damaged brownfield site in Yuen Long, but they developed a heavily vegetated green belt site nearby. and getting controversy (Naomi Ng). Hong Kong has a lot more lands but just are not included in the development plan, such as New Territories, there are 723 hectares of brownfield, Pat Heung, Ki Lun Tsuen, and Wang Toi Shan. If Hong Kong wants to solve the housing problem, officials cannot ignore the facts anymore. Hong Kong residents need more houses to decrease housing prices, but not only holding natural assets.

In 2019, Hong Kong government promulgated a new administrative report to assist people can more easily to buy a house. Hong Kong government adjustment lending money from the bank for people pay for the down payment from 60 percent to 90 percent whole house payment. For many people, paying down payment is definitely an obstruct to buy a house. However, people have to pay 1280 USD more per month than if people only lend 60 percent whole house payment. It is also increased more risk. If people are unfortunately losing a job, they will be impossible to repay their house fee. Finally, it is also not helpful to solve people having a house. People who have an economy ability can having a house, but not depend on how much money government lends.

In conclusion, even though Hong Kong’s land area is only 426 square miles, it is also one of the world's most important financial centers and commercial ports. In highly developed territory, there are hard to avoid all of the problems. Whatever Hong Kong government did, there must be some people discontent. The recent insurrection in Hong Kong can be a good example. However, because of that insurrection impact Hong Kong economy, people can have a cheaper price to buy a house. It may be a good solution for Hong Kong housing problem.

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The Housing Problem in Hong Kong: An Essay. (2022, October 28). Edubirdie. Retrieved July 15, 2024, from https://edubirdie.com/examples/the-housing-problem-in-hong-kong-an-essay/
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The Housing Problem in Hong Kong: An Essay. [online]. Available at: <https://edubirdie.com/examples/the-housing-problem-in-hong-kong-an-essay/> [Accessed 15 Jul. 2024].
The Housing Problem in Hong Kong: An Essay [Internet]. Edubirdie. 2022 Oct 28 [cited 2024 Jul 15]. Available from: https://edubirdie.com/examples/the-housing-problem-in-hong-kong-an-essay/
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