Posts Tagged ‘china’
Another South China Morning Postarticle by Peter Guy looks at the risk of large-scale emigration by young Hong Kongers.
According to a Chinese University of Hong Kong survey featured this month in the SCMP, about 40 per cent of Hongkongers want to move away from the city. One in 10 prospective emigrants is making actual plans to do so. Respondents cited dissatisfaction with the government, crowded living conditions and major and political and social disputes as the main reasons for their plan.
The survey showed that younger people had a stronger desire to move abroad than their older counterparts. About 57 per cent of those between 18 and 30 said they had emigration plans compared with just 26 per cent of those aged 51 and above. Taiwan was also the most preferred destination with 16.3 per cent of respondents picking the island. Australia and Canada came in second and third place.
SSNo foreigner would ever relocate here for a senior position unless they received a housing allowance. That’s why there are so many listings for flats renting for HK$70,000 and more
Many of those looking to leave Hong Kong said factors such as larger living areas, higher democracy and freedom levels influenced their choices.
The city’s affordability problem will persist because it is unlikely that real incomes will rise high and fast enough for average citizens to be able to afford liveable flats. It is even more ludicrous to expect prices to fall by half. It won’t be long before 188 square foot flats become 150 then 100- a twisted, dystopic scene that local developers cruelly photoshop into their luxury websites.
The South China Morning Post‘s Peter Guy fears for the future of Hong Kong, dominated by an oligarchy of the rich.
As one power descends another ascends. The passing of Cheng Yu-tung (1925-2016), property tycoon and founder of New World Development, marks the closing of a Hong Kong era. It also ushers in a difficult and uncertain future.
Hong Kong’s business scene in the twentieth century was and still is dominated by five big tycoons: Cheng Yu-tung (aged 91) of New World, Li Ka-shing (88) of Cheung Kong and Hutchison Groups; Lee Shau-kee (88) of Henderson Land, Stanley Ho Hung-sun (94) of Shun Tak, and the Kwok family (32 to 67) of Sung Hung Kai.
All of them flourished in pre-1997 Hong Kong from the 70s to the 90s where minimum regulation, political ignorance and a rapidly growing economy allowed them to exploit every possible opportunity. Nothing wrong with being an opportunist, especially during a period of abundant opportunities in Hong Kong for everyone from voracious property developers to the growing middle class who could afford rising prices for their own flats. And in their era, making as much money as possible without having to account to the rest of society was a Hong Kong right that made the city special.
Their success is not unlike the pharaohs of Egypt – a vast accumulation of monarchy-like family wealth by forcing the rest of the population to toil and pay for flats that supported their pyramids. The only problem is that the entire Hong Kong economy and social progress will be entombed along with them in their sarcophagus.
Their families have become the largest holders of private wealth in Hong Kong. So it is no surprise that despite a slowing economy, the rents and prices of residential flats and office space remain high and unaffordable.