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Hong Kong

Hong Kong. Hong Kong- background. - A Special Administrative Region of China - “One Country, two system” - Area : 1,104 km- sq ; Paris metro 17174.4 km- sq in total - Population : About 7mil ; Paris: 10 mil including Metropolitan Area  A Very Compact City.

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Hong Kong

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  1. Hong Kong

  2. Hong Kong- background • - A Special Administrative Region of China • - “One Country, two system” • - Area : 1,104 km-sq; • Paris metro 17174.4 km-sq in total • - Population : About 7mil ; • Paris: 10 mil including Metropolitan Area • A Very Compact City

  3. Hong Kong- background (cont’d) • - Developed region in China • - Economic: Financial hub, high GDP(PPP) per capita :7th • - Shops, Restaurants, Civic Infrastructure • - egComplete Public Transit Network • (MTR, Taxi, Bus, TRAM, etc…)

  4. Hidden Problems • Huge and widening wealth Gap • Housing Living Standard

  5. Inequality in Wealth distribution Source: http://www.insitu.com.hk/blog/?p=2045

  6. High Population Density

  7. Population Density

  8. Affordability problem Official data from Rating and Valuating department: http://www.rvd.gov.hk/doc/en/statistics/graph2.pdf

  9. Affordability problem Price/Income Source: http://www.globalpropertyguide.com/most-expensive-cities; http://www.numbeo.com/property-investment/gmaps.jsp

  10. Affordability problem • Housing far exceeds the average purchasing power of the general public • Most cannot afford the to buy a property • Cannot afford the initial deposit/ • High burden from the installment payment • Can hardly rent a place in reasonable price range High demand on subsidized housings from the government

  11. Lack of proper supply • Low Availability of affordable Housing • The Overheat property Market due to speculating activities • Developers seems to position their product as luxury price • The growth rate of housing (due to land shortage)<growth of population , • Including the Public Rental Housings(PRH) for the Grassroots, • ON AVERAGE, a applicant have to wait 2.5 years before his/her grant a PRH. It properly will take longer

  12. Supply Problem Supply Demand << Private sector -Mainly Luxury -Low new affordable housing Waiting Time : 2.5 yr (2010) Government HKHA -Subsidized Home Ownership -Public Rental Housing --Housing for Elderly People

  13. rooftop housing Cage-House Cubicle apartment Sub-divided FLats http://www.cou4.com/subdivided-flat-rent/, in 2010

  14. Sub-divided Unit • - Flat divided into small units ILLEGALLY • - around 3.72 sq-m • - Temperature • - Safety 2013 : More than 170,000 Inhabitants

  15. Further/ rooted problem Developer Hegemony • - A book Land and the Ruling Class in Hong Kong (Second Edition) • - When developers dominates in different markets • Supermarket , Utility , Mobile , Restaurants, mobile network, … •  Ruling Class of HK, by • Controlling all the choices & eliminate competitions •  Lower Social mobility (Widening gap between “Clasess”) •  Income inequality • continue to deprive wealth from the labors, • * Working class v. the bourgeois in an extreme case

  16. Discussion • -Possible solutions ? • Divide properties into 2 categories– investment/ resident • Welfare system / Subsided housing supply from the government • Migrating system • Lobby with the Banking sector/ -Is the widening wealth gap inevitable or a centralized power like the developer hegemony inevitable under the market operation? • If yes, What is the solution for ?

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