Personally I put the entirety of the blame on the government for poor land management, just as the video stated, Hong Kong is actually far from a land shortage.
@azuremain6 ай бұрын
It isn't poor land management. It's intentional gambling with it as leasing out land to developers is the main revenue of HK's government. If you want to change that, you will have to change the entire system.
@quoderatdemonstrandum72156 ай бұрын
Yes, but the blame should at least be shared between the British government (which allowed this problem to start off) and the HK governments post UK (since they did not undertake anything as they did not want to effect the status quo).
@M437826 ай бұрын
It feels like Hong Kong government play in being feudal master.
@antihypocrisy89786 ай бұрын
Tung Chee Wah tried to boost supply but market crashed and had to reverse. Tsang was too "friendly" with the property tycoons. Leung tried to increase supply, but Pan Democrats started to veto every policy that tried to boost supply in Legco. In turn, the opposition parties benefitted as more people became frustrated with property affordability.
@jamesu62416 ай бұрын
@@antihypocrisy8978 Totally agree. Cheap private housing is also against the interests of many middle class families who already bought private residences, especially those who bought recently and are still serving their mortgages.
@YourWifeCallYou6 ай бұрын
Felt suffocated every time sees topic related to HK housing. Can't imagine the stress of HK people.
@lalatubby48366 ай бұрын
Are people in Hong Kong healthy? Because of its early health education, professional health services, and well-developed health care and medication system, Hongkongers enjoy a life expectancy of 88 for females and 83 for men, which is the highest in the world, and an infant mortality rate of 1.169 deaths per 1,000 births, the lowest in the world.
@Andrew-xw4zj6 ай бұрын
@@lalatubby4836 and the lowest birthrate in the world partly because of unaffordable and cramped housing. So, they live long but no next generation, basically a city of geriatrics.
@DavidBrown-p6h11 сағат бұрын
@@lalatubby4836 Being healthy doesn't means happy.
@AJ-rc5lr6 ай бұрын
If i am a citizen of HK and happen to have 1 million usd, instead of buying a house there, i would move out of HK and go to some emerging SEA countries and just living a life there like a king
@jonmartindeiii9626 ай бұрын
now many koreans and japanese are doing exactly that, and our housing prices have also increased because of that. moving is just starting another problem for locals in that country.
@IamtheMan11116 ай бұрын
Do you think government will allow that? I don't think so.
@coremaw4 ай бұрын
@@IamtheMan1111thats true, probably accessing passport will be difficult.
@Paul-H-Wolfram66082 ай бұрын
Never go to Philippines or you will be scam by the Filipinos, especially those sweet looking young women that talk sweet things to your ears.
@noeminoemi13502 ай бұрын
go to Canada.
@jstasiak22626 ай бұрын
This video was totally unserious for understanding the real reasons for Hong Kong’s housing problems. The reason Hong Kong has a housing problem is that the HK government relies far to heavily upon property taxes, instead of income or consumption taxes, to finance its operations. High property taxes translate into high rents. Property Tycoons conspire with the government to keep property prices artificially high, resulting in high rents and a reliable government revenue stream. Having low income taxes and no sales tax might be excellent for attracting business, but the HK government has to get its operating revenue from somewhere. If not from income or consumption taxes, then the revenue has to come from property taxes which are paid via rent revenue. Also, since the wealth of the Tycoons exists in the form of land and buildings, it is in their interests to keep property prices high by restricting the sale of land for housing. The MTR is another scam whereby the government sells undeveloped land to Tycoons at a relatively low price; these tycoons develop the property by adding the MTR and retail space thereby raising its value generating a profit stream, part of which is kicked back to the government in the form of property taxes paid for via users of the MTR and rent from tenants of the retail property. So, the HK housing problem is a totally manufactured problem whereby wealth is extracted from the working class via rents and transferred to the tycoons and the HK government. Singapore, a highly capitalist country, demonstrated how to develop an adequate supply of affordable housing for its citizens and still maintain a thriving business environment. It isn’t that difficult or complicated. But it does take political will. And it appears that the HK government and the property Tycoons lack that political will.
@flakgun1536 ай бұрын
ok so instead of high rents you want people to pay high taxes which will deplete their income the same.
@jstasiak22626 ай бұрын
@@flakgun153 Singapore is a high income country at a similar stage in development. If Singapore-a highly capitalist country-can figure out affordable housing, Hong Kong should be able to do likewise. The problem is not that Hong Kong can’t figure out affordable housing; the problem is that the property Tycoons and the government refuse to do what is required to solve this major problem. Again, if Singapore can do it, HK should be able to do it.
@offiz6 ай бұрын
@@jstasiak2262 HK has democracy and has regular elections ... BUT they seem not able to vote out a USELESS government at the ballot box. Democracy in HK is a SHAM, yet they are so proud of it. That's really SAD!
@onlydbrasko6 ай бұрын
Exactly. It's not "poor" land management but corruption.
@hpmc74265 ай бұрын
@@offiz when you have an election in Hong Kong, the only difference in the candidates, is one wears glasses, or their favourite colors are different, or how they gel their hair. That's it. They have abso-freakin-lutely identical political and loyalty directions. No one ever thinks differently, if you do, you're in BIIIIIIIG trouble.
@davec81536 ай бұрын
The issue with comparing HK with any other city, is that HK achieves the combination of no sales tax and a low income tax through revenue from land sales and its "partnership" with the MTR. All governments need to raise money through some means, and if the HK government is to lower revenue by means of property and land transactions, then it must be replaced with some other source of revenue (that is comparable). Anyone who doesn't address this issue has basically no understanding of how HK works.
@li_tsz_fung6 ай бұрын
We can look at Singapore, and even the past of Hong Kong, the massive 85k housing project. We had a plan for diversified economy. It got ignored. If it's impossible, it wouldn't be like that in Singapore. 85k wouldn't pass. But of course, 85k got people suicide. People already bet too much on the property market. The plan was too aggressive. The problem get even worse.
@jstasiak22626 ай бұрын
Correct. This is thus far the most accurate statement regarding the real root of HK’s unaffordable housing problem.
@gonnabehappy6 ай бұрын
@@li_tsz_fungHK has not GST.
@offiz6 ай бұрын
HK always boasts about being the most FREE market and low taxes city in the world. But in reality, the common people in the streets pay super high INDIRECT TAX (via super high property prices) .... and they ended up living like SLAVES working for a 30 m2 apartment or pigeon hole in the sky. And to self console themselves, HKers claim to live in democracy island of HK, and pour scorn at mainland China for not having democracy and freedom. So who are the real modern day SLAVES? 🤣🤣🤣
@jeffy51206 ай бұрын
@@li_tsz_fungSingapore needed to raise sales tax. If HK followed this route, it may affect tourist spending as it is cheaper than buying than Mainland. Hainan and Macau have zero tax on goods. We would lose out to them
@liangyu5066 ай бұрын
It is the same issue as why San Francisco has high housing price.. You "assume" people want to fix the high housing price issue, however, same as SF in reality the people that already owns a property will do anything to stop their assets price falling. If I remember correctly, early in 2000s there was a project of developing 85k/pa affordable housing program that was proposed by the HK government that was promptly shutdown by the residents.
@goldkwi6 ай бұрын
thing is, SF (and America in general) has large swathes of land. So not being able to control their property rates is a bigger f-up than what we experience in Singapore and Hong Kong now
@AbimaelLopez-hz3qq2 ай бұрын
@@goldkwithere was a list about expensive cities and nyc was not on the list but Hong Kong was on the list
@LoC28C6 ай бұрын
What the Hong Kong Government need to do is to have a law that states if a developer has tendered this land it must develop this piece of land within 5 years. If this doesn’t happen then they must do a joint venture with the Government to develop this land failing which this land will be forfeited by the Government. This is easier said than done as the Opposition will never agree to this because they are handled by the rich land and development tycoons. They are also the people who have control over those house owners in Hong Kong who will also go against this as well. The reason that these house owners will go against having affordable housing is that this move will reduce their value of their houses in Hong Kong. Therefore the only way out for Hong Kong is to have the political will to have a hard handed approach to land management, which Hong Kong people cannot accept.
@anonymousman98246 ай бұрын
that is what they do here in Singapore, developers need to pay a 35% tax when buying land, if they do not complete and sell the project within 5+ years, they will not get the tax back, if they do, they get most of the tax back
@ruslankolotogin6 ай бұрын
Most of the land in New territories those 10 000 acres they talk about where sold before 1997, when hk was governed by Brits, hk chinese government overtook the problem, which was created way before.
@poshbo6 ай бұрын
That would make the land much riskier and less valuable so tender prices will drop, meaning government revenue will drop. The overall issue is that the HK government relies excessively on property related revenue so it always has an incentive to keep prices high. The SG government doesn't rely so much on property revenue so it doesn't have the same incentive. Around one third of SG government revenue comes from VAT, that's partially why buying goods in SG is more expensive than in HK. But it would be very difficult to introduce a VAT in HK, not least due to people shopping in Shenzhen or ordering online via JD or Taobao. Maybe raising the maximum salary tax in HK from 15% to say 20% (still lower than in SG) would help the government lean off property related revenue, though high income earners would no doubt oppose this.
@davec81536 ай бұрын
@@poshbo The only post that recognizes the root of the problem. The issue with comparing HK with any other city, is that HK achieves the combination of no sales tax and a low income tax through revenue from land sales and its "partnership" with the MTR. All governments need to raise money through some means, and if the HK government is to lower revenue by means of property and land transactions, then it must be replaced with some other source of revenue (that is comparable). Anyone who doesn't address this issue has basically no understanding of how HK works.
@poshbo6 ай бұрын
@@davec8153 agreed. The way that the HK government spreads the burden of collecting revenue hurts the poor and lower to average income earners too much. This creates a massive gap between rich and poor and leads to mass social discontent, as well as ridiculously small apartments. So the burden must be tweaked so that the rich and high income earners bear more of the burden, and this absolutely can be done without damaging overall competitiveness. The fact that Singapore can be so competitive while providing subsidised housing to 80% of its population is proof of that. But trying to dramatically change the decades old status quo in HK will be extremely difficult.
@anonymousman98246 ай бұрын
Hong Kong should start learning from Singapore’s public housing model. Public housing are literally everywhere besides in wealthy areas and there is not much affordability issue since 99% of the flats are below 1 million in price tag
@jefri41766 ай бұрын
Hk government don't care for it's citizen unlike Singapore government 😂😅
@btrue2day6 ай бұрын
I see it differently. In some ways the Sg Gov is trying to follow Hongkong, aiming to match Hongkong's population density. Its just a matter of time
@jefri41766 ай бұрын
@@btrue2day but SG government tried to control the price at least. Recently the tax for private condo increased especially for foreigner. Not sure if hk government did make any controlling changes all this while.
@anonymousman98246 ай бұрын
@@jefri4176 I would argue SG government has increased the foreigner tax by way too much. Those foreigners mainly buy very expensive 7 or 8 figures condominium in rich neighbourhoods, which has almost no impact on the 6 figures subsidised flats locals buy. As such, they have cooled the luxury market down which has little benefit to the average citizen
@jefri41766 ай бұрын
@@anonymousman9824 not really. Yes many foreigner buy those few million dollar SGD condo in SG which drive up the price because the local who want to upgrade to condo find it more expensive because they have to compete with foreigner,thus those middle income Singaporean ended up not upgrading to condo but competing to buy bigger hdb instead which drive up the price as well and it trickle down to smaller hdb(subsidized apartments). But the current situation in Singapore is also because of COVID and the current high loan interest rate from global market. Because of COVID,foreign worker who build those bto(build to order) hdb and condo can't enter Singapore and many projects were delayed causing many newlyweds who already ordered the bto hdb or newly unbuilt condo to change their plans and go for the available hdb/condo. Thus SG government have no choice but to increase the levy tax for foreigner in order to prioritize their citizen first. I am one of those "foreigner" who just bought a condo in SG recently in SG in 2021,just before SG government increase the tax Levy into crazy rates for foreigner 🤣😅
@MrKar186 ай бұрын
Singapore is on the verge of becoming like Hong Kong. But it's more of a reason of greed and treating it as only easy investment. But compared to that of HK, SG has better management and leaders to react faster on impacts.
@DreamWave692 ай бұрын
SG has strict price control and no speculation etc, I can say SG do much well than HK. I believe is thanks to LKW Iron Fist Control.
@greaterbayareahero14016 ай бұрын
It's actually pay back time for the Hong Kong Developers who has made a mint in the last 2-3 decades.TBH, you cannot consistently be winning as the expensive of the people on property prices. They have to expect the rough with the smooth. Even at $10K per sq feet it is still overpriced. It has dropped over 30% in the last year. Personally, it will go below $5000 per sq feet and get in line with the GBA as the area around it rises. The Government will push for the well being of the Greater Bay Area as the transportation gets better and better. It is predicted in the next 5 year the China GBA will attract the best talent in the world and create the next Silicon valley (covering all areas of booming business). Socially, housing will be more affordable. Watch this space.
@heyojayo86426 ай бұрын
No one has mentioned the shady backroom deals the government has with the MTR corporation. Everyone in HK knows who the MTR corporation is. The lines running throughout the city are ubiquitous and its surrounding lands has a clause where the land around the lines is the MTR's to use/sell. So obviously building metro lines is expensive af so the MTR corporation recoup that cost by charging bucketloads for housing on their land given to them by the HK government.
@thegoat61476 ай бұрын
Do you realize HK govt owned 75% of the MTR? It's arguably the most successful private public partnership in the world. One of very few public transit systems that's profitable by a healthy margin and provides the best subway system (better than Japan IMO). They developed mostly shopping malls with the land near MTR stations which is great convenience and value to the public as well as bringing in revenue to the gov't via shareholder's dividends.
@Andrew-xw4zj6 ай бұрын
@@thegoat6147 MTR's rail system is not profitable, it only manages to make a profit through the real estate and commercial property developments attached to the rail system. That's why all of the MTR's overseas operations are unprofitable, those countries prohibited them from building or owning unaffordable 'luxury' flats and malls above stations.
@jameslim38506 ай бұрын
Singapore is also on the verge of overtaking Hong Kong for being the MOST expensive public housing (leasehold) in the world. Some say the government is so rich but the ordinary person have to spend so much for a small pigeon hole flat.
@jamesu62416 ай бұрын
There are many vested interests who are against affordable house prices. They are not confined to the government, property developers and their stooges in the form of media columnists, so called experts and environmental pressure groups. The vested interests include a large segment of property owning middle class whose wealth mostly consist of their tiny flats. Those who are still paying mortgages risk becoming negative equity if house price crashes due to abundance of supply.
@Andrew-xw4zj6 ай бұрын
Agreed but regardless of what they want the crash is coming anyways. China is entering a long period of sustained property price deflation similar to what happened in Japan in the 90s. This will inevitably seep over the border and cause significant price declines in HK. In fact, it's already started happening, HK property prices have declined over the past few years and land has been taken off the auction block because of lack of interest from developers, something that would have been unthinkable 5 years ago. The HK government has a serious problem because of the overreliance on land sales for financing as others have detailed.
@jz57486 ай бұрын
or you could say property developers are restricting the supply of house and land
@azuremain6 ай бұрын
Developers are not to blame. They just do what they are supposed to do as a private company, i.e. maximizing profit, the very principle of any private company. It is the government that has been gambling with property prices at the expense of HK's residents.
@antihypocrisy89786 ай бұрын
The Pan Democrats vetoed attempts to boost land supply during Leung and Lam administrations.
@jamesfung33476 ай бұрын
Real estate is king and the de facto currency of Hong Kong, it is the best all- weather investment for 70 years. Without expensive real estate, it will not be today’s HK ..
@wc41096 ай бұрын
HK’s financing model is fundamentally flawed… HK government collects very little taxes, so their only real source of revenue is from land sales… Why home prices in HK are the highest… on Earth! Like most other developed countries, HK government needs to start collecting more taxes!
@Lambyyy6 ай бұрын
Low corporation/income tax is a source of competitive advantage though, with raised taxes matching other countries, what competitive advantage does HK have?
@poshbo6 ай бұрын
@@Lambyyy there are definitely taxes which can be raised without hurting competitiveness. For example, the maximum salary tax can go from 15% to 20%, which is still lower than SG's maximum rate of 22% and much lower than global averages. Maybe a small tax of around 15% on imported wine and champagne, or raising the tax on tobacco. And stop wasting cash on the Lantau land reclamation. There are definitely things which can be done, it just takes political will.
@BranVan10k6 ай бұрын
no
@corediagram80166 ай бұрын
This is just an opinion. There is a very simple solution to this problem. There is no need for "property developers". Property developers can convert without much trouble into construction companies that cater to each citizen as a customer. The Government can tax appropriately to each house owner. The more nodes a trade has between actual seller and actual buyer, the more money will be required. This also gives citizens an option to choose which construction company builds for them for the best deal. If there are 20 citizens in need of houses, 20 floors can be built when needed instead for a 40-50 already built empty apartment awaiting tenants. This is just greed.
@azuremain6 ай бұрын
That's true, each party involved wants to make a buck which is understandable. But the ultimate problem is the high dependency of the HK government on land sales revenue. That is why all measures are merely like a band aid. The government is like a drug addict, it has to gamble with the property prices and it needs to keep them high. The whole system is flawed from the get go.
@corediagram80166 ай бұрын
D talk. Alright. :)@@azuremain
@nicholasfooong.6 ай бұрын
HK became a financial ruin 😢
@nicholasfooong.6 ай бұрын
@@cowdudesupporter7063 yes
@Paul-H-Wolfram66082 ай бұрын
It's the British that make HK became a financial ruin.
@leeandrew26826 ай бұрын
too many millionaires and billionaires on that tiny patch of land
@worldlife98346 ай бұрын
Hong Kong is a nightmare city. Racism, discrimination and anti family environment make Hong Kong an unlivable city. Imagine working 6 days a week and only 1 week paid vacation per year.
@PoliticalWeekly6 ай бұрын
Racism against whom? The city is 94% Chinese.
@canto_v126 ай бұрын
6 day work week is uncommon now. It was common in the 90s.
@worldlife98346 ай бұрын
You are from a different planet@@canto_v12
@vble23376 ай бұрын
you are talking about Canada right?
@worldlife98346 ай бұрын
Nah, Racist Chinese Hong Kong@@vble2337
@deniselee19006 ай бұрын
Definitely a self-inflicted wound based on ideological laissez faire believes... One of the interviewee mentions HK has no money, HK has earns its own taxation, let's bring up the inevitable comparision, HK lost the plot, how is it Singapore could do it, and HK not do it better?
@archiehickox65186 ай бұрын
How old is Singapore? How old is Hong Kong?
@deniselee19006 ай бұрын
@@archiehickox6518what? like 3.5billion years? c'mon , both are land scarce but who owns the majority of land (ans: govt), whom both attempted land recliamation (Singapore had to import sand no less), yet the policies of HK govt, create housing crisis where people lives in cages! Only benefit of the high housing cost may be to those whom chooses to leave!
@DonLee19806 ай бұрын
property values have lost an average of nearly 20% since 2 years ago. I knew this would happen. You can't sustain that kind of prices when you have over 100,000 high income expats and residents leaving the city.
@marktn98516 ай бұрын
It all started 30 years before handover. The west, esp brits, had to inflate asset prices to capitalise some assets pre-1997 n to make it too expensive to be bought over in order to preserve some control or to continue milking HK.
@user-gu8qi4me8x6 ай бұрын
This video is actually genuinely underated and damm
@dxelson6 ай бұрын
50 year leases?? It should be 25 like in Macau
@felipeo87686 ай бұрын
Government releases land to only a few parties (the 'chosen' property developers). Developers deal with investors (mostly $ launderers from north of HK). These investors then flip the units on the market. HK is still the easiest way to get your money out of the country from the north (a country that shall not be named, but it starts with C and ends with Hina). A big part of the problem.
@jeffy51206 ай бұрын
HK lands are auctioned. Given how expensive it is, only realistically the existing giants could afford it. A few years ago, there were mainland competitors but now they're struggling with debt
@whitefang9246 ай бұрын
2:20 For that price i could buy a two story terrace house with 4 Bedrooms buy two Mercedes for cash and and put the rest of the cash in a trust fund and live life jobless.
@Tom-sg4iv6 ай бұрын
Hong Kong is/was a lovely place. Would love to live there, but the housing prices are just crazy.
@Youcanttouchmyhandle6 ай бұрын
4:22 planning is important protecting environmental areas and waterways Greening cities and restoring vegetation
@Frenchieeeee2 ай бұрын
$1.2m for a small closet is a joke.
@baph0met6 ай бұрын
That's what happens when you grant all the land to a single player, in this case the government, the government has a monopoly on housing in Hong Kong, of course it will be outstandingly expensive, all monopolies are.
@Callsign-Blade_RunnerSG6 ай бұрын
Nope, the issue isn’t about the Goverment owning all the Land. It’s about knowing your piorities as a Goverment towards satisfiying the affordable Housing NEEDS of your OWN citizens FIRST. By Selling MORE Land to private PROFIT DRIVEN property developers, the prices will skyrocket leading to ONLY the Richest of the Rich could afford them…
@corediagram80166 ай бұрын
There is a solution. Directly sell to citizens. There is no need for "property developers". Property developers can convert into construction companies that caters to each citizen as a customer. If everyone is profit driven, the weakest link will suffer.@@Callsign-Blade_RunnerSG
@DreamWave692 ай бұрын
For forty years, the same problem has yet to be solved.
@persianguy28496 ай бұрын
None of what was said here in the video or the comments are the real cause of housing crisis. There are enough houses and land for everyone in Hong Kong or any other city in the world. What caused the housing crisis across the world and will cause further crisis is that housing is available to purchase by everyone, specially housing investors. They are the one that pay more and buy homes that could be bought by one who wants to occupy those homes. Investors buy many homes and in some cases leave the home empty. A person who wants to buy a home and move in will have to compete with numerous home investors who are rich and pay more and will eventually buy that home. They raise the demand for homes 2 or 3 times. The solution is to stop home investing. One person, one home. Then there will be no stress on housing market.
@archiehickox65186 ай бұрын
😂😂😂😂😂😂
@persianguy28496 ай бұрын
@@archiehickox6518 What's so funny in the comment?
@BigBenLB6 ай бұрын
There is almost nothing mentioned here about interest rates which the HK government doesn't actually control. The HKD is pegged to the USD so they have to follow the US set interest rate in order to maintain that. The high in 2021 occurred when US interest rates were almost zero making it very cheap to borrow. Immediately afterwards in early 2022 interest rates started to rise which naturally had a cooling effect on the property market. So even if they wanted to cool the market directly (and I don't believe they do when they get a huge amount of their revenue from land sales) their ability to do so is pretty limited compared with other countries
@virolee37766 ай бұрын
This is intentionally done to make the rich ( landlords) richer, and the poor continue to pay High taxes in land premiums. HK needs a huge supply of working / renting poor to serve the rich. By making property unaffordable- the poor are forced to work.
@antihypocrisy89786 ай бұрын
So people in countries with cheaper housing don't need to work? Not sure if I get your point.
@8Xrealestate6 ай бұрын
Great content for a 2024 refresh of this topic
@Youtuber_YusukeFromGermany5 ай бұрын
Not to forget that up until the recent years Hong Kong did not have a retirement plan for elder people.
@ezioauditore56166 ай бұрын
33mt2 for 1.2m usd and theres nothing special in hk
@Youcanttouchmyhandle6 ай бұрын
12:34 how many units are empty that are being held?
@languist6 ай бұрын
Plot twist, I’m actually in Hong Kong travelling as a tourist, and I can confirm that it wasn’t exactly easy to find cheap accommodation either :P
@starrynight62683 ай бұрын
Few years ago, I remember watching a news that a Chinese official visited HK and promised that people won’t be living in tin box houses anymore when the 50 years leases is over. I don’t know what will happen in the future, but I’ll grasp any signs of hope which could help and prevent any families in HK from a life of destitution. And I hope the Chinese gov can convey some solution that could only be operated under their system …
@misterbig90256 ай бұрын
Do Hong Kongers want to move elsewhere when they find property prices too high?
@canto_v126 ай бұрын
No because of the closed border making commuting every day very time consuming.
@j.c.41926 ай бұрын
Sounds very much like NYC and San Francisco
@attentioncestpaslegal78476 ай бұрын
Those prices are not so high considering that's how the government gets funding. Remember people, income tax is very low and there is no VAT.
@kerri6486 ай бұрын
its basically like every other big city ...lots of people, buildings owned by investors
@elfacisco6 ай бұрын
it's goverment problem, blame it.
@sensaznal4 ай бұрын
Move aside HK , Sydney is on the way to becoming the most unaffordable property prices in the world.
@kingk50136 ай бұрын
lol we lease it in london for the same price at least they own it
@babibrain6 ай бұрын
Hong Kong citizens should look beyond their borders to own property, as Hong Kong real estate is unattainable for most. To live better, Hong Kongers need to think outside the box. If they desire a city like Hong Kong, Singapore is the best option. For a beach-like lifestyle, Thailand offers an ideal choice. For a slower and more laid-back pace, Malaysia is a suitable option. Instead of considering migration to Canada, the UK or US would be better choices if Western countries are being considered.
@abbe1abbe1563 ай бұрын
Poor government. The government is horrendous. Having citizens live in squalor is not okay.
@Trumppower6 ай бұрын
Ask Li-Ka-Shing who owns a lot of HK.
@starfish2536 ай бұрын
Basically, the government has to sell land at high prices, since its income from taxes is very low. HK population can choose - higher taxes or high property prices?
@dennisc-db7en6 ай бұрын
goverment is smart in the sense that more than 50% own private appartment. these 50% support high housing price.
@Youcanttouchmyhandle6 ай бұрын
Thank you
@rontheoracle6 ай бұрын
How many years have this been going on? +/- more than a decade? Have this video about HK's housing prices and many many other videos about HK's housing prices lower the prices of houses in HK?
@canto_v126 ай бұрын
4 decades.
@kageyamareijikun6 ай бұрын
50-year leases? Please tell me at that price HKers are not paying for just 50-year leaseholds. Are residential properties in HK freehold, 99-year leaseholds or 50-year leaseholds? At that average price of US$1.2mil.
@hsiu44256 ай бұрын
should be "Why is Hong Kong housing STILL so expensive?"
@Hkchinese8886 ай бұрын
10% of our HKers live in cubicle rooms.
@ruslankolotogin6 ай бұрын
😂 what are you talking
@Hkchinese8886 ай бұрын
@@ruslankolotogin 10% of hk population
@el-_-grando-_-_-scabandri6 ай бұрын
"10% of our HKers" "10% of our" "of our" "OUR" Really Kummar ?!
@Hkchinese8886 ай бұрын
@@el-_-grando-_-_-scabandri Sohai 😂😂
@ruslankolotogin6 ай бұрын
@Hkchinese888 BS , that's just a false information.
@cktan27396 ай бұрын
I'm a Singaporean who complains the government is not doing enough for citizens. But I am grateful to the government for making public housing affordable and available to Singapore citizens.
@robocop5816 ай бұрын
Glorified renter
@Sundae_Ho6 ай бұрын
Your article was thoroughly enjoyable! Your writing is both clear and succinct, and you have a remarkable ability to elucidate complex concepts in an easily digestible manner. Your practice of presenting both sides of the argument and urging readers to form their own opinions is truly praiseworthy. I'm eagerly anticipating more articles from you in the future!
@gw35285 ай бұрын
Theres always a conspiracy theory that they want to maintain the high land prices …
@chualcvn98326 ай бұрын
No proper planning Family should buy house with one bedroom one living hall. Then upgrade to larger house
@lile53416 ай бұрын
Singapore managed to get income from the accumulated wealth in its SWF for the past 50 years, thats why it can afford not to over-monetise land and burden the people. Its all about its revenue model. Should Singapore does not have its Reserve in SWF, it might need to squeeze more income from land. Management and vision is key.
@taro71456 ай бұрын
To sum up, the reason it is so expensive is because the government wants to fetch a high price for every single piece of land it sold.
@rgen286 ай бұрын
The problem is the same tax rate for everyone.
@Youcanttouchmyhandle6 ай бұрын
Price capping #financialabuse #dutyofcare
@ezezcompany6 ай бұрын
When big money takes over the city… both the people and the government suffer in a way or another…
@wowokingxoxo6 ай бұрын
Just don't go.
@1789Bastille6 ай бұрын
ffs HK just tax some xilionaires. cant be that hard. they are just living of interest.
@chrthewrestler23016 ай бұрын
all the big cities are very expensive.
@bernardkoh16506 ай бұрын
Same prob in Singapore.. 😢😢
@YesCivic-R6 ай бұрын
The inhertied taxing structure designed to cuase RE property to value pop up artificially with tax revenue keepin going up in mind, the higher the better at a cost of consumer/household spending and financial pressure. Goverment, top average wealthy, property developer are the beneficiary, as long as the economy keep rolling, and the top wealthy companies keep reinvesting to sustain the overall growth, but that doesn't pan out because top wealthy will trim cost and improve magine to be sustainable, thus this taxing model does not work, but for serveral decades people are not addressing this issue critically. The taxing structure does'nt work just by taxing RE property alone (scam/short cut econimic planning), it needs many sources of taxing revenue like any other major developed counties. Who to blam,? Partially the people is not vocal about it.
@marvinsantos297712 сағат бұрын
lease 50 years mortgage 23 years half of your life paying for something that your decedents cannot own
@KC-io2rg6 ай бұрын
This is a government created scarcity problem pure and simple. Similar to why diamonds are so expensive because DeBeers bought up all the diamonds. The government gets to create free money by squeezing the home buyers and make owning a home impossible for most HK residents in the process. The scarcity also allow the developers to generate huge markups and path of the profits are then funnel to politician to maintain the status quo. I really feel bad for these people.
@Sjalabais6 ай бұрын
This report has a narrow scope on the housing market - and that one alone. Isn't it imaginable that a 45% drop in transactions and a 20% drop in prices over two years coincides with HK losing its freedoms? Who wants to live in an authoritarian city like that? There could be longterm trends here that your report isn't even touching on.
In a country where people have no skills but real estate broking, fat hope with raising affordability.
@raymondcaylor62926 ай бұрын
5:14 " upholds the free market philosophy " absolutely nothing about not owning the land itself but only leasing it for 50 year's (70 in earlier transactions) upholds " free market " actuality and it's silly to even entertain that it ever could.
@lumunecg6 ай бұрын
Not matter how modern a country is, it cannot provide the basic need of an affordable shelter , its time to pack and leave this country.
@MarianaSantos19746 ай бұрын
I trust that soon our leaders will understand that a home is a human right and act accordingly 🙏🏻
@shauncameron83906 ай бұрын
A home is not a human right. No one is owed or obligated to provide such.
@jiaweike35186 ай бұрын
People from Hong Kong should consider immigration. It is so crowded in Hong Kong. Like they can even consider moving into China where there is more land and space for families.
@shauncameron83906 ай бұрын
They have no desire to live under CCP and Xi's rule.
@petebngyn6 ай бұрын
Singapore builds more affordable housing for its citizens.
@robocop5816 ай бұрын
Glorified renters
@alpinismutilitar38866 ай бұрын
Honh Kong Real Housing Bubble just busted... Housing Market is in Busted mode.... in real price.
@nguyentt40796 ай бұрын
Maybe the problem isn't that hard to solve.. just inept policy makers
@speedbirdconcorde0016 ай бұрын
Maybe build housing on 10% or fringe areas of the massive country parks. Housing is THE paramount issue in HK, don't tell me about "environment" when people are homeless or living in coffins
@annabellemitchell1926 ай бұрын
You know the housing crisis in Melbourne had gotten bad when I just moved to hk and am finding it to be comparatively reasonably priced…
@churabhok28696 ай бұрын
So the land is sold on lease and the apartment is bought with life's savings 😂....well done 👍🏻
@charlene63066 ай бұрын
Artificial scarcity
@junielesparas80186 ай бұрын
This is blame for being "free government restrictions or regulation" not for being strict.😂
@kedsau5 ай бұрын
Why does their chinese sound very different from those in China?
@heytruthdohurts6 ай бұрын
since when HK housing market is not the world most unaffordable
@poshbo6 ай бұрын
Between the 1997 Asian Financial Crisis and the SARS epidemic in 2003, HK property prices actually crashed. I used to rent a 2 bedroom apartment in Sheung Wan, the building was completed in 2003 and my landlord paid just HKD 1.3 million. It's worth around HKD 8 million now though it peaked at around HKD 9 million in 2019. So yes, between 1997 and 2003, HK property was actually quite affordable, though very few people predicted that prices would skyrocket again so few people bought property at the low prices. Incidentally, the property crash is also partially why Tung Chee-Hwa's 1997 plan to build 85,000 public housing units was killed off. Government revenue plunged while home owners feared that the flood of new housing supply would further lower the value of their homes.
@iHeartKryptoCoins6 ай бұрын
Same in the USA😢
@dougmarshall53246 ай бұрын
The history of HK expensive housing is blamed on the British occupation they wanted as much out of HK as possible .... saying that when the handover in 97 the government had an opportunity to change that greed they decided to continue because it lined their pockets and its still corrupt today because of lack of change ...... I was strongly against the protest in 2019 i lost my business however they should have focused on the control of rental and property a protest that would have meant something had a focus ..... You mention land sold to developers well HK people know thats all under the table .... HK can & will survive if the corruption stops.
@jelanimasego86566 ай бұрын
wonder what’s the occupancy rates
@iFukuyama6 ай бұрын
1000 square feet is 93m²
@F_e_l6 ай бұрын
Typical biased reporting from SCMP. A few things they seems to have conveniently omitted. First thing that comes to mind is the incredibly low income tax / no VAT in services and goods. What was also omitted was the stop of land sale is to protect existing home owners from losing a large portion of their life savings. HK is a densely populated city, even more so than London, NYC. How about you show us how we compare comprehensively........
@andyyang48726 ай бұрын
the land auction is what afforded the govt low income tax and also no vat :)
@mutucurry90716 ай бұрын
no words to describe what is happening across America - homeless addicts all over the city
@nicholasfooong.6 ай бұрын
Homeless in usa: 550000 Homeless in china: 3000000 Unlike the prosperous taiwanese, 952 million chinese earn less than 282 dollars a month. Chinese are desperate to illegally immigrate to usa