China has helped to generate extreme inequality in Hong Kong, largely because of the extraordinary expense of housing
returned Hong Kong to China in 1997, the Communist Party promised two things to the anxious people of a territory with political and economic systems very different from the mainland’s. The first was political autonomy: in time Hong Kongers would even be able to choose their own leaders. The second was to preserve Hong Kong’s swashbuckling capitalism and light-touch government.
Thanks to light regulation, independent courts and a torrent of money from China, Hong Kong has long been a global financial centre. But many of the resulting jobs are filled by outsiders on high salaries, who help push up property prices. Mainlanders seeking boltholes do too. And then there is the contorted market for housing. The government artificially limits the supply of land for development, auctioning off just a little bit each year.
Since the handover the tycoons have come to dominate not just the economy but also government, opposing calls for more democratic representation, a more generous welfare state and, of course, a programme to build mass, cheap housing of the kind that Singapore has long promoted . Part of the tycoons’ clout comes from their contribution to Hong Kong’s finances: 27% of government revenues come from land sales.
Chinese media have taken to attacking Hong Kong’s oligarchs for insufficient displays of loyalty. Over the weekend several showed up at a pro-government rally. Li Ka-shing, Hong Kong’s richest man, has placed full-page advertisements in the local press, calling for restraint. But his message—some enigmatic quotes from classical literature—was ambiguous.
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