Tag Archives: Hong Kong property

Hong Kong’s future lies in islands

Late last week, Xia Baolong told a gathering of Hong Kong’s elite that the city’s future leader had to prioritize fixing the housing market. He might have been motivated by an article that had appeared a few days before, making fun of the fact that the cost of a decent-sized flat here is what one could pay to live like an Italian duke. Or maybe he had been  troubled by an analyst predicting average prices for Hong Kong homes are set to rise another 10%-20% this year.

It is not likely he was bothered by the impact on housing prices of “real and painful” talk of Hongkongers leaving the city, because Hong Kong’s current leader, Chief Executive Carrie Lam, shrugged off that news a few days later, pointing out that there would be plenty of reasons for new arrivals to be happy with the state of affairs here.

Lam might have been a bit miffed that Xia had not been reading between the lines of her interviews with local media earlier in the week. She had said that fixing the city’s property woes is her top priority for the last year of her current term. She also hinted at running for another five years, indicating that her Policy Address in October will be “visionary”.

Critics pounced to say that her past failures are an indication of the likelihood of future success on property policy. Yet what this might be overlooking is that substance could make up for Lam’s style shortcomings this time, now that she has a National Security Law to back her up.

Continue reading Hong Kong’s future lies in islands