The housing situation in Hong Kong is not a "problem" per se but the consequence of a fundamental conflict of interest between property owners and new buyers, exacerbated by the dominance and glorification of rentier economics. Recall Mr Tung Chee-hwa's proposed housing policy of supplying 85,000 flats a year in Oct '97 could have already improved the situation by the early 2000s, but he relented after facing immense opposition from property owners who did not want their house prices to drop.
Exactly the only chief to care but the greedy selfish Hong Kong people stood with the mega rich with the help of apple daily to taint him without him Hong Kong public toilets would still have no toilet paper. What have all the others since him done sweet FA
It's the same basic selfish human nature; when you are outside you bang the door demanding to be let in but when you are inside you want to keep the door closed so that nobody else can come in.
Exactly! People always ignore the fact that about 50% of Hong Kong's population live in self-owned private housing. For the home owners they DON'T want to solve the housing crisis. Hong Kong's housing issue is essentially a "class conflict".
That's the problem when you don't have a government directly elected by the people, but by groups of people representing their respective business interests.
it is not a question of whether they "can", it is whether they "want to". HK is a so called tax heaven with low tax rate, but the biggest real tax to the people is the property price, where on average a single person has to work 20+ years without spending to afford to purchase a home. Land sale from the government to the property developers is the major source of income for the government. But after all the social unrest, which is triggered more by hopelessness, inequality and poverty more than so called "democracy", Beijing has finally realize the failure of the HK government and therefore, a deadline is fixed and the HK government has no choice but to finally fix the property market and how the city works.
The real issues have been with Hong Kong (China) for decades. Far too many illegals, non workers and others who should NOT be in Hong Kong (China) and who should have been moved OUT? The usual corruption, desire for cheap labour/unregistered workers and nothing changes. 👀 Unscrupulous landlords, non working or the aged population left to fester? Certain areas that are crime ridden, vertical overcrowded slum eyesores.
The Hong Kong government was part of the problem. So the big boss said enough of your corruption with the developers. We are giving you this deadline. Comply or else.
Couldn't have said it better myself. Not many realize that although the riots were superficially about democracy, the combustible fuel was hopelessness and inequality. A very small proportion of the younger generation are property owners, but renters. Why should I care about burning down and destroying property because I don't own any anyway. If you own a property which you paid for with your own hard earned cash, you would think twice about running around destroying it. A primary component of the housing crisis is the conflict between the haves (property owners) and the have nots (those without). Obviously the haves do not want the government to increase supply either by releasing more land or constructing more public housing. The ironic subtext to this issue is that they may need something similar to what the communists did by taking the land away from the landowners and sharing them with the landless. Not literally of course, but they have to sacrifice the interests of the wealthy elite for the sake of the masses.
It seems to me that if they put half as much effort into solving problems as they put into blaming each other, the problem would be solved much quicker.
@@mastersonogashira1796 Hong Kong's "democracy" is the weirdest form of democracy where the ironic phrase "companies are people too" is taken too seriously.
@@SuWoopSparrow almost every democracy has large corporations influencing its politicians' decisions, but HK not only legalized lobbying and formalized it but also made companies much more powerful.
The problems are property developers' interest. When u calculate density between singapore and hong kong, singapore has a density and hongkong has a bigger land area.
@@davidong4785 no as in flattening of the land. Singapore has lots of flat lands that helps with ease of building. Hong Kong has many mountains which is a problem for constructing buildings, even though they have more land
@@hwanghyeongmi7863 with techbogy nowadays make it be hill or mountain if u have a will, there is a way to create roads up to mountain and also partially flatten land in moutains fit for housing.
For every embarrassing excuse given, especially by the developers, simply take a look at Singapore. It has even less land, but 4 airports, but that is another story. Maybe the first step for HK is to empower and restructure the public housing department, and reform the land ownership policies which are colonial era at best. Its all smoke and mirrors now with the developers, owners and government protecting the status quo.
Yes the dyson guy got stun buying property in Singapore cause his favourite hobby is buying he is the largest land owner in the uk he found out the painful way it’s not how it works in Singapore
The problem is that public housing is literally "reserved" for Mainland immigrants. If you are married to someone from Mainland China your waiting time will be max 3-5 years. On the other hand if you are local you can forget about it. HK government doesn't have the intention to solve this problem because they first going to slowly get rid of HK people and replace them with Mainlanders. It has been happening for many years and it is very obvious what's going on.
The rich gang up and made tons of monies. There must be public housing of reasonable size apartments in HK. This housing policy was started 40-50 years ago and never changed. If I am stuck in a 350 sq ft apartment for a family …..I will want to shoot someone as well.
Your 60 sqm flat is decent. It's just slightly smaller than a 2 bedroom, 2 bathroom public housing flat in Singapore. On the other hand, 11 sqm is nuts! That's the size of a bedroom.
The Hong Kong government earn their money through land sales, so why would they increase supply to create affordable housing when they can artificialy inflate prices to make more money.
They should not sell public housing but to sell long term lease. These development should be recycled for the next gen poor. The renewal of lease will be dependent on their economic statues. For those who has improved on their economic situation, they can now qualify to purchase a lease for a upgraded unit from the government. For those who has achieved "financial independence" they can now leave this system and purchase their own units from normal market. This system will not require a lot of land and works on a recycling concept. Keep builting low cost units is definitely not a long term solution.
Exactly. I have always said this. The majority of revenues of HK come from stamp duties by far (buying/selling of land and flats) so this is a conflict of interest. HK government will not solve this because they are not the ones in power. The real stakeholders are the property developers and they are the ones that actually control Hong Kong. Unfortunately it appears the property developers will not change unless they are threatened enough and the only people they fear is the CCP.
it isn’t JUST the Hong Kong government alone. Imagine what would happen if the government actually lowered property prices? The most powerful companies in HK (all the entrenched land developers) would complain to no ends, and all the middle and upper class individuals who already have property (or properties) would riot. The ones who took on mortgages would likely be underwater. The issue is that ALL the powerful interests (government, developers AND affluent citizens) are aligned AGAINST grass root citizens. That’s why nothing ever changes in HK when it comes to the housing market.
@@davec8153 property market doesn't behave like that. Yes there will be minor and very temporary ripples but at the end of the day, free markets always adjusts itself. What I propose only effects the bottom 15% of the market which is a sector they have no interest in. It also forces the current property owners catering to this rental segment to redevelop their property or to sell for redevelopment. Government needs to also step in to offer some form of fisca and financial assistance... We cannot because of short term pain sacrifices the long term benefits of such a scheme. Society cannot be overly capitistic. We need to look after our underprivileged. Only this can bring stability to our society.
Simple: Introduce capital gains tax on second properties and increase the down payment on second properties. Follow what Chinese cities are doing in controlling property prices.
No need to do anything now the market will collapse soon anyway rich mainlanders won’t park money in property in hk anymore. Investing in hk is only slightly safer than mainland now so it’s just a waiting game the smart will invest abroad and keep as little in Hong Kong as possible
@@use2regis My thoughts exactly, it may sound like a reprieve but its loopholes will be exploited by the rich billionaires (both Domestic and Foreign)...
Won't help, especially not ordinary people who are buying for the first time. Chinese cities have implemented various measures to curb prices but as we all know prices are still increasing, albeit at a slower, more haphazard pace.
It is impossible to fix the housing issue because the HK government is dependent on the income from the land developers and the land developers need limited land supply to be able to have a never ending increasing land value. The only way is to abolish the power the land developers have in the government and increase the taxes of the people to replace the income earned from the land developers. Basically the only solution is for HK to move away from capitalism and adopt more socialist method of governance.
The incompetency of Carrie Lam added fuel to this burning issue. Take for example _ hundred of acres bordering Shenzen to be used for building crematorium, massive PR pushback on proposal to turn 0.4% of reserved green areas for housing. Carrie think providing green and re recreation areas for 0.000 1 % of the population with the times and leisure to enjoy the WHOLE green areas more important than providing affordable and decent housing for the masses. Get rid of Carrie and gang and housing will arrive.
@@crzer07 HK government is actually ruled by the land developers. Just before the handover of HK to China in 97, the British government sold off government lands to the 4 main land developers. The 3 main sources of HK comes from taxing of luxury goods, stock exchange, and land development, with land development being the largest of the 3. The HK government answers to the land developer because most of the politicians are directly and indirectly paid by these land developers. Also, every pro-Beijing leader has offer proposals for increasing the annual government housing quota and converting green space in residential zone, but the opposition has shut these down every time. The land developers rely on the limited housing supply to have a forever increasing prices for their stock prices, etc. They are the ones blocking HK from putting their people first. And you have to remember that China is a communist system on socialist principles. Just look at how China treats home ownership in its major cities. They do not want people to own 4-5 homes to collect rent, which is what we have in HK. No one should have that many homes.
Private developers and billionaires hold whole bunch of land and don't develop it to keep prices high. Unless Chinese government brings down the hammer, nothing will happen.
Let's hope that Hong Kong government will solve the housing problem quickly otherwise it will cause alot of social problems and conflicts in the future.
Just follow Singapore …… You must have a public housing for the middle income and poor. The prices should be reasonable and the apartments must be quite big. Then you let the rest of HK decide their own fate.
Not everywhere can replicate what Singapore did ….these is never an easy replication from others success…..like being said, it was a British leftover issue, and HK gov horribly dealing with the problem. The gov is controlled by the real estate capitalists and that’s the result.
I never trust the rich capitalist to decide things unchecked …….. The decision always favors them only ……their decision have pushed the poor people too far and led to great many unhappiness.
Listening to the Financial Secretary of Hong Kong repeating “We are doing whatever we can” is very negative. In other words they won’t do anything if they can’t. The housing problem is a must solve situation. If the Hong Kong government is unable or unwilling to do it, maybe China’s central government should step in.
I mean they can make a law that has a "minimum" living space.... They could also cap rental prices in certain areas, or subside rent for low income earners. There's so much they can do, but their unwillingness to regulate the investors is disappointing.
ABSOLUTELY! Capitalism is the most evil, vile and disgusting thing that has ever been invented under the guise of democracy, how to solve the worlds housing issue? Tax every 2nd, 3rd and above home buyers. Human basic rights, food, shelter, safety, education, medicine. These should nv b investments and speculation. If housing is HK priority, start taxing these speculators and u will soon see a balance. Everyone should only hv 1 house, if u can afford more houses then PAY THR TAX!
Lololol. Regulate investors in a place that boasted their staunch adherence to free market economics and hypercapitalism. Maybe you guys should look for some advice from your next door neighbor
Price control never works, only creates bigger problems. The cause of the high housing prices is lack of land and too many people. I think I read something about how only a small portion of Hong Kong’s land is actually used by citizens. A huge amount is just owned by the government, who hold onto the land and sell bits of it for insane prices. This land is just sitting around doing nothing which is just absolutely the government’s fault for not selling all of it to citizens who can then develop this unused land into housing. The prices are high not cause of greed. Price control will cause landowners to make no money, causing bankruptcy and or large decrease in housing quality as they have no means to maintain the apartments. Also, price control reduces the economic incentive for developers to develop more housing. Too little regulation is definitely not the cause. Rather, it’s the fact that the government owns so much land that just sits around, rather than letting that land be bought and used by people.
Given how Hong Kong has been associated with images of rundown subdived flats for years, I doubt the state will actually address it before the deadline.
The housing problem is a left over problem from the British. To make simple all nonoccupied land is own by the Hong Kong government (they have a Monopoly). From time to time they take small plots to be sold at the highest bidder. The highest bidders are always land developers. They buy the land that could be sold for more than 1 billion dollars (not sure if it was HK$ or US$) developed, build housing. And since the developers had to pay an extreme amount for the land to start with they have to pass the cost along. This is how the Hong Kong government tax the people without getting involved. Like I said this is a system left from the British. Looking at this "method" from the British one can see how the Britain can colonized so many people for so long!
Thanks, I couldn't have said it better than you did here. Same for selling land to MTR Corp. for greenland/undeveloped price, only for them to get filthily rich by selling to highest bidder, then send kickbacks back to the British HK government back in the days.
@@thecomprador There was not housing problem as we know it today in HK during the Qing. If you want to be a spoiler to the discussion at least be factually accurate.
should tell about the history of how british sold the land to the 4 families in hong kong and how those real-estate moguls held onto the properties and not releasing enough into the public in order to raise prices. could've explained the root causes with 2 simple sentences.
Britain colonial powers over HK left the housing mess over the past 150 years. Yet HKnese expect China to solve this housing mess 'immediately' after so much 'fuss' over China take-over. HKnese have to put up with this mess longer.
Well country’s like Egypt, Indonesia, and Norway, and even China managed to build cities out of nothing in less than a year so I do believe Hong Kong does have the capability of dealing with their housings problems..
@Tom Tom Not true. I am Hakka and an indigenous Hong Konger and I own loads of land in the NewTerritories - Mang Lau Fui, Yuen Tien Ha and Wan Yau, to name few. Inherited it all from grandparents, but no buyers. Don't know why, because all my land is close to Shenzen, so it would be ideal for commuting? I don't have any heirs, so no one will inherit it. Looks like I may have to donate it all to the Chinese government. My own fault really. Shame because its worth a fortune.
@@elza6313 I can't sell because my land is on my ancestral village grounds, so all the villagers have to agree to the sale. I reckon this may be why it hasn;t sold. Too much bickering when a potential buyer comes along. Also, some of the villagers are really greedy and asking sky high prices for the land. No worries, my siblings and I have decided we'll just pass the deeds over to the Chinese government and let them sort it out.
Part of the problem is that in Hong Kong, their government owns the land and leases it to developers and real estate owners, so they have control over which part of their land can be developed into housing and which areas cannot.
I feel very moved for this family and all the people living in this situation, they not can to wait 28 years, that is sure. This needs a superlative team of minds working hard but in this context is completely difficult to resolve. You need to create a new modern city near with others parameters and to pass the middle of the population and the creation of one important center of information about works in other countries with help for this. Blessings people!!!!!!🙅🙏
Hongkong's land problem is a typical captilism problem. It requires a resource rebalancing to get whole society more momentum rather than getting from the external force.
Capitalism is the most evil, vile and disgusting thing that has ever been invented under the guise of democracy, how to solve the worlds housing issue? Tax every 2nd, 3rd and above home buyers. Human basic rights, food, shelter, safety, education, medicine. These should nv b investments and speculation. If housing is HK priority, start taxing these speculators and u will soon see a balance. Everyone should only hv 1 house, if u can afford more houses then PAY THR TAX!
Those man in suits will never truly feel the anxiety that haunts Wong every night he tries to fall asleep in the cramp and stuffy bed. Feeling hopeless for tomorrow but enduring a big smile for his kids, trying to instill optimism in them. "Doing all they can" they say.
Hongkong was full capitalist before this, and property sector already fully monopolised before 97.. Its a hard one to solve.. But if Beijing able to solve it, 2047 will be a celebration when HK fully return.
This video made me realize how lucky I am to have a job and live in a large town home with my parents and have a big bed to sleep in at night I am very great full for what I have I hope they fix this issue soon
@@twoplustwo5183 well then again, Hong Kong's population is shrinking. By the end of the 2040s, the city's population is expected to be about 6.6 million, that's a nearly 800,000 people decrease from it's current size. So there's definitely an argument to be made that that could lead to an increase in the number of surplus housing units in the city, if nothing else will.
Well become a extreme minimalist love with less have more loot & more room & it’s easier to spread your wings to fly out of those conditions Peace be with those beautiful people
Real estate tycoons are in control of Hongkong; housing, media, education, and so on. It's time for young Hongkongers to look to the north for a better future and standard of living.
The housing situation in Hong Kong is caused by neither the developers nor the government alone; it’s both plus all the middle and high income individuals. A significant chunk of the HK government’s income is derived from property (either via auctioning off parcels of land to developers, or through land and property transfer tax), which means it is in the government’s interest to keep property prices high. Developers obviously have vested interest in ever-increasing property prices. But finally, anyone who has already bought property (which means mostly anyone who’s middle class or above) want prices to go up. Given the huge mortgages many take on to buy property, the last thing they want is for property price to drop and for their investments to be “under water”. On the other side of the equation, we’ve got the grass root individuals that can’t afford housing. It’s no surprise that they have no chance against the combined interests of the government, developer and affluent individuals in HK.
Why is it so difficult to resolve housing issue? Singapore is about the same size as Hong Kong but, housing doesn't pose any problems. This is all politics.
Why would Mr Wong from mainland who forsake his 1000sq flat in mainland and come to HK compete for the public housing which lengthen the queues for the local think he deserves Government’s help? Speechless…
@@humansarecrazybeing5730 many will buy abroad but still live back in Hong Kong with today’s technology no one’s investment is limited to where you live
HK has been staring this problem for decades now. Every new Chief Executive said this issue was a top priority but nothing was ever done, not even a baby step. The local and western media love to make comparisons between HK and SG. The score on the housing issue is 10-0 for SG. The cynic in me says HK can never solve this problem. Go ahead and prove me wrong.
this statement doesnt make sense, things can change, in the 1800's black people were still slaves and people thought it was correct, and it has changed now.
Housing crisis in Hong Kong is a legacy left behind by the British. Singapore is smaller than Hong Kong in terms of land size and yet could provide adequate housing for all its people.
1. Bulldoze all the unwanted mountains, use the soil to reclaim the sea and build housing units on the new reclaim land. 2. Stop selling lands to developers and use it to develop public housing units 3. Build housing units at outer city and build MTR station to those locations? Make sense? just my 2 cents idea.
Part of the problem with Hong Kong is that the land is not owned by the people, property management firms, or private developers. In fact, in Hong Kong, land is owned by their Hong Kong Special Administrative Region Government, and then leased to developers or individuals wishing to build commercial or residential real estate. That's how the Hong Kong Government make their money with limited or no need for property, income, or consumption taxes.
@@MrMannyhw Singapore has a similar land lease system to Hong Kong where their government owns a majority of the land, and leases it to developers; and commercial, residential, and industrial real estate companies. Unlike Hong Kong, Singapore assigns some of their land for public or subsidized housing purposes.
@ because Singapore is managed by a dictatorship that’s is for it’s citizens and it’s not corrupt. Hong Kong administration is run by a bunch of politicians, and they corrupt. They work with the oligopolies to ensure the population slaves and make them even more wealthier. If I had to live in one of the two places, I pick Singapore.
If China wants to win popular support from Hong Kongers, they must fix the housing problems in Hong Kong. And the Chinese government seems determined to solve this issue which was caused by the British system for decades.
@@lyhthegreat Its solved now though, the new National Law has made those people quiet. They honestly seem like cowards, if they actually wanted a revolution than they would’ve actually sacrificed much more than just destroying public property 🥴
Yeah... most people don't have enough savings and income to just up and move to another country and keep their source of money. Only the Ultra-rich or foreign Citizenship holders can afford to do so. So that's NOT a solution.
@@anandkumargoklani3484 That's still not enough to transfer one person's life to another country and retain the quality of life and source of capital. If middle-class in countries like Hong Kong had enough to easily immigrate they wouldn't be facing housing problems in the first place, because billions of Asians would all be living in Europe and North America. Stable Immigration cost varies by country, but moving from poorer country to slightly better one? That requires at least a million USD.
Singapore has the world's best public housing system with 90% of the population being proud home owners. I have always wondered why Hong Kong never tried to emulate Singapore. Put in place a law called "Land Acquisition Act" and 50% of the housing problem will be resolved.
Because the Singapore government doesn't keep 75% of its land deliberately empty. The government doesn't need to buy land, it just needs to approve more developments.
Won't or very low chance to happen in Hong Kong. Land acquisition act during the initial period of Singapore hurt quite a number of owners through the "land grab", as payout was not wonderful n anger boiled. But Singapore is an "autocratic" country, so force through. Imagine such a democratic and crowded society like Hong Kong, how much the government have to pay as fair value, to prevent another possible lengthy riot from happening. And I believe the "reputable" media globally will start to report big on it, indicating the ruthless CCP influenced gov't.
SCMP is ignorant. HK is part of CHINA and its people can moves inland and live and work there just as many Taiwanese and overseas Chinese and even westerners are doing. What's the problem again?
@@jacintochua6885 look, i work in China for over 2 decade, If you don't know, Hong Kong Business are not allowed "freely" expand or operate in China, it is treated as a forign investment. meaning that you basically not competing on a fair ground. If you want to know more, ask some one which works in China, or read up on the CEPA agreeement.
HK should do what they should've always do. Be ahead of Mainland China in city by advance technology and buidlings. Build some underwater cities or floating cities with fish farms. Expand to the ocean.
@@kinglu4343 Socialism is when the government does stuff. The more stuff they do, the socialistier it gets, and if they do a lot of stuff then it's communism. -Karl Marx
@@kinglu4343 some might argue that it's better than having no roof above your head though..if you want capitalism, then hk should be a wonderful playground for the rich i guess.
Yes weired why he would leave his 1000 sq foot hime and live in a cage home. So life is obviously better here than un china otherwise he wouldnt of come,
In order to solve this huge housing problem in Hong Kong, there must be a monumental shift in housing policies with a strong government mandate that has the will and support of the people. Blaming the old colonial system and not changing is one of the fundamental flaw of this crisis. The main emphasis is the people and not profit, revenue or relationship. Solve the people's housing problems first and the rest will fall into place.
$7,000 HKD a month for a small flat? That's just over $1,253 CAD. Its more expensive that a typical price for a two bedroom basement apartment in Corner Brook or a low cost counterpart in my home town, Halifax, Canada.
Reminds me of an old English song: It's the same the whole world over It's the poor what gets the blame It's the rich what gets the pleasure Isn't it a bloomin' shame?
No, it's not a shame. If the rich didn't get the pleasure there would be no incentive to become rich. And if the poor didn't get the "blame" there would be no incentive to escape poverty.
The problems are even a sub divided flats/cages are way too small and also very dangerous... because of a low air circulations many people dies while sleeping in their so called home (cages)..
HK housing crisis was the doing of under UK ruled! If HK can fix housing crisis under 1 country 2 system rules under China will change a major milestone for better equality of freedom, right, and democracy. Equality was the major milestone in 2021 2 sessions...
@@SerBallister This was the main reason why China said housing needs to be fix!!! There is no equality! Look at that family of 4 living in such a small place. This was what China said it has to be fix for the common people! The reason why rent keep going up and why housing is in such a mess cause of liberal democracy capitalism! You don't even think for your country, but you only think about your own benefit! In a liberal democracy capitalism model, there is no equality! Like the ancient Chinese phrase: 弱肉强食 ! Is this what you want for HK? Look at all the liberal countries, how they are doing in this outbreak? All of them are a mess, cause they are too divided. They cannot even make up their mind to wear mask or not, even until to now! It is such a joke! China socialism model with freedom, right, democracy, and equality works for the common people! Poverty Alleviation Project, reducing corruption, etc. There is not one country can compare to China right now! Many countries are consulting with China on how to implement their socialism democracy system into their countries!
@@sumonechan8514 Have you seen the changes and progress in China for the last 5 or 10 years?! When the common people cried out to end poverty during the past 2 sessions, Xi started Poverty Alleviation Project at 2015, which lifted 800M+ people out of absolute poverty in 5 years that was 10 years ahead of UN schedule timeline! During another 2 sessions, the common people cried out to end corruption, Xi started an investigation campaign against 600K+ people and many were prosecuted, while the extreme case, he didn't have any problem executing, which country have the guts to execute the rich, famous, and powerful people? It was cause of these 2 major milestones changed many people to believe in the government. Also, many countries are consulting with China on how to implement China's success into their countries. China usually operates in a 5 years plan, so I am interested to know what that plan is... Since the government said housing crisis must be fix by 2049, why not give them a chance to see what they can do?
Hong Kong has been an international hub for trade since the British days, and Shenzhen owes much of its growth to Hong Kong. I wouldn't exactly call that a "can of worms".
Is not a problem at all, HongKong citizens can just move to China across the border , why Hongkong is better than china? I think mainland is much better than Hongkong.
Frankly with not enough new housing being built to meet increased population, why the gov keeps letting more immigrants, migrant workers, visitors to enter?
Unless all these obsolete and superannuated residential buildings are removed, the living conditions in Hong Kong would never be solved. The land supply in Hong Kong is a major issue of what exacerbates the shortage of household supply. The subdivided units cannot give children a healthy studying environment and more importantly, a happy childrood memory. I do believe that the reclaimation area is essential to the future generation of Hong Kong as we need more flats for underprivileged.
To solve this housing crisis, simply build more houses! Like a lot more. But of course that will lead to a drop in housing prices which current home owners DO NOT WANT, they want their property value to keep rising. Solution is simple, but whether people really, really want cheap property, is the problem here. It will affect stock prices and banking sector may collapse if housing prices drop too much
Refer to Singapore. Your problem is solved. Reason for this problem in HK is the govt does not have the will to solve it. A balance of Capitalism and Socialism is needed to create a more equitable society for all. Danger for any state/nation/city is the lack of social mobility and personal growth for each individual. If you can’t see the light at the end of the tunnel, that breeds depression or at the other end of the spectrum, extremism borne out of frustration. I do hope they solve it. We are human beings after all and everyone deserves to live in dignity especially when you work hard for a living.
My solution : The government subsidizes the builders for keeping flats of certain size say 1000ft for atleast 10percent of its flats at rate lower than 500 dollars per month (or at a rate 30 % of median income which ever is lowest)
Come on, housing isnt a problem even just back in 2003 in Beijing. Even if we just earned 1/10 of current salary, just ~2000RMB per month, still lots of Beijingers can afford a house at suburbs. After Mainland China copied HK's real estate development strategy, we then see the house price skyrocket. From 1k RMB per m^2 to 100k RMB per m^2. Also, dont forget before 2000s, we are a COMMUNIST country and market. Most of state owned companies provide house to their workers!!! This not only greatly reduce the commute distance, fixing FKING traffic jams, also really, never heard such widely complains of house price. My family got a FREE house for my dad's job. And now, this house price is >8M RMB.
Fixing HK's housing problem by 2049 (over 28 years period) should be quite easy. If China could build Shenzhen and numerous other mega cities within about the same period, don't anyone says it can't be done!
The point is to adhere to the Basic Law and let Hong Kong fix itself (as best as it can). China has its hands bind in this one. It just can't send the bulldozer fleet over the border...otherwise the problem would have been solved overnight.
that time someone wanted to follow us Singapore regarding housing problem but who was the ones who didn't want it??? so who is to blame??? citizens themselves lor then now come and complain.
@@davidwoon6402 but they don't have a solid leader like our LKY. that Carrie Lam is such a tortoise everything also scared. must wait for boss say first then take action
@@trinachoo1313 Well.. if that's the case, better late than never. However, indecisive and no initiative don't make her a competent leader. Agree with you.
I pay 971 GBP mortgage a month in Greater London outskirts for 3 bed 1000 sqft house with decent size garden and its one of the cheapest! 900 USD for this sub divided flat is a rip off but prices are determined by supply demand.
Hong Kong's situation will get better. The land issue in HK was sadly a situation left behind by the previous UKs inadequate planning. With a land twice the size of Singapore why is the people squeezed into a small spot of land. The rest was privately owned by her majesty. I'll bet that china will be able to solve this
as i see it, hk govt's biggest revenue is from housing not from taxation, their working class is forced to spend a big percentage of their income here otherwise live in these small cages. if it is made affordable, the govt will lose so much and will be a big problem running the city
Reducing the population and immigration may solve the Hong Kong housing issue. HK should give incentives to the BNO passport holders to move permanently to the UK. It should also limit foreign immigrants.
Hong Kong government didn't intervene when the housing prices are rocketing high in the sky. Those property developers and middle class with ability to invest in properties did not want HongKong government to build housing for the grassroots, like Mr Tung Kean Hua. Hong Kong's property liberalization has ruined many lives of HongKong people.
In Singapore , if the buildings look like those old buildings, they would be torn down and redeveloped. They would be a health hazard and the aircon looks like it could fall off anytime. This is an example of politicians failing the citizens.
HK housing problem can only be solved by getting rid the border with mainland, allowing HKers to buy houses in mainland, and commute freely from mainland. The other solution is to retake the lands from tycoons who collaborated with British colonial governors to hoard all the lands before China take over. I don't think that is possible in capitalist HK, but slapping huge property tax for luxury flat is possible.
I think the lack of housing is not entirely the problem. They need to stop people from mainland China 🇨🇳 immigrants coming over. It doesn’t matter if they make a million flats if 5 million people are immigrating over !! The “Wong” family that they just interviewed he had 1,000 square feet flat in China and now lives 100 square feet flat in HK. He didn’t say why he immigrated over or what he used to do in China. He probably had a great job in China and thinking the minute is steps over to HK he’s going to make millions and little did he know the housing costs is triple of what he made in China. People need to think which is better for them to stay in China where you are doing well or come to HK and start over in life and try to make it “big” thinking it’s easy to get rich or something.
I'm pretty sure that the CCP will solve this issue in HK, they now that HK it is a mirror and whatever they do, taiwaneses will be seeing... as said before by CCP members, they have no problem to take Taiwan by force, but of course it is not like they want.
Taiwan is not pack full of property tycoons it’s land is not even expensive it’s nothing like Hong Kong. More people hold hkid abroad than in Hong Kong and most are rich why do you think the Chinese government tried to not get involved in the running of Hong Kong? Taiwan on the other hand are poor and don’t hold any international clout no banks no finance nothing it’s just a nation of low paid graphic card farmers?
@@sko1beer I don't know Taiwan very well, but if you are saying that they live in a bad condition, it will be even easier to CCP take control. I am not criticizing the CCP, in the other hand, I think they are smart people, have much more to offer, and they have a idea similar to mine.
@@lucaspinho4714 same here I have no hate for Taiwan it’s just facts Hong Kong is one of the most expensive places on earth but I’m afraid Taiwan is not. We don’t need to believe any media sources from the east or west the Taiwan government is already crying about the cost of maintenance on the fighter jets usa have sold them it’s really a waste of money cause over time mainland China will end up owning it without a bullet being shot. Money talks and that is not going to change
1 From June 1963, Hong Kong imposed the highest level of water rationing. The residents were supplied with water once every four days, and each time only for a four-hour period. This rationing lasted a year. AT that time , cland developers ue sea water to do cement construction, that cause serious re bar rottening. Thats why some of the Hk buildings deterating so fast
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The housing situation in Hong Kong is not a "problem" per se but the consequence of a fundamental conflict of interest between property owners and new buyers, exacerbated by the dominance and glorification of rentier economics. Recall Mr Tung Chee-hwa's proposed housing policy of supplying 85,000 flats a year in Oct '97 could have already improved the situation by the early 2000s, but he relented after facing immense opposition from property owners who did not want their house prices to drop.
Exactly the only chief to care but the greedy selfish Hong Kong people stood with the mega rich with the help of apple daily to taint him without him Hong Kong public toilets would still have no toilet paper.
What have all the others since him done sweet FA
It's the same basic selfish human nature; when you are outside you bang the door demanding to be let in but when you are inside you want to keep the door closed so that nobody else can come in.
you just need to throw petrobomb, fight the police, and shout fck china to make the problem go away apparently.
Exactly! People always ignore the fact that about 50% of Hong Kong's population live in self-owned private housing. For the home owners they DON'T want to solve the housing crisis.
Hong Kong's housing issue is essentially a "class conflict".
That's the problem when you don't have a government directly elected by the people, but by groups of people representing their respective business interests.
it is not a question of whether they "can", it is whether they "want to". HK is a so called tax heaven with low tax rate, but the biggest real tax to the people is the property price, where on average a single person has to work 20+ years without spending to afford to purchase a home. Land sale from the government to the property developers is the major source of income for the government. But after all the social unrest, which is triggered more by hopelessness, inequality and poverty more than so called "democracy", Beijing has finally realize the failure of the HK government and therefore, a deadline is fixed and the HK government has no choice but to finally fix the property market and how the city works.
2049 is a very generous dead line. IMO they really need to bring improvement in the next 10 or even 5 years. Otherwise unrest will go on.
The real issues have been with Hong Kong (China) for decades. Far too many illegals, non workers and others who should NOT be in Hong Kong (China) and who should have been moved OUT? The usual corruption, desire for cheap labour/unregistered workers and nothing changes. 👀 Unscrupulous landlords, non working or the aged population left to fester? Certain areas that are crime ridden, vertical overcrowded slum eyesores.
The Hong Kong government was part of the problem. So the big boss said enough of your corruption with the developers. We are giving you this deadline. Comply or else.
Couldn't have said it better myself. Not many realize that although the riots were superficially about democracy, the combustible fuel was hopelessness and inequality. A very small proportion of the younger generation are property owners, but renters. Why should I care about burning down and destroying property because I don't own any anyway. If you own a property which you paid for with your own hard earned cash, you would think twice about running around destroying it. A primary component of the housing crisis is the conflict between the haves (property owners) and the have nots (those without). Obviously the haves do not want the government to increase supply either by releasing more land or constructing more public housing. The ironic subtext to this issue is that they may need something similar to what the communists did by taking the land away from the landowners and sharing them with the landless. Not literally of course, but they have to sacrifice the interests of the wealthy elite for the sake of the masses.
HK Government is more afraid of HK oligarchs than Beijing, and the oligarchs provide them with many benefits to maintain the status quo.
It seems to me that if they put half as much effort into solving problems as they put into blaming each other, the problem would be solved much quicker.
Agree
But that is the game that they play, and they can do that indefinitely as the game is rigged.
That's how politics around the world works🤨
if these CEOs were housed in those flats, you’d find they can do more than “all they can” right now
You can’t go after them these days, apparently because they are pro-democracy
Also, they don't owe anyone anything.
@@mastersonogashira1796 Hong Kong's "democracy" is the weirdest form of democracy where the ironic phrase "companies are people too" is taken too seriously.
@@juch3 Have you seen the US democracy?
@@SuWoopSparrow almost every democracy has large corporations influencing its politicians' decisions, but HK not only legalized lobbying and formalized it but also made companies much more powerful.
The problems are property developers' interest. When u calculate density between singapore and hong kong, singapore has a density and hongkong has a bigger land area.
Singapore is also almost perfectly flat
@@juch3 true as majority are flats.
@@davidong4785 no as in flattening of the land. Singapore has lots of flat lands that helps with ease of building. Hong Kong has many mountains which is a problem for constructing buildings, even though they have more land
@@hwanghyeongmi7863 with techbogy nowadays make it be hill or mountain if u have a will, there is a way to create roads up to mountain and also partially flatten land in moutains fit for housing.
@@davidong4785 for a start, why don’t you try to flatten any natural land formations ?🤡
For every embarrassing excuse given, especially by the developers, simply take a look at Singapore. It has even less land, but 4 airports, but that is another story. Maybe the first step for HK is to empower and restructure the public housing department, and reform the land ownership policies which are colonial era at best. Its all smoke and mirrors now with the developers, owners and government protecting the status quo.
Yes the dyson guy got stun buying property in Singapore cause his favourite hobby is buying he is the largest land owner in the uk he found out the painful way it’s not how it works in Singapore
5 airports actually.
the difference is hk is a mountainous area, compared to singapore which is mostly flat lands.
The problem is that public housing is literally "reserved" for Mainland immigrants. If you are married to someone from Mainland China your waiting time will be max 3-5 years. On the other hand if you are local you can forget about it. HK government doesn't have the intention to solve this problem because they first going to slowly get rid of HK people and replace them with Mainlanders. It has been happening for many years and it is very obvious what's going on.
The problems since era of democratic colonist, but there is some brainwashed people by democratic media think this is China fault
Wife and 2 kids living in a 11sqm flat?? I thought i had it rough living by myself in a 60sqm flat!
The rich gang up and made tons of monies.
There must be public housing of reasonable size apartments in HK.
This housing policy was started 40-50 years ago and never changed.
If I am stuck in a 350 sq ft apartment for a family …..I will want to shoot someone as well.
Your 60 sqm flat is decent. It's just slightly smaller than a 2 bedroom, 2 bathroom public housing flat in Singapore. On the other hand, 11 sqm is nuts! That's the size of a bedroom.
The Hong Kong government earn their money through land sales, so why would they increase supply to create affordable housing when they can artificialy inflate prices to make more money.
They should not sell public housing but to sell long term lease. These development should be recycled for the next gen poor. The renewal of lease will be dependent on their economic statues. For those who has improved on their economic situation, they can now qualify to purchase a lease for a upgraded unit from the government. For those who has achieved "financial independence" they can now leave this system and purchase their own units from normal market. This system will not require a lot of land and works on a recycling concept. Keep builting low cost units is definitely not a long term solution.
Exactly. I have always said this. The majority of revenues of HK come from stamp duties by far (buying/selling of land and flats) so this is a conflict of interest. HK government will not solve this because they are not the ones in power. The real stakeholders are the property developers and they are the ones that actually control Hong Kong. Unfortunately it appears the property developers will not change unless they are threatened enough and the only people they fear is the CCP.
Yes they caused the crisis from the verry beginning
it isn’t JUST the Hong Kong government alone. Imagine what would happen if the government actually lowered property prices? The most powerful companies in HK (all the entrenched land developers) would complain to no ends, and all the middle and upper class individuals who already have property (or properties) would riot. The ones who took on mortgages would likely be underwater. The issue is that ALL the powerful interests (government, developers AND affluent citizens) are aligned AGAINST grass root citizens. That’s why nothing ever changes in HK when it comes to the housing market.
@@davec8153 property market doesn't behave like that. Yes there will be minor and very temporary ripples but at the end of the day, free markets always adjusts itself. What I propose only effects the bottom 15% of the market which is a sector they have no interest in. It also forces the current property owners catering to this rental segment to redevelop their property or to sell for redevelopment. Government needs to also step in to offer some form of fisca and financial assistance... We cannot because of short term pain sacrifices the long term benefits of such a scheme. Society cannot be overly capitistic. We need to look after our underprivileged. Only this can bring stability to our society.
Simple: Introduce capital gains tax on second properties and increase the down payment on second properties. Follow what Chinese cities are doing in controlling property prices.
This way is not effective, the rich still can buying for investment.
Look what happen to Shanghai and Beijing property price.
No need to do anything now the market will collapse soon anyway rich mainlanders won’t park money in property in hk anymore.
Investing in hk is only slightly safer than mainland now so it’s just a waiting game the smart will invest abroad and keep as little in Hong Kong as possible
@@use2regis My thoughts exactly, it may sound like a reprieve but its loopholes will be exploited by the rich billionaires (both Domestic and Foreign)...
Won't help, especially not ordinary people who are buying for the first time. Chinese cities have implemented various measures to curb prices but as we all know prices are still increasing, albeit at a slower, more haphazard pace.
Down payments are not a problem for real state investors
It is impossible to fix the housing issue because the HK government is dependent on the income from the land developers and the land developers need limited land supply to be able to have a never ending increasing land value.
The only way is to abolish the power the land developers have in the government and increase the taxes of the people to replace the income earned from the land developers. Basically the only solution is for HK to move away from capitalism and adopt more socialist method of governance.
There's 2 other options: wholesale slaughter and underground development.
It's not like China didn't think of this first.
If that happens,hk will lose its status as tax heaven,many capitalists will flee
@@andia968 some will leave, but many will still remain. HK stock exchange is still very important trading center for Asia.
The incompetency of Carrie Lam added fuel to this burning issue.
Take for example _ hundred of acres bordering Shenzen to be used for building crematorium, massive PR pushback on proposal to turn 0.4% of reserved green areas for housing.
Carrie think providing green and re recreation areas for 0.000 1 % of the population with the times and leisure to enjoy the WHOLE green areas more important than providing affordable and decent housing for the masses.
Get rid of Carrie and gang and housing will arrive.
@@crzer07 HK government is actually ruled by the land developers. Just before the handover of HK to China in 97, the British government sold off government lands to the 4 main land developers. The 3 main sources of HK comes from taxing of luxury goods, stock exchange, and land development, with land development being the largest of the 3. The HK government answers to the land developer because most of the politicians are directly and indirectly paid by these land developers. Also, every pro-Beijing leader has offer proposals for increasing the annual government housing quota and converting green space in residential zone, but the opposition has shut these down every time. The land developers rely on the limited housing supply to have a forever increasing prices for their stock prices, etc. They are the ones blocking HK from putting their people first.
And you have to remember that China is a communist system on socialist principles. Just look at how China treats home ownership in its major cities. They do not want people to own 4-5 homes to collect rent, which is what we have in HK. No one should have that many homes.
Private developers and billionaires hold whole bunch of land and don't develop it to keep prices high. Unless Chinese government brings down the hammer, nothing will happen.
It will be a violation of dEmOCraCy
@@Felix-dv9wn and tell me how exactly dEmOCraCy solve housing problem for HK? if it really works we won't have our 2008 housing crisis. 😂
@@aredtomato8957 cant you see im clearly being sarcastic?
@@Felix-dv9wn oh... My bad man 😭😭
Let's hope that Hong Kong government will solve the housing problem quickly otherwise it will cause alot of social problems and conflicts in the future.
Just follow Singapore ……
You must have a public housing for the middle income and poor. The prices should be reasonable and the apartments must be quite big.
Then you let the rest of HK decide their own fate.
I doubt they have the political will to make that tough decision.
Not everywhere can replicate what Singapore did ….these is never an easy replication from others success…..like being said, it was a British leftover issue, and HK gov horribly dealing with the problem. The gov is controlled by the real estate capitalists and that’s the result.
I never trust the rich capitalist to decide things unchecked ……..
The decision always favors them only ……their decision have pushed the poor people too far and led to great many unhappiness.
all they need is a leader like LKY
Agree and considering that Hong Kong has more land than singapore.
Listening to the Financial Secretary of Hong Kong repeating “We are doing whatever we can” is very negative. In other words they won’t do anything if they can’t. The housing problem is a must solve situation. If the Hong Kong government is unable or unwilling to do it, maybe China’s central government should step in.
I mean they can make a law that has a "minimum" living space.... They could also cap rental prices in certain areas, or subside rent for low income earners. There's so much they can do, but their unwillingness to regulate the investors is disappointing.
ABSOLUTELY!
Capitalism is the most evil, vile and disgusting thing that has ever been invented under the guise of democracy, how to solve the worlds housing issue? Tax every 2nd, 3rd and above home buyers. Human basic rights, food, shelter, safety, education, medicine. These should nv b investments and speculation. If housing is HK priority, start taxing these speculators and u will soon see a balance. Everyone should only hv 1 house, if u can afford more houses then PAY THR TAX!
Lololol. Regulate investors in a place that boasted their staunch adherence to free market economics and hypercapitalism. Maybe you guys should look for some advice from your next door neighbor
Price control never works, only creates bigger problems.
The cause of the high housing prices is lack of land and too many people. I think I read something about how only a small portion of Hong Kong’s land is actually used by citizens.
A huge amount is just owned by the government, who hold onto the land and sell bits of it for insane prices. This land is just sitting around doing nothing which is just absolutely the government’s fault for not selling all of it to citizens who can then develop this unused land into housing.
The prices are high not cause of greed. Price control will cause landowners to make no money, causing bankruptcy and or large decrease in housing quality as they have no means to maintain the apartments.
Also, price control reduces the economic incentive for developers to develop more housing.
Too little regulation is definitely not the cause.
Rather, it’s the fact that the government owns so much land that just sits around, rather than letting that land be bought and used by people.
What does I mean, mean?
Carrie Lam has no power over making laws like that, but China can. China won't help.
when people have to sleep on the ground of their residence something's not right :/
Have you ever been to HK? Any article blaming China gets you high?
@@jacintochua6885 every government that's exacerbating the housing crisis is in the wrong.
Given how Hong Kong has been associated with images of rundown subdived flats for years, I doubt the state will actually address it before the deadline.
The housing problem is a left over problem from the British. To make simple all nonoccupied land is own by the Hong Kong government (they have a Monopoly). From time to time they take small plots to be sold at the highest bidder. The highest bidders are always land developers. They buy the land that could be sold for more than 1 billion dollars (not sure if it was HK$ or US$) developed, build housing. And since the developers had to pay an extreme amount for the land to start with they have to pass the cost along. This is how the Hong Kong government tax the people without getting involved. Like I said this is a system left from the British. Looking at this "method" from the British one can see how the Britain can colonized so many people for so long!
Bow to british get cheap rate loan to purchase and monopolize the market yeah free market , who benefit the most ???
Thanks, I couldn't have said it better than you did here.
Same for selling land to MTR Corp. for greenland/undeveloped price, only for them to get filthily rich by selling to highest bidder, then send kickbacks back to the British HK government back in the days.
The British inherited the Hong Kong housing problem from the Qing Dynasty government.
See, I can deflect the problem too!
@@thecomprador Qing dynasty? Most people in hk were living in sampams before the 70s…
@@thecomprador There was not housing problem as we know it today in HK during the Qing. If you want to be a spoiler to the discussion at least be factually accurate.
should tell about the history of how british sold the land to the 4 families in hong kong and how those real-estate moguls held onto the properties and not releasing enough into the public in order to raise prices. could've explained the root causes with 2 simple sentences.
Hong Kong should look to SG for their method to deal with their housing problems.. :) and I'm a Malaysian :P
Britain colonial powers over HK left the housing mess over the past 150 years. Yet HKnese expect China to solve this housing mess 'immediately' after so much 'fuss' over China take-over. HKnese have to put up with this mess longer.
24 years isn't considered immediately is it? Also HK government made the problem worse.
china's not gonna fix anything, they can't even interfere with hk's law without creating a riot..
@@lyhthegreat There are no riots in Ba sing se
@@lyhthegreat Well mainland China's proposed solution I heard is also for Hong Kongers to live in Shenzhen instead I heard
Well country’s like Egypt, Indonesia, and Norway, and even China managed to build cities out of nothing in less than a year so I do believe Hong Kong does have the capability of dealing with their housings problems..
@Tom Tom Not true. I am Hakka and an indigenous Hong Konger and I own loads of land in the NewTerritories - Mang Lau Fui, Yuen Tien Ha and Wan Yau, to name few. Inherited it all from grandparents, but no buyers. Don't know why, because all my land is close to Shenzen, so it would be ideal for commuting? I don't have any heirs, so no one will inherit it. Looks like I may have to donate it all to the Chinese government. My own fault really. Shame because its worth a fortune.
@@goldmanking7468 why are not selling your lands then?
@@elza6313 I can't sell because my land is on my ancestral village grounds, so all the villagers have to agree to the sale. I reckon this may be why it hasn;t sold. Too much bickering when a potential buyer comes along. Also, some of the villagers are really greedy and asking sky high prices for the land. No worries, my siblings and I have decided we'll just pass the deeds over to the Chinese government and let them sort it out.
@@goldmanking7468 You'll need to sell it quickly and move out of HK. Once China take full control over HK, you will lose your land.
Part of the problem is that in Hong Kong, their government owns the land and leases it to developers and real estate owners, so they have control over which part of their land can be developed into housing and which areas cannot.
I feel very moved for this family and all the people living in this situation, they not can to wait 28 years, that is sure. This needs a superlative team of minds working hard but in this context is completely difficult to resolve. You need to create a new modern city near with others parameters and to pass the middle of the population and the creation of one important center of information about works in other countries with help for this. Blessings people!!!!!!🙅🙏
Hongkong's land problem is a typical captilism problem. It requires a resource rebalancing to get whole society more momentum rather than getting from the external force.
Capitalism is the most evil, vile and disgusting thing that has ever been invented under the guise of democracy, how to solve the worlds housing issue? Tax every 2nd, 3rd and above home buyers. Human basic rights, food, shelter, safety, education, medicine. These should nv b investments and speculation. If housing is HK priority, start taxing these speculators and u will soon see a balance. Everyone should only hv 1 house, if u can afford more houses then PAY THR TAX!
Don't worry the communist will come to solve the issue, they will wipe out most of them and sell the organs...
300 square feet should be the minimum size of an apartment. Anything smaller is inhumane.
Those man in suits will never truly feel the anxiety that haunts Wong every night he tries to fall asleep in the cramp and stuffy bed. Feeling hopeless for tomorrow but enduring a big smile for his kids, trying to instill optimism in them.
"Doing all they can" they say.
wong could always go back to china and live in his spacious flat there
6:00 mark - I swear the editors of the video purposely put in a tune with a beat that matches his blinking eyes.
Hongkong was full capitalist before this, and property sector already fully monopolised before 97..
Its a hard one to solve.. But if Beijing able to solve it, 2047 will be a celebration when HK fully return.
Housing are for living not speculation
Hong kong is beautiful city. i love hong kong. From Nepal💝💝
This video made me realize how lucky I am to have a job and live in a large town home with my parents and have a big bed to sleep in at night I am very great full for what I have I hope they fix this issue soon
The issue will probably not be fixed.
@@twoplustwo5183 well then again, Hong Kong's population is shrinking. By the end of the 2040s, the city's population is expected to be about 6.6 million, that's a nearly 800,000 people decrease from it's current size. So there's definitely an argument to be made that that could lead to an increase in the number of surplus housing units in the city, if nothing else will.
That’s so sad 😢 I feel sorry for the people that lives like that there :(
Well become a extreme minimalist love with less have more loot & more room & it’s easier to spread your wings to fly out of those conditions
Peace be with those beautiful people
U ask why they move to other place
Real estate tycoons are in control of Hongkong; housing, media, education, and so on. It's time for young Hongkongers to look to the north for a better future and standard of living.
I’m sure they’ll love being executed in the mainland
@@nopenope1186 Executed for what? So you’re agreeing that HKers are criminals? 🤡
@@ihatenfts501 the mainlanders get executed for the smallest things.
@@ihatenfts501 Funny how the biggest retards so confidently use the clown emoji. You have absolutely no idea what terrorism is.
Terrorism is the taliban. Terrorism is zionists illegally occupying land. What is terrorism to you all? Yall are making up definitions?
i feel like if they did something like this incorrectly then hundreds of thousands may go homeless en masse.
Everyone can see something wrong with CEO developer statement 🤣
The housing situation in Hong Kong is caused by neither the developers nor the government alone; it’s both plus all the middle and high income individuals. A significant chunk of the HK government’s income is derived from property (either via auctioning off parcels of land to developers, or through land and property transfer tax), which means it is in the government’s interest to keep property prices high. Developers obviously have vested interest in ever-increasing property prices. But finally, anyone who has already bought property (which means mostly anyone who’s middle class or above) want prices to go up. Given the huge mortgages many take on to buy property, the last thing they want is for property price to drop and for their investments to be “under water”. On the other side of the equation, we’ve got the grass root individuals that can’t afford housing. It’s no surprise that they have no chance against the combined interests of the government, developer and affluent individuals in HK.
Why is it so difficult to resolve housing issue? Singapore is about the same size as Hong Kong but, housing doesn't pose any problems. This is all politics.
If it's solely up to beijing this problem can be eradicated in 5 years max.
Why would Mr Wong from mainland who forsake his 1000sq flat in mainland and come to HK compete for the public housing which lengthen the queues for the local think he deserves Government’s help? Speechless…
Because the neighbors grass are always “greener”
Many people are leaving HK. The problem will eventually be resolved.
Why?
@@rokadehakerr7285 only white worshippers and traitors are leaving
@@humansarecrazybeing5730 many will buy abroad but still live back in Hong Kong with today’s technology no one’s investment is limited to where you live
@@rokadehakerr7285 China
@@humansarecrazybeing5730 is this a joke
HK has been staring this problem for decades now. Every new Chief Executive said this issue was a top priority but nothing was ever done, not even a baby step. The local and western media love to make comparisons between HK and SG. The score on the housing issue is 10-0 for SG. The cynic in me says HK can never solve this problem. Go ahead and prove me wrong.
The people in charge in 2049 won't care about a promise made in 2021. It's always been that way.
this statement doesnt make sense, things can change, in the 1800's black people were still slaves and people thought it was correct, and it has changed now.
Hongkong will carry a deserted look one day..a prediction for the NEXT100YEARS...
@@lorddsschool8421 it will be underwater.
Housing crisis in Hong Kong is a legacy left behind by the British.
Singapore is smaller than Hong Kong in terms of land size and yet could provide adequate housing for all its people.
1. Bulldoze all the unwanted mountains, use the soil to reclaim the sea and build housing units on the new reclaim land.
2. Stop selling lands to developers and use it to develop public housing units
3. Build housing units at outer city and build MTR station to those locations?
Make sense? just my 2 cents idea.
Just copy Singapore.
Part of the problem with Hong Kong is that the land is not owned by the people, property management firms, or private developers.
In fact, in Hong Kong, land is owned by their Hong Kong Special Administrative Region Government, and then leased to developers or individuals wishing to build commercial or residential real estate.
That's how the Hong Kong Government make their money with limited or no need for property, income, or consumption taxes.
@@MrMannyhw Singapore has a similar land lease system to Hong Kong where their government owns a majority of the land, and leases it to developers; and commercial, residential, and industrial real estate companies.
Unlike Hong Kong, Singapore assigns some of their land for public or subsidized housing purposes.
@ because Singapore is managed by a dictatorship that’s is for it’s citizens and it’s not corrupt. Hong Kong administration is run by a bunch of politicians, and they corrupt. They work with the oligopolies to ensure the population slaves and make them even more wealthier. If I had to live in one of the two places, I pick Singapore.
If China wants to win popular support from Hong Kongers, they must fix the housing problems in Hong Kong. And the Chinese government seems determined to solve this issue which was caused by the British system for decades.
how can they possibly fix hk's housing issue when their every attempt to interfere with hk's law causes a giant uproar like the ones a few years back?
@@lyhthegreat yep you are correct
@@lyhthegreat Its solved now though, the new National Law has made those people quiet. They honestly seem like cowards, if they actually wanted a revolution than they would’ve actually sacrificed much more than just destroying public property 🥴
They are not determined to solve anything.
The best solution is for some people to leave to live somewhere else. Eg those who regard The Uk as their motherland.
Including USA and Australia . Lol
Yeah... most people don't have enough savings and income to just up and move to another country and keep their source of money. Only the Ultra-rich or foreign Citizenship holders can afford to do so. So that's NOT a solution.
@@mini9503 man hold on in this video this men tell us that he pay 7000 doller for a small tin like apartment so i believe that they are not poor
@@anandkumargoklani3484 That's still not enough to transfer one person's life to another country and retain the quality of life and source of capital. If middle-class in countries like Hong Kong had enough to easily immigrate they wouldn't be facing housing problems in the first place, because billions of Asians would all be living in Europe and North America. Stable Immigration cost varies by country, but moving from poorer country to slightly better one? That requires at least a million USD.
Singapore has the world's best public housing system with 90% of the population being proud home owners. I have always wondered why Hong Kong never tried to emulate Singapore. Put in place a law called "Land Acquisition Act" and 50% of the housing problem will be resolved.
Because the Singapore government doesn't keep 75% of its land deliberately empty. The government doesn't need to buy land, it just needs to approve more developments.
Won't or very low chance to happen in Hong Kong. Land acquisition act during the initial period of Singapore hurt quite a number of owners through the "land grab", as payout was not wonderful n anger boiled. But Singapore is an "autocratic" country, so force through. Imagine such a democratic and crowded society like Hong Kong, how much the government have to pay as fair value, to prevent another possible lengthy riot from happening. And I believe the "reputable" media globally will start to report big on it, indicating the ruthless CCP influenced gov't.
Finally, SCMP, a real reporting in to the real problem of Hong Kong.
SCMP is ignorant. HK is part of CHINA and its people can moves inland and live and work there just
as many Taiwanese and overseas Chinese and even westerners are doing. What's the problem again?
it's joke, everyone knows the housing problem of HK.
@@jacintochua6885 look, i work in China for over 2 decade, If you don't know, Hong Kong Business are not allowed "freely" expand or operate in China, it is treated as a forign investment. meaning that you basically not competing on a fair ground. If you want to know more, ask some one which works in China, or read up on the CEPA agreeement.
housing problem is not due to land supply, it's due to the greed of developers that has been infesting HK for decades!
IN A RECESSION, all SHARES RETURN TO THEIR RIGHTFUL OWNERS.
LET IT CRASH!!!
HK should do what they should've always do. Be ahead of Mainland China in city by advance technology and buidlings. Build some underwater cities or floating cities with fish farms. Expand to the ocean.
@Brisbane Socialist That is the only way to solve expanding population of the city. The people either move out of HK or expand the city.
Do like what Singapore does , setup HDB, you have a successful model here for reference
No, Singapore is a Socialism country.
@@kinglu4343 Socialism is when the government does stuff. The more stuff they do, the socialistier it gets, and if they do a lot of stuff then it's communism.
-Karl Marx
@@kinglu4343 some might argue that it's better than having no roof above your head though..if you want capitalism, then hk should be a wonderful playground for the rich i guess.
Stop taking in mainlanders
Mainland China’s populism. Plus the poor man that moved to super rich Hong Kong with no money and want support from Hong Kong’s government ???? What?
Yes weired why he would leave his 1000 sq foot hime and live in a cage home. So life is obviously better here than un china otherwise he wouldnt of come,
@@TimoBoll22 HK is free unlike china
In order to solve this huge housing problem in Hong Kong, there must be a monumental shift in housing policies with a strong government mandate that has the will and support of the people. Blaming the old colonial system and not changing is one of the fundamental flaw of this crisis. The main emphasis is the people and not profit, revenue or relationship. Solve the people's housing problems first and the rest will fall into place.
Capital doesn't care about people, only cares about profit. Until China takes control, not much will change.
2049? I remembered when the 90’s the housing was in the 300,000’s for an avg size 900-1000sq. So when we hit 49! It will be 2.5 mil minimum
U talking abount US dollars or hong kong dollars?
2049 ? Most of us won't be around then 🤣🤣🤣
2049 i be dead hk goverment doing nothing for that long year
If the
Govt have the will then it can. Singapore is the best example.
My room is bigger than the average house size in HK
No chance. Too many rich people keeping people down.
Can the whole world fix the housing crisis? No one can afford their own place now. They live with their parents
$7,000 HKD a month for a small flat?
That's just over $1,253 CAD.
Its more expensive that a typical price for a two bedroom basement apartment in Corner Brook or a low cost counterpart in my home town, Halifax, Canada.
They did it to themselves. Nothing to say.
Reminds me of an old English song:
It's the same the whole world over
It's the poor what gets the blame
It's the rich what gets the pleasure
Isn't it a bloomin' shame?
No, it's not a shame. If the rich didn't get the pleasure there would be no incentive to become rich.
And if the poor didn't get the "blame" there would be no incentive to escape poverty.
Like every nation , there is no demand to help the poor , rich people in HK OR ANY WHERE IN THE WORLD doesn't have problem with housing....
Wow small homes could be worst like homeless people from US built small houses
@@crzer07 Source: Trust me
The problems are even a sub divided flats/cages are way too small and also very dangerous... because of a low air circulations many people dies while sleeping in their so called home (cages)..
HK housing crisis was the doing of under UK ruled! If HK can fix housing crisis under 1 country 2 system rules under China will change a major milestone for better equality of freedom, right, and democracy. Equality was the major milestone in 2021 2 sessions...
Rents have increase several hundred % since 1997, was that the UK's fault too ?
@@SerBallister This was the main reason why China said housing needs to be fix!!! There is no equality! Look at that family of 4 living in such a small place. This was what China said it has to be fix for the common people!
The reason why rent keep going up and why housing is in such a mess cause of liberal democracy capitalism! You don't even think for your country, but you only think about your own benefit! In a liberal democracy capitalism model, there is no equality! Like the ancient Chinese phrase: 弱肉强食 ! Is this what you want for HK? Look at all the liberal countries, how they are doing in this outbreak? All of them are a mess, cause they are too divided. They cannot even make up their mind to wear mask or not, even until to now! It is such a joke!
China socialism model with freedom, right, democracy, and equality works for the common people! Poverty Alleviation Project, reducing corruption, etc.
There is not one country can compare to China right now! Many countries are consulting with China on how to implement their socialism democracy system into their countries!
You are extremely optimistic. PRC can't even fix her own housing crisis, what makes you think they have the willpower to fix Hong Kong's?
@@sumonechan8514 Have you seen the changes and progress in China for the last 5 or 10 years?!
When the common people cried out to end poverty during the past 2 sessions, Xi started Poverty Alleviation Project at 2015, which lifted 800M+ people out of absolute poverty in 5 years that was 10 years ahead of UN schedule timeline!
During another 2 sessions, the common people cried out to end corruption, Xi started an investigation campaign against 600K+ people and many were prosecuted, while the extreme case, he didn't have any problem executing, which country have the guts to execute the rich, famous, and powerful people?
It was cause of these 2 major milestones changed many people to believe in the government. Also, many countries are consulting with China on how to implement China's success into their countries.
China usually operates in a 5 years plan, so I am interested to know what that plan is...
Since the government said housing crisis must be fix by 2049, why not give them a chance to see what they can do?
Anglophobe Chinese :D
I doubt most in HK think China has their best interests. Same with Tibet and the Uyghurs.
so many vested interest groups. They oppose any plan to increase housing supply.
The British left China with a can of worms.
Why take over HK if China cannot fix the worms after 20 years ?
Hong Kong has been an international hub for trade since the British days, and Shenzhen owes much of its growth to Hong Kong. I wouldn't exactly call that a "can of worms".
Is not a problem at all, HongKong citizens can just move to China across the border , why Hongkong is better than china? I think mainland is much better than Hongkong.
Frankly with not enough new housing being built to meet increased population, why the gov keeps letting more immigrants, migrant workers, visitors to enter?
Unless all these obsolete and superannuated residential buildings are removed, the living conditions in Hong Kong would never be solved. The land supply in Hong Kong is a major issue of what exacerbates the shortage of household supply. The subdivided units cannot give children a healthy studying environment and more importantly, a happy childrood memory. I do believe that the reclaimation area is essential to the future generation of Hong Kong as we need more flats for underprivileged.
To solve this housing crisis, simply build more houses! Like a lot more. But of course that will lead to a drop in housing prices which current home owners DO NOT WANT, they want their property value to keep rising.
Solution is simple, but whether people really, really want cheap property, is the problem here. It will affect stock prices and banking sector may collapse if housing prices drop too much
Refer to Singapore. Your problem is solved. Reason for this problem in HK is the govt does not have the will to solve it. A balance of Capitalism and Socialism is needed to create a more equitable society for all. Danger for any state/nation/city is the lack of social mobility and personal growth for each individual. If you can’t see the light at the end of the tunnel, that breeds depression or at the other end of the spectrum, extremism borne out of frustration. I do hope they solve it. We are human beings after all and everyone deserves to live in dignity especially when you work hard for a living.
Hong Kong has been lost since the protests of 2019.
There is no more Hong Kong. Only China. 😱😱
My solution : The government subsidizes the builders for keeping flats of certain size say 1000ft for atleast 10percent of its flats at rate lower than 500 dollars per month (or at a rate 30 % of median income which ever is lowest)
Come on, housing isnt a problem even just back in 2003 in Beijing. Even if we just earned 1/10 of current salary, just ~2000RMB per month, still lots of Beijingers can afford a house at suburbs. After Mainland China copied HK's real estate development strategy, we then see the house price skyrocket. From 1k RMB per m^2 to 100k RMB per m^2.
Also, dont forget before 2000s, we are a COMMUNIST country and market. Most of state owned companies provide house to their workers!!! This not only greatly reduce the commute distance, fixing FKING traffic jams, also really, never heard such widely complains of house price. My family got a FREE house for my dad's job. And now, this house price is >8M RMB.
Fixing HK's housing problem by 2049 (over 28 years period) should be quite easy. If China could build Shenzhen and numerous other mega cities within about the same period, don't anyone says it can't be done!
The point is to adhere to the Basic Law and let Hong Kong fix itself (as best as it can). China has its hands bind in this one. It just can't send the bulldozer fleet over the border...otherwise the problem would have been solved overnight.
@@theolich4384 so hk people will have to choose between embracing communism or having no roof over their heads, i think they will choose the latter.
Just follow Singapore style. If there's a will there's a way. For HKR sake, excuses is no more an option.
that time someone wanted to follow us Singapore regarding housing problem but who was the ones who didn't want it??? so who is to blame??? citizens themselves lor then now come and complain.
@@trinachoo1313 Solution now... The Gov must gather the courage to demolish and rebuild since they have the capital to fix it.
@@davidwoon6402 but they don't have a solid leader like our LKY. that Carrie Lam is such a tortoise everything also scared. must wait for boss say first then take action
@@trinachoo1313 Well.. if that's the case, better late than never. However, indecisive and no initiative don't make her a competent leader. Agree with you.
I pay 971 GBP mortgage a month in Greater London outskirts for 3 bed 1000 sqft house with decent size garden and its one of the cheapest! 900 USD for this sub divided flat is a rip off but prices are determined by supply demand.
Hong Kong's situation will get better. The land issue in HK was sadly a situation left behind by the previous UKs inadequate planning. With a land twice the size of Singapore why is the people squeezed into a small spot of land. The rest was privately owned by her majesty. I'll bet that china will be able to solve this
as i see it, hk govt's biggest revenue is from housing not from taxation, their working class is forced to spend a big percentage of their income here otherwise live in these small cages. if it is made affordable, the govt will lose so much and will be a big problem running the city
Reducing the population and immigration may solve the Hong Kong housing issue. HK should give incentives to the BNO passport holders to move permanently to the UK. It should also limit foreign immigrants.
When the family car cant fit everyone, the family members should lose some weight or some members should be given away
Carrie Lam has already stated for all the ones leaving Hong Kong it will replace with people from mainland China so no the population won’t be reduced
Hong Kong government didn't intervene when the housing prices are rocketing high in the sky. Those property developers and middle class with ability to invest in properties did not want HongKong government to build housing for the grassroots, like Mr Tung Kean Hua. Hong Kong's property liberalization has ruined many lives of HongKong people.
Why not limit property own by a single individual?
Pls remove background music 6.02 unable to hear what speaker is saying, music too loud.
Im never gonna complain about my 1500 square foot unit no more.
In Singapore , if the buildings look like those old buildings, they would be torn down and redeveloped. They would be a health hazard and the aircon looks like it could fall off anytime. This is an example of politicians failing the citizens.
If the pandemic continues, many houses around the world could become empty, so maybe the Hong Kong government is counting on it.
Declaring is not doing. What needs to be done is urgent building of low cost housing for thousands of people in Hong Kong.
@@crzer07 Unfortunately your words are weightless for the many braindead zombies in this video's comment section.
HK housing problem can only be solved by getting rid the border with mainland, allowing HKers to buy houses in mainland, and commute freely from mainland. The other solution is to retake the lands from tycoons who collaborated with British colonial governors to hoard all the lands before China take over. I don't think that is possible in capitalist HK, but slapping huge property tax for luxury flat is possible.
exactly what im thinking aswell.
Replace roadway by public transport! They will have more space just replacing cars by buses, trolleys, subways and bikes
🚫 Capitalism
🚫Trump
The problem is the inherited problem from British rule. Singapore situation is that they do it right from the beginning.
Tycoon greed n government elite close relationship with the tycoon..not the British bro.lol
No one forced him to move to Hong Kong
I think the lack of housing is not entirely the problem. They need to stop people from mainland China 🇨🇳 immigrants coming over. It doesn’t matter if they make a million flats if 5 million people are immigrating over !!
The “Wong” family that they just interviewed he had 1,000 square feet flat in China and now lives 100 square feet flat in HK. He didn’t say why he immigrated over or what he used to do in China. He probably had a great job in China and thinking the minute is steps over to HK he’s going to make millions and little did he know the housing costs is triple of what he made in China. People need to think which is better for them to stay in China where you are doing well or come to HK and start over in life and try to make it “big” thinking it’s easy to get rich or something.
The Earth is damaged...and soon will give back what we done to it
Change No 1, price your housing based on meter instead of feet, the smaller measurement unit you take, the faster you get your higher price.
I'm pretty sure that the CCP will solve this issue in HK, they now that HK it is a mirror and whatever they do, taiwaneses will be seeing... as said before by CCP members, they have no problem to take Taiwan by force, but of course it is not like they want.
Taiwan is not pack full of property tycoons it’s land is not even expensive it’s nothing like Hong Kong.
More people hold hkid abroad than in Hong Kong and most are rich why do you think the Chinese government tried to not get involved in the running of Hong Kong?
Taiwan on the other hand are poor and don’t hold any international clout no banks no finance nothing it’s just a nation of low paid graphic card farmers?
Clearly the CCP is capable, construction is their specialty after all
@@sko1beer I don't know Taiwan very well, but if you are saying that they live in a bad condition, it will be even easier to CCP take control. I am not criticizing the CCP, in the other hand, I think they are smart people, have much more to offer, and they have a idea similar to mine.
@@lucaspinho4714 same here I have no hate for Taiwan it’s just facts Hong Kong is one of the most expensive places on earth but I’m afraid Taiwan is not.
We don’t need to believe any media sources from the east or west the Taiwan government is already crying about the cost of maintenance on the fighter jets usa have sold them it’s really a waste of money cause over time mainland China will end up owning it without a bullet being shot.
Money talks and that is not going to change
1 From June 1963, Hong Kong imposed the highest level of water rationing. The residents were supplied with water once every four days, and each time only for a four-hour period. This rationing lasted a year. AT that time , cland developers ue sea water to do cement construction, that cause serious re bar rottening. Thats why some of the Hk buildings deterating so fast