Introduction
Cities can be described as composite, adaptive systems with multiple instruments that shape the course of their development. They comprise of businesses and households that interact with each other and are always influenced by the historical shape, form and culture of the environment in which they function. Cities over a period of time have become important nodes of the global economic system and have become vital financial centers for the world.
Physical infrastructure plays a very essential role in development and economic growth of cities. The economies of cities and their infrastructure systems are closely interlinked and it is often …show more content…
Hong Kong underwent another transformation in the late 1970s. The economy shifted to finance and service-based industries for international companies to take advantage of the abundant cheap labour.
There was a great demand for quality commercial and residential property that enabled the government to adopt a high land price policy to generate revenue. The new economy radically accelerated the pace of change in Central as many buildings were demolished to make way for high-rise commercial developments that could better exploit the land’s increased plot ratio. In the early 1980s, the British and the Chinese Governments signed the Joint Declaration that sealed the fate of Hong Kong, which would end to be a British colony and from now on become an autonomous Special Administrative Region of the People’s Republic of China on 1 July …show more content…
We observe that high- rise buildings were built in these cities to take advantage of the high prices of land. The skyline of Manhattan and Hong Kong is famous all around the world. New York and Hong Kong have had important experiences of development that encouraged the building of many skyscrapers through which entrepreneurs and designers directed economic growth and became extremely competitive. New York built skyscrapers in the 1920s and 1960s while Hong Kong built them in the mid-1980s through 1990s to