Hong Kong Property Markets
Property market in Hong Kong
Introduction
Hong Kong has established its real estate markets since 1841, when it became a colony of the British Empire after the First Opium War. As a small city with only an area of 1,104 square km, but over 7 millions of people, Hong Kong has one of the most prosperous property markets and which has created a huge amount of wealth.
According to Forbes list of Hong Kong billionaires 2012, the top 3 richest people and 8 out of top 11 richest people in Hong Kong are came from real estate industry.
Nowadays, Hong Kong has the 3rd-most expensive real estate in the world, with an average square meter per unit pricing of US $20,371, behind only Monaco and London, according to research of Global Property Guide.
Base on the 2011 census, Hong Kong has mainly three different kinds of flats, around 30% population are living in public rental housing, around 18% population are living in subsidized sale flat, around 50% are in private housing, and remaining 2% living in other kinds of housing.
Background and history of Hong Kong Property Markets
Before 1949, early stage of Hong Kong property market
Started from 1841, the colony of Hong Kong has quickly become a regional center for doing re-exports businesses and trading with mainland China. However, due to the population size of Hong Kong was not that large before the Second World War, the property market was not very prosperous at that time.
1949 – 1980, China’s close door period
Until 1949, because of the establishment of the People’s Republic of China (PRC) and the relatively political unstable in mainland, millions of Chinese people have immigrated to Hong Kong. Some of them were entrepreneurs from Shanghai, some were well-trained professionals, and some were labor who can provide man power to Hong Kong industrialization. Because of the sudden influx of population and huge capital inflow, the demand on the Hong Kong properties has increased significantly. Even though
Introduction
Hong Kong has established its real estate markets since 1841, when it became a colony of the British Empire after the First Opium War. As a small city with only an area of 1,104 square km, but over 7 millions of people, Hong Kong has one of the most prosperous property markets and which has created a huge amount of wealth.
According to Forbes list of Hong Kong billionaires 2012, the top 3 richest people and 8 out of top 11 richest people in Hong Kong are came from real estate industry.
Nowadays, Hong Kong has the 3rd-most expensive real estate in the world, with an average square meter per unit pricing of US $20,371, behind only Monaco and London, according to research of Global Property Guide.
Base on the 2011 census, Hong Kong has mainly three different kinds of flats, around 30% population are living in public rental housing, around 18% population are living in subsidized sale flat, around 50% are in private housing, and remaining 2% living in other kinds of housing.
Background and history of Hong Kong Property Markets
Before 1949, early stage of Hong Kong property market
Started from 1841, the colony of Hong Kong has quickly become a regional center for doing re-exports businesses and trading with mainland China. However, due to the population size of Hong Kong was not that large before the Second World War, the property market was not very prosperous at that time.
1949 – 1980, China’s close door period
Until 1949, because of the establishment of the People’s Republic of China (PRC) and the relatively political unstable in mainland, millions of Chinese people have immigrated to Hong Kong. Some of them were entrepreneurs from Shanghai, some were well-trained professionals, and some were labor who can provide man power to Hong Kong industrialization. Because of the sudden influx of population and huge capital inflow, the demand on the Hong Kong properties has increased significantly. Even though