What do we know about housing supply? The case of Hong Kong SAR

Leung, Charles Ka Yui; Ng, Joe Cho Yiu; Tang, Edward Chi Ho

doi:10.1080/20954816.2019.1691705

Cited by 20 publications

(15 citation statements)

References 30 publications

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“…Economically, the purpose of subsidies is to reduce prices or increase output. The provision of subsidies for consumers or the public basically aims to improve people's welfare which will affect the economic growth in a country (Birkland, 2015;Breul, 2017;Cairney, 2019;Leung et al, 2020;Chu & Chang, 2017).…”

Section: Concept Of Subsidized Housingmentioning

confidence: 99%

Socialization of one million houses subsidy program policy in Indonesia

et al. 2022

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Housing financial issue is very complex. Therefore, the socialization of the subsidized housing program is carried out to all stakeholders involved in the housing sector, whether from the central government, the private sector, and the community aiming to encourage them to build houses together, particularly for the low-income people (MBR). In this case, due to the high demand for housing, further encouragement and innovation are needed from the One Million Subsidized Housing Program in Indonesia. This qualitative research was conducted to investigate how the socialization of subsidized housing program policies in Indonesia was conducted through a case study in the Subsidized Housing of Villa Mutiara 2, Sumedang Regency, West Java. This financially subsidized housing was implemented both in the form of down payment subsidies and/or interest differences as well as the provision of long-term low-cost funds for low-income people. Based on the results of research that have been carried out, the overall policy of the one million subsidized housing program in Indonesia can reach low-income communities. In this case, the public communication performed by the central government for the subsidized housing program was done by launching applications and socialization through printed media, electronic media, social media, etc.

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Section: Concept Of Subsidized Housingmentioning

confidence: 99%

Socialization of one million houses subsidy program policy in Indonesia

et al. 2022

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“…Second, Hong Kong’s land‐planning system has also contributed to unaffordable house prices. Hannah et al (1993) and Leung et al (2020) argue that the government’s tendency to underallocate land to residential use could be one of the causes of the restricted supply of and the dramatic rise in house prices in Hong Kong. According to the Planning Department (2019), only 4.3 percent of the total land area is allocated to residential and commercial use.…”

Section: The Context: Unaffordable House Prices In Hong Kongmentioning

confidence: 99%

“…Revisiting the Concept of the Property State Second, Hong Kong's land-planning system has also contributed to unaffordable house prices. Hannah et al (1993) and Leung et al (2020) argue that the government's tendency to underallocate land to residential use could be one of the causes of the restricted supply of and the dramatic rise in house prices in Hong Kong. According to the Planning Department (2019), only 4.3 percent of the total land area is allocated to residential and commercial use. Although some may argue that the hilly and mountainous topography of Hong Kong has posed enormous constraints in providing developable land, 4.5 percent of the total land area is devoted to agricultural land (Planning Department 2019).…”

Section: Introductionmentioning

confidence: 99%

Revisiting the Concept of the Property State: Private Landowners and Suburban Development in Hong Kong

Yau¹,

Cheung²

2021

American J Econ Sociol

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Under the prevailing land-leasehold system, the Hong Kong government is thought to be the dominant supplier of land for housing development and for economic transformation. These characteristics make Hong Kong a "property state," to use a concept developed by Anne Haila. However, the protection of private property rights has long been a core value in the city. As a result, private developers and investors have endeavored to build up their own land banks, enabling private-profit-oriented entities to dominate the land supply market for housing development. This article supplements previous works on land monopoly in Hong Kong. While previous works focused mainly on the role of the property lobby in the disposal of new land by the government, this article offers another perspective on land monopoly, based on the case of underutilized land resources in the New Territories of Hong Kong. By focusing on growth coalitions and the projects that they introduce to boost growth and enhance land values, this article provides insight into the political economy of urban development in Hong Kong. In light of the soaring property prices in the city, the Hong Kong government planned to open up the suburbs to affordable housing; yet, the government's initiative has been hindered by the strong opposition of the owners of suburban land (including brownfield sites and abandoned agricultural land). In this article, we argue that these landowners with vested land interests are anti-growth coalitions rather than pro-growth coalitions. We demonstrate how the city's growth machine is subverted by the hoarding of land in the suburbs by a small group of people.

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“…There has been much research on the Hong Kong real estate market that cover most parts of the real estate market. Research has focused on real estate market features including the real estate cycle (Wang et al, 2000), real estate volatility (Wang and Hartzell, 2021), housing supply (Leung et al, 2020), price discovery process (Schwann and Chau, 2003;Chau et al, 2001) and transaction costs (Walters, 2002). Some special issues in the Hong Kong real estate market have also been examined in previous research, including comprehensive development areas (Raymond, 2001) and forward sales (Wong et al, 2006).…”

Section: Research On the Hong Kong Real Estate Marketmentioning

confidence: 99%

International Real Estate Review

Wang¹,

Hartzell²

2021

IRER

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We apply the dynamic Gordon growth model to the Hong Kong real estate market to analyze quarterly data on four kinds of real estate—housing, office, retail, and factory properties—from 1999 to 2020. We find that factories have the highest total returns among the four types of real estate, and also a larger Sharpe ratio. The total returns of these four kinds of real estate are highly correlated. The results of an autoregressive distributed lag model show that the gross domestic product growth rate is the key determinant of real estate returns, while changes in foreign direct investment also influence housing and retail returns. The expected value of the risk-free rate is the key factor that determines the rent-price ratio. The decline in the risk-free rate in Hong Kong is the main reason that the real estate price-rent ratio has increased from 20 to 40 in the last twenty years. Our research represents an early contribution that compares the performance of housing and commercial real estate at the city level, with both types of real estate having similar determinants. Finally, we find that the fall in risk-free interest rates worsens housing affordability in Hong Kong.

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What do we know about housing supply? The case of Hong Kong SAR

Cited by 20 publications

References 30 publications

Socialization of one million houses subsidy program policy in Indonesia

Socialization of one million houses subsidy program policy in Indonesia

Revisiting the Concept of the Property State: Private Landowners and Suburban Development in Hong Kong

International Real Estate Review

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