Changes from the Visible Hand to the Invisible Hand: The Land Market in Hong Kong Before and After the Asian Financial Crisis

Rita Yi Man Li ()
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Rita Yi Man Li: Hong Kong Shue Yan University

Chapter Chapter 9 in Law, Economics and Finance of the Real Estate Market, 2014, pp 119-129 from Springer

Abstract: Abstract Land is a mandatory factor for production. The method of land disposal is particularly crucial in high-density populated areas. In Hong Kong, the land supply was once constrained by a quota of 50 ha per year under the Joint Declaration. This quota was removed after the return of Hong Kong to mainland China. The Asian Financial Crisis and the implementation of the 85,000 housing policy led to a significant drop in the demand for land. The Lands Department then announced the new land disposal policy, which included a land application system. This policy allows the developer to play a much more active role in the land acquisition process. This chapter mainly focuses on the land market in Hong Kong before and after the introduction of the land application system.

Keywords: Visible hand; Land market; Asian financial crisis; Transaction costs; Hong Kong (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-642-54245-9_9

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DOI: 10.1007/978-3-642-54245-9_9

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